Brenda's Tucson Housing Market Report
January 2014

Happy New Year - Come On Down

Lots of inventory heading into the new year, now's the time to buy!

Average Days On Market = 54 ~ Sales Price as a % of List Price = 96.90%

December was a Very Strong month with over 1,000 homes sold. This is the first year since way back in 2006 that there have been over 1,000 homes sold in December here.

January could very well be another record month as there's lots to choose from right now and interest rates are still low. The public is more optimistic about the economy now than they have been for many years and that optimism stimulates sales. All indicators point to a continuing improvement in the national economy next year and we're hoping that turns out to be the case.

If you're a seller now make sure you make it easy for your home to be shown and make it sparkle. The homes that show best sell first. If you're a buyer, there's lots to choose from with some really nice homes available. Contact us and we'd be happy to show you around. We're here to help and we ARE NOT pushy sales people! Our business model says, be helpful, answer all their questions and make sure they have a good time. These folks we're showing around this week might very well be our neighbors in a couple months.

We do feel quite strongly that if you're a buyer now is the time to pull the trigger. Interest rates are still historically low but we expect them to be much higher by the end of this year. If you're a "fence sitter", now is the time to get off the fence:-) You almost certainly will not see lower prices anytime soon and will probably never see interest rates this low again in generations (if ever).

Inventory is leveling out so there's more choices for buyers and that's a good thing. Prices are going up and that's good for sellers. The market is heating up as folks begin to realize the good old days of extremely low rates are past. We continue to stress: Make good offers and don't mess around or somebody else will be living in your dream home! We can help you with all the data you need to make a good informed decision on what to offer for that home you want.

Looking forward to spring, our weather is cold (for us) temperatures are cool to cold at night but nice every day usually in the 60's so it's pretty nice here right now. But it's going to be Fantastic in another month:-) If you're shoveling Snow up North, toss that shovel in the garage, hop on a flight and come on down, we'd love to see you.

This Month's take-away remains the same: The Stock Market has had a fantastic run with the markets are at all time highs and there's lots of paper profit laying around. Might be time to take some profits off the table and buy that Retirement Home or investment property down in the Sunbelt:-)

Tucson Active Listings: Active listings now stand at 5,150, down over 100 units from last month. If you still want to sell this Spring, you need to list Very Soon or you'll miss the season!

New Listings: There were 1,386 New Listings in December so there's lots of interesting new homes to look at. We expect New Listings to Increase in January as some sellers wait till after the holidays to get going.

Average Sales Price: The December average sales price was $202,342, up 10.56% from $183,011 in December of 2012. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the spring and into the summer.

Days on Market: Pegged at 54 this month. Make good offers, lots of competition out there now. Homes are currently selling on average for 96.90% of asking price.

If you're looking for a No Hassle-No Pressure realtor to show you around we'd love to help. We specialize in Oro Valley and the Catalina Foothills areas. We are experts on golf properties, retirement communities, vacation homes and investment properties. We sell about a hundred homes a year so we know what we're doing. We love meeting people and helping them find their Dream Home. Contact us and we can help you too:-)

Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed.

Key prior month statistics from the Tucson Association of Realtor’s January 2014 Report show:

Total Tucson Homes Sold: 1,038, Increased 10.19% from December of 2012. Increased 11.25% from last month.

Total Tucson Homes Under Contract: 1,506, Decreased 25.52% from December of 2012. Decreased 12.65% from last month.

Tucson Median Sale Price: $157,900, Up 7.05% from December 2012.
Oro Valley Median Sales Price: $275,000, up 25% from December 2012.
Catalina Foothills Median Sales Price: $237,750, Up 7% from December 2012.

Total Tucson Active Listings: 5,150, Up 15.76% from 4,449 in December of 2012.
Northwest Tucson Active Listings: 1,494, Down 27 units from last month.
Catalina Foothills Active Listings: 563, Down 30 units from last month.

Total Tucson New Listings: 1,386, Up from 1,357 New Listings in December of 2012.
Northwest Tucson New Listings: 362, Down 129 units from last month.
Catalina Foothills New Listings: 146, Down 42 units from last month.

Some quick conclusions we can draw from these Tucson home sales statistics are:

Positive Market Indicators this month: Average Sales price increased month over month and year over year, Sales Volume increased 21.83% over same period year, Median Sales Price increased year over year.

Negative Market Indicators this month: No real negatives this month, the slow steady grind upward continues.

Market Outlook: We're Cold now but I guess it's all relative. Cold to us is 30's at night and 60's in the daytime. Nothing to compare with most of the country but it's cold to us. By February things should start warming up nicely into the 70's and we're really looking forward to that. As usual December was busy early but slowed dramatically the last couple weeks as people got in the holiday mode. January is expected to be very strong as we begin our annual peak selling season. Come on down, get a little sun, a few rounds of golf and look at a few homes. You just might find one you like, and then you can have your place in the sun too:-)

The Economy continues it's slow steady improvement, housing markets across the country are improving, housing stocks remain on the low side, interest rates are slowly increasing and housing remains in a multi year uptrend.

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

Tucson Multiple Listing Service Report - January 2014

Catalina Foothills Housing Report - January 2014

Oro Valley Housing Report - January 2014

2012 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2013 Year End Tucson Housing Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
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