Brenda's Tucson Housing Market Report
March 2014

Spring has sprung - flowers out everywhere

The weather's perfect for Looking at houses now - mid 70's and Sunny!

Average Days On Market = 63 ~ Sales Price as a % of List Price = 96.94%

We were very busy last month, our biggest month for many years with 16 units sold totaling over 7 million. Lots of our listings sold last month and we need more. We have buyers waiting in the wings for the "perfect home" If you're thinking about selling, Call me!

March is starting off a little slower than last month but still looking pretty solid. Buyers are loving the weather as we show them around town every day. Lots of new listings recently so buyers have lots of great choices, now's the time to find that perfect home!

If you're a seller, competition is increasing dramatically with lots of new listings. Make sure your home shows at it's absolute best or you'll be left in the dust. The homes that show best always sell first! If you're a buyer, 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.

We continue to 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 higher by the end of this year. Frankly we're surprised rates are staying at these lower levels.

Inventory is increasing so there's more choices so that's good for buyers. Prices are slowly going up and that's good for sellers. The market is well positioned in a slow steady uptrend which is a good time in the cycle to buy. Pick a good Realtor (that's us) 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 here in a weekend, good Realtors here have been doing this for years and know the market. Just pick a good Realtor and you'll be fine:-)

We're now in the "Sweet Spot" weather wise with comfortable 70's for highs and 50's for lows. If you're sick of the snow where you live, hop on a flight and come on down, we'd love to see you.

Tucson Active Listings: Active listings now stand at 5,721, up from last month. We only have a couple months left of our spring selling season so if you want to sell this Spring, you need to list Right Now or you'll miss the season!

New Listings: There were 2,085 New Listings in February so there's lots of new inventory to look at. We expected New Listings to Increase in February and so they have. This is the best time of the year to see all the new inventory.

Average Sales Price: The February average sales price was $196,581, up 5.42% from $186,482 in February of 2013. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the spring and into the summer.

Median Sales Price Catalina Foothills: The February median sales price was $290,000, Down 6% from February of 2013.

Median Sales Price Oro Valley: The February median sales price was $254,500, up 24% from February of 2013.

Days on Market: Pegged at 63 this month. Make good offers, lots of competition out there now. Homes are currently selling on average for almost 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 areas. 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 March 2014 Report show:

Total Tucson Homes Sold: 961, Increased 1.05% from February of 2013. Increased 12.53% from last month.

Total Tucson Homes Under Contract: 1,961, Decreased 26.83% from February of 2013. Increased 8.70% from last month.

Tucson Median Sale Price: $158,000, Up 6.04% from February 2013.
Oro Valley Median Sales Price: $254,500, Up 24% from February 2013.
Catalina Foothills Median Sales Price: $290,000, Down 6% from February 2013.

Total Tucson Active Listings: 5,721, Up 32.28% from 4,325 in February of 2013.
Northwest Tucson Active Listings: 1,619, Up 6 units from last month.
Catalina Foothills Active Listings: 685, Up 64 units from last month.

Total Tucson New Listings: 2,085, Up from 1,597 New Listings in February of 2013.
Northwest Tucson New Listings: 627, Down 3 units from last month.
Catalina Foothills New Listings: 241, Up 33 units from last month.

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

Positive Market Indicators this month: Sales Volume increased 6.52% over same period year. Average sale price was up 5.42% over last year, Average list price was up 4.82% over last year and Median sales price was up 6.04% year over year.

Negative Market Indicators this month: New listings were up 30.56% over last year and Active listings were up 32.28 percent over last year. Days on market inched up a couple days to 63 (this is a reflection of increasing inventory).

Market Outlook: Market remains very active with lots of sales however price increases appear to be slowing down a little bit. In the long run, this is probably positive for our market. Interest rates seem to be bouncing along in a narrow channel but should increase going forward especially as we get closer to the end of the year. Sales are expected to remain strong for the next couple months then slow slightly during the summer months.

The Economy continues it's slow steady improvement although the general public has not bought completely into it. Economic indicators are trending upward but folks aren't seeing that translate to more money in their pockets. The public appears to have a wait and see attitude. This may tend to put a slight damper on the market but not much.

People are fed up with Politics as usual and the slowness in economic improvement. The upcoming mid-term elections should prove very interesting.

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

Tucson Multiple Listing Service Report - March 2014

Catalina Foothills Housing Report - March 2014

Oro Valley Housing Report - March 2014

2013 (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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