Brenda's Tucson Housing Market Report
July 2012

Active Listings Continue Decline, Buyers Have Less To Choose From

Mortgage Rates Charting New Depths - Opportunity of a Lifetime

Average Days On Market = 68 ~ Sales Price as a % of List Price = 96.65%

Summer is here in full swing. It's hot, that's for sure. Tucson Housing remains strong as we enter our slow season. Homes are selling and there are still buyers out there. Sellers, if you get an opportunity to have your home shown, by all means accommodate the showing agent, If they're out looking in this heat, they're serious!

Interest Rates are in uncharted waters right now, touching record lows almost daily. Do not expect these rates to remain around long. The markets will react before too long and rates may well spike back up a quarter to a half point.

Tucson Active Listings: Active listings now stand at 3,474. We are now in a "sellers market" throughout almost all of Tucson. The bottom end has turned up and both average and median prices are slowly increasing.

New Listings Up: There were 1,537 New Listings in June, an Decrease of 27 units from May. We still expect to see new listings to increase slightly as prices have started back up.

Average Sales Price: The June average sales price was $174,793, up from $167,172 in June 2011. Another month of year over year price increases. We expect that we will continue to see year over year percentage gains as we move through the summer, particularly if inventory remains at these levels.

Days on Market: Now sits at 68. We expect to stay in this range for awhile now, possibly dropping a little bit more thru the summer.

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 July 2012 Report show:

Total Tucson Home Sales Units: 1,269, Decreased 3.28% from June of 2011. Decreased 3.72% from last month.

Total Tucson Homes Under Contract: 2,666, Increased 23.25% from June of 2011. Decreased 6.91% from last month.

Tucson Average Sale Price: $174,793 Up 4.56% from $167,172 in 2011.
Northwest Tucson Average Listing Price: $212,565 Up from $205,445 last month.
Catalina Foothills Average Listing Price: $402,781 Down from $411,045 last month.

Total Tucson Active Listings: 3,474 Down 37.59% from 5,566 in June of 2011.
Northwest Tucson Active Listings: 987 Down 14 units from last month.
Catalina Foothills Active Listings: 389, Down 11 units from last month.

Total Tucson New Listings: 1,537, Up from 1,251 in June of 2011.
Northwest Tucson New Listings: 417, Up 8 units from last month.
Catalina Foothills New Listings: 144, Up 18 units from last month.

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

Positive Market Indicators this month: Active listings declined again this month, Average sales prices are up Year over Year & Month over Month, Median sales price up Year over Year and Units under contract Up Year over Year.

Negative Market Indicators this month: There are no negatives in this market at this time! This market is in recovery. It's going to be a slow gradual recovery but it Is A Recovery!

Market Outlook: June gave us a slight break, busy but not swamped. June was just a good solid month, hopefully July will be similar. We're still not quite sure how the rest of the summer is going to pan out. Nationally the recovery is slowing and we don't have a feel for if that will affect home sales here in Tucson or not. Remember, summer here is traditionally slower but it could go either way this year.

With inventory at multi-year lows and still declining, "Buyer Urgency" is becoming much more of a factor. Buyers are now often missing out on their first offers. If you're a buyer forget about getting a killer deal, those days are gone. Make a good fair offer based on the comp's and you will be much more likely to get your offer accepted. Sales price as a percentage of list price now stands at 96.65%. Check out the July Heat Map.

If you're a buyer getting a loan, Read This: Forbes Magazine presents the best article we've seen yet about the process of getting your loan approved in today's market; "The Perfect Loan File"

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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