Brenda's Tucson Housing Market Report
March 2013

First Quarter Remains Strong In Tucson

We Need More Listings - Everything is Selling - Call Me!

Average Days On Market = 58 ~ Sales Price as a % of List Price = 96.39%

February was extremely good & March is shaping up very good also. All our listings are getting lots of showings and are selling at a good steady clip with lots of buyers in the market. People understand these current market conditions aren't going to last much longer.

While there remains some lingering uncertainty about the economy and no faith in Washington politics the real estate market continues to improve, especially in the Sun Belt states like Arizona. There is some concern about potential changes to the mortgage interest deduction but most understand that it will almost certainly affect only the "rich guys". Pretty much all of us "regular people" should be ok on that one for a few years at least. This should not be a damper on our market at all.

Tucson continues to have lower than normal amounts of housing inventory and stiff competition for the premium properties. If it's a really nice property don't mess around, make a good offer! Use a good agent with lots of experience, look closely at the Comp's your agent prepares and heed of your realtor's advice, they're the local experts.

Summer's right around the corner and we can't wait. We love the warm weather and jumping in the pool every day. Lots of fantastic weather heading our way for the next several months! Expect fantastic golfing weather throughout March, April & May before it gets hot in June.

Tucson Active Listings: Active listings now stand at 4,325 Down 134 units from last month and about 5% less than at this time last year.

New Listings Up: There were 1,597 New Listings in February, a Decrease of 296 units from January. This decrease is fairly typical after the annual run-up of listings every January. Active listings should continue to drift lower over the next several months heading into summer.

Average Sales Price: The February average sales price was $186,482, up 13.35% from $164,513 in February of 2012. Another month of year over year price increases. We expect this trend will continue well into 2013.

Days on Market: Now sits at 58. This time last year it took an average of 77 days to sell a listing here. There are no killer deals here anymore, make good offers, homes are selling on average for 96.39% 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 March 2013 Report show:

Total Tucson Home Sales Units: 951, Decreased 6.67% from February of 2012. Increased 7.58% from last month.

Total Tucson Homes Under Contract: 2,860, Increased 2.37% from February of 2012. Increased 10.97% from last month.

Tucson Median Sale Price: $149,000 Up 19.2% from February 2012.
Oro Valley Median Sales Price: $230,125 Up 14% from February 2012.
Catalina Foothills Median Sales Price: $308,750 Up 1% from February 2012.

Total Tucson Active Listings: 4,325 Down 5.15% from 4,560 in February of 2012.
Northwest Tucson Active Listings: 1,199 Down 28 units from last month.
Catalina Foothills Active Listings: 526, Up 8 units from last month.

Total Tucson New Listings: 1,587, Up from 1071 in February of 2012.
Northwest Tucson New Listings: 427, Down 55 units from last month.
Catalina Foothills New Listings: 178, Down 61 from last month.

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

Positive Market Indicators this month: Average Sales Prices are up year over year & month over month, Median Sales Price up year over year & month over month, Total sales volume is up year over year & month over month and Units Under Contract are Up year over year and month over month. Days on Market remain low at 58. Inventory levels are still below normal and dropped again this month, and interest rates remain in the basement.

Negative Market Indicators this month: National economic outlook is confusing at best, it's trying to improve but DC politics is holding everything back. New tax increases are now kicking in depressing consumer spending somewhat. It's getting better out there but there is still a lack of confidence by the public. The Tucson Housing Market is continuing to steadily improve however and we expect that trend to continue throughout the year.

Market Outlook: No Change, We still expect a strong spring season and a good solid year. This market is steadily improving.

Inventory remains tight: Inventory sits at 4,325 active listings. Here's the March Heat Map.

Interest rates remain at historic lows although getting a loan has become a real hassle and that's not going to change any time soon. Above all, don't get frustrated, play their game and just tell yourself, I'm gonna just give them every single piece of paper they want. I'll beat them at their own game. With that mindset your frustration level will drop and you will probably end up getting your loan. If you try to fight them you're going to lose, For Sure!

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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