Brenda's Tucson Housing Market Report
June 2012

Active Listings Decline to Levels Not Seen In Over 12 Years

Tucson's Real Estate Market in Full Recovery Mode, Prices Heading Up

Average Days On Market = 67 ~ Sales Price as a % of List Price = 96.18%

The Snowbirds are gone, School's out and the weather is Great! Summertime in Tucson, we love it. Some people complain a bit about the heat but Tucson is a wonderful place to live and we are thrilled to live here. If you're thinking about moving to Tucson, now's the time! Housing prices are at multi-year lows, interest rates are at historic lows and the market is just starting an upswing.

All that being said, don't wait too long. The housing inventory is drying up and prices appear to be heading back up. Interest rates are not going to stay in the basement for much longer either, so now's the time.

Tucson Active Listings: Active listings now stand at 3,544. We honestly cannot believe the decline in inventory over the last several months. We are now in a "sellers market" throughout most of Tucson. Sellers, don't get too excited, prices are not shooting up and no, you probably cannot raise the price of your home yet. Basically the decline has stopped and prices are GRADUALLY increasing. You still have to price your home appropriately or it will not sell!

New Listings Up Slightly: There were 1,564 New Listings in May, an Increase of 67 units over April. We expect to see listings starting to increase slightly as sellers are starting to think it's time to list with prices starting back up. Nothing dramatic, but we do expect to see listings beginning to increase over the coming months.

Average Sales Price: The May average sales price was $173,087, up from $168,453 in May 2011. Another month of year over year price increases under our belt. We remain optimistic that we will continue to see year over year percentage gains as we move through the summer, particularly if inventory remains at these levels.

Days on Market: Now sits at 67. We expected this number to drop a month or two ago & now it has. Days on market will probably stay in this range for awhile now, possibly dropping a little bit more thru the summer.

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 June 2012 Report show:

Total Tucson Home Sales Units: 1,318, Increased 5.69% from May of 2011. Increased 3.29% from last month.

Total Tucson Homes Under Contract: 2,864, Increased 27.91% from May of 2011. Decreased 13.71% from last month.

Tucson Average Sale Price: $173,987 Up 3.29% from $168,453 in 2011.
Northwest Tucson Average Listing Price: $205,445 Down from $224,269 last month.
Catalina Foothills Average Listing Price: $411,045 Down from $417,100 last month.

Total Tucson Active Listings: 3,544 Down 38.84% from 5,795 in May of 2011.
Northwest Tucson Active Listings: 1,001 Down 62 units from last month.
Catalina Foothills Active Listings: 400, Down 39 units from last month.

Total Tucson New Listings: 1,564, Up 313 units from 1,251 in May of 2011.
Northwest Tucson New Listings: 409, Up 7 units from last month.
Catalina Foothills New Listings: 126, Down 11 units from last month.

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

Positive Market Indicators this month: Active listings decline sharply again this month, Units Sold increasing Month over Month & Year over Year, Average sales prices are up Year over Year, Median sales price up Month over Month & Year over Year and Units under contract Up Year over Year.

Negative Market Indicators this month: There are no negatives in this market at this time! This market is in full recovery mode!

Market Outlook: May was another strong month across the board. We expected a dip in sales in May but that did not occur with May sales up strongly. Snowbird season is now over and we may see a slight dip in sales and prices as we enter our traditionally slower summer months, but we would not be surprised to see strong sales this summer as the market accelerates off the bottom and continues to improve.

With inventory at multi-year lows, "Buyer Urgency" is becoming much more of a factor. Buyers are now often missing out on their first offers and will have to make better offers to obtain the homes they like best. Sales price as a percentage of list price now stands at 96.18%. The days of the "Deal of the Century" are long gone. Check out the June Heat Map.

If you're a buyer getting a loan, Read This: Forbes Magazine presents the best article we've seen yet about the process of getting your loan approved in today's market; "The Perfect Loan File"

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

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