Brenda's Tucson Housing Market Report
November 2013

The Snowbirds are coming, The Snowbirds are coming

More Buyers are arriving every day, We Need More Listings! - Call Me!

Average Days On Market = 50 ~ Sales Price as a % of List Price = 96.44%

October was a good solid month with sales increasing as the month went by. November is starting off very strong with lots of buyers out there looking around. We expect strong sales numbers for November with increasing numbers of homes sold at higher average sales prices.

Late fall is always good for our Market here and this year should be no different. Folks visiting this time of year realize how wonderful it is here with great weather and lots to do. Many end up buying a second home or a retirement home here even on their first visit. Our market is in an upward trend and we see nothing to change that. As we head into fall, we still remain low on listings. We have lots of buyers and we need more listings. If you're a seller, now is the time to sell! it's the prime selling season Right Now!

If you're a potential seller and want to catch the fall season, Now is the time! Remember, the fall season is Short, October and November and the 1st week or so of December. After that December slows way down as the holidays come into play. The market picks up again the first week of January and is typically very strong for the first 4 months or so of the year.

Nationally, congress is a joke, we just barely got by the last big dust up and there's another one coming around the end of the year. Obamacare has been a disaster on it's roll out and that doesn't seem likely to get any better. This country seems to be loosing it's way and the American Dream is fading as we continue to bury our children and following generations in mountains of debt. All this turmoil will drive up taxes and interest rates so if you're a buyer, now is the time to get your retirement home bought and the still historically low interest rates locked in.

Inventory remains low but it's climbing, The market is heating up with Competing Offers on prime properties. Make good offers and don't mess around or somebody else will be living in your dream home and we don't want that. We can help you with all the data you need to make a good informed decision on what to offer for that home you want.

Our Fall weather is fantastic! temperatures are cooling down and it's glorious out there! If you're done "winterizing" up North, book a flight and come on down, we'd love to see you.

Here's your take-away for this month: The Stock Market has had a fantastic run with the markets are at all time highs and there's lots of paper profit laying around. Congress is a Mess and there's a big fight coming up. Some of the talking heads on TV are starting to talk "Correction" and we concur. Might be time to take some profits off the table and buy that Retirement Home down in the Sunbelt:-)

Tucson Active Listings: Active listings now stand at 5,173, up again last month as we expect heading into fall. If you want to sell this fall, you need to list Real Quick!

New Listings: There were 2,136 New Listings in September so there's lots of interesting new homes to look at. We expect New Listings to Decrease in November as most fall sellers are already listed.

Average Sales Price: The October average sales price was $182,433, up 9.43% from $175,850 in October of 2012. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the rest of 2013.

Days on Market: Pegged at 50 this month. Make good offers, lots of competition out there now. Homes are currently selling on average for 96.44% of asking price.

If you're trying to low ball your dream home, you're out of luck, somebody else will be living there! Remember that the really nice properties go for closer to asking price (or even above it) and it's the less desirable homes that you can get the better deals on. Is it really worth loosing your dream home that you're going to spend your golden years in over a few thousand dollars.

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 November 2013 Report show:

Total Tucson Homes Sold: 1,130, Increased 5.21% from October of 2012. Increased 7.52% from last month.

Total Tucson Homes Under Contract: 1,771, Decreased 22.08% from October of 2012. Decreased 5.19% from last month.

Tucson Median Sale Price: $155,000, Up 8.39% from October 2012.
Oro Valley Median Sales Price: $270,000, Up 1.9% from October 2012.
Catalina Foothills Median Sales Price: $366,750, Up 33.8% from October 2012.

Total Tucson Active Listings: 5,173, Up 23.31% from 4,195 in October of 2012.
Northwest Tucson Active Listings: 1,465, Up 107 units from last month.
Catalina Foothills Active Listings: 505, Up 75 units from last month.

Total Tucson New Listings: 2,136, Up from 1,930 New Listings in October of 2012.
Northwest Tucson New Listings: 529, Down 16 units from last month.
Catalina Foothills New Listings: 229, 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 up year over year & month over month, Average sales price up year over year, Average days on market remain low, The Snowbird Migration is ON and market activity is picking up. Our Market remains locked in a slow steady upward trend which should continue for the next several months at least.

Negative Market Indicators this month: Interest rates continue to climb spiking upward last week on strong jobs numbers out of Washington. The better the economy does the higher interest rates will go. Expect rates to continue to climb for the foreseeable future. The FED is now expected to begin ending Qe3 in 2014 which will push rates even higher.

Market Outlook: Continuing to ramp up as we enter our winter selling season, The early snowbirds are arriving and they're buying! We are experiencing the best Weather of the year as the Northern tier states are settling into early winter and getting COLD! Life in Tucson is Great and this time of year it's Fantastic! We expect activity to continue building throughout November and into early December before slumping the last half of December due to the holidays. January should ramp up very quickly and we should be rocking & rolling through the spring. If you live up north and are starting to get cold, Come On Down, we have Lots of Sun and it's not too hot, The weather's Perfect!

The Economy continues to steadily improve, (albeit, slowly) housing stocks remain on the low side, interest rates are increasing and housing is in a multi year uptrend.

The only cloud on the horizon is the upcoming battle in Washington around year end over the Debt Limit and the budget back in DC. We expect it to be a brawl with very little actually being accomplished. It will be messy but none of it should really affect our market here, we hope.

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

Tucson Multiple Listing Service Report - November 2013

Catalina Foothills Housing Report - November 2013

Oro Valley Housing Report - November 2013

2012 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2012 Year End Tucson Housing Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
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