Brenda's Tucson Housing Market Report
August 2014

The Dog Days of Summer are here - Market takes a breather

We're in the annual lull before the fall selling season heats up

Average Days On Market = 60 ~ Sales Price as a % of List Price = 96.67%

Market Activity: July was a good solid month although sales did decrease slightly over last year overall. That being said, we here at the Brenda O'Brien Team are well ahead of where we were at the end of July of last year. We seem to be busy year round and each year we seem to sell more homes than the prior year. We're looking forward to seeing some early snowbirds starting to arrive in September.

In The News: Interested in some fun things to do in Oro Valley / Tucson? Here's the current Calendar of Events

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. 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 August 2014 Report show:

Total Tucson Homes Sold: 1,176, Decreased 6.89% from July of 2013. Decreased 9.33% from last month.

Total Tucson Homes Under Contract: 1,830, Decreased 17.79% from July of 2013. Decreased 6.11% from last month.

Tucson Median Sale Price: $170,000, Up 6.32% from July 2013.
Oro Valley Median Sales Price: $251,000, Up 12% from July 2013.
Catalina Foothills Median Sales Price: $315,000, Down 9% from July 2013.

Total Tucson Active Listings: 5,149, Up 30.92% from 3,933 in July of 2013.
Northwest Tucson Active Listings: 1,418, Down 76 units from last month.
Catalina Foothills Active Listings: 580, Down 36 units from last month.

Total Tucson New Listings: 1,786, Up from 1,721 New Listings in July of 2013.
Northwest Tucson New Listings: 460, Down 84 units from last month.
Catalina Foothills New Listings: 176, Down 25 units from last month.

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

Positive Market Indicators this month: Average sale price was up 3.96% over last year, Average list price was up 4.47% over last year and Median sales price was up 6.32% year over year.

Negative Market Indicators this month: Total units sold slows during autumn lull. Active listings were up 30.92% over last year (good for buyers, bad for sellers).

Market Outlook: We're drifting in our annual lull at the end of summer which is normal. Interest rates remain low, lenders are slowly easing credit standards for home loans and there's lots of inventory available. This portends a very active start to our fall selling season which should continue on into winter and next spring. All is well and these are normal market conditions here.

The National Economy continues to slowly improve with most economic indicators continuing to trend upward. We still hope/expect to see stronger economic numbers for the 3rd and 4th quarters of this year.

The FED continues to unwind it's bond buying binge and still expects to complete that process in October. Most economists predict the FED will begin slowly increasing rates sometime in mid 2005, although any robust economic indicators in the next quarter or two could move that rate increase forward into the first half of next year. We monitor this closely as it is a precursor to increased mortgage rates.

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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