Brenda's Tucson Housing Market Report
July 2013

Summer's Here - It's Hot - We Love It

We Need More Listings! - We're Selling 2 Homes a Week - Call Me!

Average Days On Market = 53 ~ Sales Price as a % of List Price = 96.95%

June was another very busy month with average prices up 12.35% over same period last year. We remain desperately low on good listings so if you are thinking about selling now would be a great time! Don't think "Oh, it's summer, we'll wait till fall." Homes are selling today! We need more listings Right Now!

Interest Rates are the big story these days above almost all else, so we won't belabor that issue. Just know that Qe3 will end soon and rates will go higher! So if you can buy now, best to do so.

National economic indicators continue to slowly improve and the FED is starting to talk about ending their Qe3 Stimulus program starting later in the year. (That's what caused the large spike in Mortgage Interest Rates).

Tucson continues with low housing inventory conditions. It's a "Sellers Market" over most of the Tucson Metropolitan area and we are seeing competing offers on the prime properties. Make good offers, or you'll be out of luck. Homes in Tucson are now selling on average for almost 97% of asking price according to the Tucson Multiple Service.

Summer's here and it's Hot! We love taking buyers out in this heat. To look at a dozen or so homes when it's over 100 degrees is hard work! If the buyers are willing to work that hard, they're Serious about buying. So, if an agent calls to show your house, make it as easy as you can, there's no Lookie Loos out there when it's this hot.

Tucson Active Listings: Active listings now stand at 3,953 exactly the same as last month. We continue to expect active listings to drift lower over the next few months.

New Listings: There were 1,748 New Listings in June, an Increase of 2 units from May which is typical for this time of year as we enter the hottest time of the year. Sellers often tend to put off listing their homes during the hottest months, waiting for cool weather.

Average Sales Price: The June average sales price was $196,376, up 12.35% from $174,793 in June of 2012. Another month of year over year price increases. We expect this trend will continue throughout 2013.

Days on Market: Dropped to 53 this month. This time last year it took an average of 68 days to sell a listing here. Make good offers, There's lots of competition for the nicer listings, especially in the lower price points. Homes are currently selling on average for 96.95% of asking price.

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 July 2013 Report show:

Total Tucson Homes Sold: 1,399, Increased 10.24% from June of 2012. Decreased 2.64% from last month.

Total Tucson Homes Under Contract: 2,342, Decreased 12.15% from June of 2012. Decreased 13.32% from last month.

Tucson Median Sale Price: $160,000 Up 14.29% from June 2012.
Oro Valley Median Sales Price: $253,300 Up 17% from June 2012.
Catalina Foothills Median Sales Price: $329,500 virtually unchanged from June 2012.

Total Tucson Active Listings: 3,953 Up 13.79% from 3,474 in June of 2012.
Northwest Tucson Active Listings: 1,064 Down 34 units from last month.
Catalina Foothills Active Listings: 472, Down 14 units from last month.

Total Tucson New Listings: 1,748, Up from 1537 New Listings in June of 2012.
Northwest Tucson New Listings: 458, Down 5 units from last month.
Catalina Foothills New Listings: 170, Down 21 units from last month.

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

Positive Market Indicators this month: Almost all statistical indicators remain positive. This continues to be a steadily improving market and that trend should remain in place for the rest of the year.

Negative Market Indicators this month: Interest rates have spiked up since our last report. However we do not think that will dampen our market here much. Demand is strong and a large portion of buyers are cash. This increase in interest rates will probably have more of an impact on first time buyers who are just starting out.

Market Outlook: No Change, Continuing steady improvement in prices, strong fall season. Increasing interest rates are not expected to change this outlook.

Inventory remains tight: Inventory sits at 3,953 active listings. Here's the July Heat Map.

We said last month "Interest rates are starting to climb, getting a loan is still a real hassle and that's not going to change any time soon. If you're waiting for interest rates to drop back to their recent lows, DON'T. That's not going to happen, Interest rates will continue to climb from here."

Well, Mortgage Interest Rates shot up considerably last month. There might be a slight, very slight, retrenchment of rates in the near future, but Interest Rates WILL be Higher Yet at year end. So, Again, Don't wait for rates to go down, Ain't Gonna Happen.

Almost all industry experts are now saying "If you can afford to buy now, Don't Wait!" Even more true now than it was last month.

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

Tucson Multiple Listing Service Report - July 2013

Catalina Foothills Housing Report - July 2013

Oro Valley Housing Report - July 2013

2012 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2012 Year End Tucson Housing Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
Email Brenda or call her Today at 520-918-5968
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