Brenda's Tucson Housing Market Report
October 2013

Long Realty Oro Valley has Moved
New Address 8540 N. Oracle Rd.

We Need More Listings! - We're Selling 2 Homes a Week - Call Me!

Average Days On Market = 47 ~ Sales Price as a % of List Price = 97.02%

In September the slow steady upward trend continued with average sales prices, median sales prices and total units sold all up year over year. We remain locked in this upward trend and we see nothing to change that. As we begin heading into our busy fall selling season we remain desperately low on listings. Inventory is increasing as sellers enter the market but more buyers are here or on the way. Homes are selling steadily and we need more listings Right Now!

Remember, it takes a little time to get your listing into the system. We have to do a lot of work before the listing can go active in the MLS. If you're a potential seller and want to catch the fall season, Now is the time! If you wait, you'll miss a good part of the fall selling season. 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.

Nationally, congress is a joke, those guys are playing with fire and we honestly have no idea how the irresponsibility in Washington will affect our market or the real estate market nationally. Our best advice; If you're a buyer, get your new home bought! If you're a seller, get that puppy Sold!

Basically get your position locked down. Those folks back there have the potential to really screw things up for everybody. If they mess it up, things will get more expensive for everybody and everything.

Other than that:-) it's that same old song of Low Inventory, (although it's increasing now) and Competing Offers on prime properties. Bottom line remains: Make good offers and don't mess around or you'll be out of luck. Sales Price as a % of List Price in September was 97.02%

Heading into Fall and the weather is fantastic! temperatures are cooling down a bit and it's glorious out there! If you're done "winterizing" up in the northern tier states, book a flight and come on down.

Here's your take-away for today, the Stock Market has had a great run and there's lot of profit laying around in there, Congress is a Mess and the markets are nervous. 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 4,717, 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 2,014 New Listings in September, we expect that number to Decrease slightly next month as most sellers are already listed for the fall season.

Average Sales Price: The August average sales price was $189,042, up 3.85% from $182,041 in September 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: Dropped another day to 47 this month. Make good offers, homes are currently selling on average for 97.02% 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 97.02% of asking price is the average, prime properties are selling closer to asking and it's the less desirable homes that go for less than average.

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 September 2013 Report show:

Total Tucson Homes Sold: 1,051, Increased 12.05% from September of 2012. Decreased 12.78% from last month.

Total Tucson Homes Under Contract: 1,868, Decreased 22.46% from September of 2012. Decreased 9.50% from last month.

Tucson Median Sale Price: $155,399, Up 7.21% from September 2012.
Oro Valley Median Sales Price: $262,000, Up 10.3% from September 2012.
Catalina Foothills Median Sales Price: $306,750, Down 1.8% from September 2012.

Total Tucson Active Listings: 4,717, Up 22.68% from 3,845 in September of 2012.
Northwest Tucson Active Listings: 1,358, Up 144 units from last month.
Catalina Foothills Active Listings: 505, Up 60 units from last month.

Total Tucson New Listings: 2,014, Up from 1,632 New Listings in September of 2012.
Northwest Tucson New Listings: 545, Up 29 units from last month.
Catalina Foothills New Listings: 196, Up 44 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, Average sales price up year over year, Average days on market dropped to 47. Market remains locked in a slow steady upward trend.

Negative Market Indicators this month: Interest rates continue to climb. This trend may flatten and hold position for awhile with the new FED appointment of Janet Yellen. She is purported to be in favor of continuing the Qe3 Stimulus which will help keep rates stable for awhile. But Rates Will be higher in the not too distant future. 4-4.5% will probably be the norm for the next several months. Remember - New Lending Regulations coming in January which will make it both more expensive and more difficult to obtain a loan. Talk To Your Lender!

Market Outlook: Slowly ramping up as expected, we should start seeing the early snowbirds coming in the back half of this month. Weather is improving and the golf courses are picking up more traffic. We expect activity to pick up this month and build throughout the fall. We continue to expect a strong fall season. (assuming congress can get it's act together and doesn't screw up too bad)

The Economy is steadily improving, housing stocks are Low, interest rates are increasing and housing is in a multi year uptrend.

Billionaire Investor John Paulson says "If you already own a home, buy a second one" "The housing market has bottomed. It's not too late to get involved..... read full article "

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

Tucson Multiple Listing Service Report - October 2013

Catalina Foothills Housing Report - October 2013

Oro Valley Housing Report - October 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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