Brenda's Tucson Housing Market Report
June 2014

Summer's Here! - Splish Splash, time to hit the Pool

Market remains hot, Buyers out in Force!

Average Days On Market = 64 ~ Sales Price as a % of List Price = 96.85%

Market Activity: May was another busy month with over 1200 homes selling. Buyers remain active in the market and June is looking good as we head into summer. May did slow down a little bit from April but that was expected as we roll over into the summer season.

If you're a seller, there's fewer buyers around in the summer, but the ones that are out there are serious. It's real work to head out into 100+ temps to look at houses so if they're looking they're serious. Make sure your home shows well, and if you have a pool, make sure it Really Sparkles! The homes that show best always sell first! If you're a buyer, we're here to help and we ARE NOT pushy Realtors! Our business model says, first and foremost, Listen! Listen to your clients (many realtors don't). Be helpful, answer all their questions and make sure they have a good time.

Real Estate is Local, you've all heard that a zillion times. But what does that really mean? The best analogy seems to be: "it's just like the weather" It might be sunny and warm in Arizona while it's cold and wet in Washington or Oregon. Your town may be sunny and bright while your friends town across the state line might be having thunder & lightning storms.

Real Estate is the same thing, Each town has different things affecting their market, i.e. Climate, Jobs, Colleges or Recreational Opportunities which affect their market. The thing to remember is, that while you might fully understand the market in your home town, It's Not The Same in other towns.

Pick a good Realtor wherever you're looking and look closely at the data they provide to you regarding price. They're the local experts and understand prices here. Every local market is different and Tucson's housing market is totally different from your market back home. Remember, you can't become an expert on prices in a new town over the weekend, good Realtors here have been doing this for years and know the market. Just pick a good Realtor and you'll be fine:-)

Inventory is now decreasing slightly but there's still lots to look at so that's good for buyers. Prices are slowly going up and that's good for sellers. Our market appears pretty well balanced right now and is well entrenched in a slow steady uptrend.

Tucson Active Listings: Active listings now stand at 5,394, down over 70 units from last month. The Spring season is over now and the summer season is just starting up. If you missed the spring season, List Right Now to catch the summer crowd and you can be on to your next home by the end of the summer.!

New Listings: There were 1,974 New Listings in May so there's still lots of new inventory to look at. New listings are decreasing as we head into summer but there's still lots to choose from.

Average Sales Price: The May average sales price was $204,561, up 7.58% from $190,156 in May of 2013. Another month of year over year price increases. We do expect this trend will continue throughout the summer.

Median Sales Price Catalina Foothills: The April median sales price was $320,000, Up 9% from April of 2013.

Median Sales Price Oro Valley: The April median sales price was $249,000, Up 13% from April of 2013. Oro Valley remains the "Hot Spot" right now.

Days on Market: Decreased to 64 this month. Make good offers, even though it's summer, there's lots of competition out there now. Homes are currently selling on average for just a smidg under 97% 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. We're 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 June 2014 Report show:

Total Tucson Homes Sold: 1,215, Decreased 15.456% from May of 2013. Decreased 6.61% from last month.

Total Tucson Homes Under Contract: 2,068, Decreased from May of 2013. Decreased 2.77% from last month.

Tucson Median Sale Price: $167,000, Up 6.71% from May 2013.
Oro Valley Median Sales Price: $249,000, Up 13% from April 2013.
Catalina Foothills Median Sales Price: $320,000, Up 9% from April 2013.

Total Tucson Active Listings: 5,394, Up 36.45% from 3,953 in May of 2013.
Northwest Tucson Active Listings: 1,530, Down 8 units from last month.
Catalina Foothills Active Listings: 636, Down 31 units from last month.

Total Tucson New Listings: 1,974, Up from 1,746 New Listings in May of 2013.
Northwest Tucson New Listings: 483, Down 61 units from last month.
Catalina Foothills New Listings: 308, Up 75 units from last month.

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

Positive Market Indicators this month: Average sale price was up 7.58% over last year, Average list price was up 7.48% over last year and Median sales price was up 6.71% year over year. The rate of new listings coming to market is continues to Decrease as expected, reducing inventory. These key stats indicate prices are continuing to increase as inventory shrinks.

Negative Market Indicators this month: Sales Volume (total dollars sold) decreased 9.04% over same period last year. Active listings were up 36.45% over last year.

Market Outlook: While we have more inventory than last year, the rate of new inventory coming to market continues to slow. Prices are increasing slightly and the Market remains active as we head into our summer sales season. Interest rates remain range bound in the mid 4% range but should increase going forward especially as we get closer to the end of the year.

Same old song, the Economy continues it's slow steady crawl upward. Economic indicators continue trending upward very slowly. We hope to see stronger economic numbers as we move into summer and especially the fall season. We'll just have to wait and see.

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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