Brenda's Tucson Housing Market Report
May 2014

Spring Season Winding Down, Summer Season Starting

Summer is on the way - We Can't Wait

Average Days On Market = 65 ~ Sales Price as a % of List Price = 96.96%

Another Busy Month: April was very busy being the sweet spot in the Spring Selling Season. Lots of buyers out there and wonderful weather for showing homes.

April was pretty much full blast all month long as there were tons of people in town. As we enter May it should slow down a little bit as the snowbird migration starts in full force heading back to the northern tier states.

If you're a seller, there's fewer buyers around from here on out till fall so make sure your home shows well. 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 positioned in a slow steady uptrend which is a good time in the cycle to buy.

Tucson Active Listings: Active listings now stand at 5,466, down almost 300 units from last month. The Spring season is just about over so if you want to sell before Summer, you need to List Right Now or you'll still be here in July & August!

New Listings: There were 2,021 New Listings in April so there's lots of new inventory to look at. New listings should start flattening out as we head into summer. This is the best time of the year to see all the new inventory, there will be less to look at during the summer.

Average Sales Price: The April average sales price was $197,066, up 2.55% from $192,160 in April of 2013. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the spring and into summer.

Median Sales Price Catalina Foothills: The April median sales price was $315,000, Down 4% from April of 2013.

Median Sales Price Oro Valley: The April median sales price was $255,450, Up 16% from April of 2013. Oro Valley appears to be the "Hot Spot" right now.

Days on Market: Increased to 65 this month. Make good offers, lots of competition out there now. Homes are currently selling on average for just a smidgen 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 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 May 2014 Report show:

Total Tucson Homes Sold: 1,301, Decreased 1.66% from April of 2013. Increased 15.03% from last month.

Total Tucson Homes Under Contract: 2,127, Decreased 24.81% from April of 2013. Decreased 2.21% from last month.

Tucson Median Sale Price: $164,900, Up 5.03% from April 2013.
Oro Valley Median Sales Price: $255,450, Up 16% from April 2013.
Catalina Foothills Median Sales Price: $315,000, Down 4% from April 2013.

Total Tucson Active Listings: 5,466, Up 35.73% from 4,027 in April of 2013.
Northwest Tucson Active Listings: 1,538, Down 64 units from last month.
Catalina Foothills Active Listings: 667, Down 31 units from last month.

Total Tucson New Listings: 2,021, Up from 1,979 New Listings in April of 2013.
Northwest Tucson New Listings: 544, Up 1 unit from last month.
Catalina Foothills New Listings: 233, Down 1 units from last month.

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

Positive Market Indicators this month: Sales Volume (total dollars sold) increased 13% over same period last year. Average sale price was up 2.55% over last year, Average list price was up 2.39% over last year and Median sales price was up 5.03% year over year. The rate of new listings coming to market is Decreasing, reducing inventory. These key stats indicate prices are continuing to increase.

Negative Market Indicators this month: New listings were up 2.12% over last year (new listings slowed dramatically this month) although Active listings were still up 35.73% over last year.

Market Outlook: While we have more inventory than last year, the rate of new inventory coming to market is slowing. Prices are increasing slightly and the Market remains active as we are at the end of our spring selling season and gearing up to enter our summer season just around the corner. Units sold increased almost 200 units in April over March driving up total Volume year over year. 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.

The Economy continues it's slow steady crawl upward. Economic indicators are trending upward, unemployment appears to be dropping but folks are still doubtful of the strength of the recovery. We expect public opinion to get more positive as stronger economic numbers should begin appearing as we move into summer and especially the fall season. We'll just have to wait and see.

People remain fed up with Politics as usual and the slowness in economic improvement. We are just beginning to see the politicians ramping up for the upcoming mid-terms. Some primaries are starting with interesting results and it promises to get very interesting as the battle lines are drawn. Republicans will pound on Obamacare/Jobs/Foreign Policy and cutting the costs of government, Democrats will promise minimum wage increases, health care for the uninsured and more subsidies. Only time will tell but it's gonna be ugly (but fun) to watch.

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

Tucson Multiple Listing Service Report - May 2014

Catalina Foothills Housing Report - May 2014

Oro Valley Housing Report - May 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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