Brenda's Tucson Housing Market Report
June 2013

Heading into summer - Market Continues Strong

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

Average Days On Market = 57 ~ Sales Price as a % of List Price = 96.77%

May was another strong month with average prices up another 9.29% over same period last year. We remain desperately low on good listings so if you are thinking about selling now would be a good time! We need more listings Right Now!

Nationally economic indicators continue a slow improvement in spite of the folks running the show. Washington is now embroiled in controversy over the IRS, Government intrusion into privacy issues and more. This is distracting from running the financial affairs of the country but it seems to be the norm for these days. The next big battle will probably be the Budget and the Spending Cap.

Last month we said: "we expect to see a slight uptick in rates during the next month".

Well, we got it in spades, USA Today says "Average 30-year mortgage rate tops 4%"

Tucson continues to have low housing inventory conditions as can be seen in the Heat Map below. It's a "Sellers Market" over most of the Tucson Metropolitan area and we are seeing competing offers on the prime properties. Make good offers, or you'll be out of luck, the killer deal days are long gone.

Summer's here and we're ready! We're in the pool every day, hunting for shade when we're outside and only golfing in the morning. It's Hot but we love it!

Tucson Active Listings: Active listings now stand at 3,956 Down 74 units from last month and up almost 12% over this time last year. We continue to expect active listings to drift lower over the next few months.

New Listings: There were 1,746 New Listings in May, an Decrease of 233 units from April which is typical for this time of year as our spring selling season winds down.

Average Sales Price: The May average sales price was $190,156, up 9.29% from $173,987 in May of 2012. Another month of year over year price increases. We expect this trend will continue well into 2013.

Days on Market: Remains at 57 this month. This time last year it took an average of 67 days to sell a listing here. Make good offers, There's lots of competition for the nicer listings, especially in the lower price points. Homes are currently selling on average for 96.77% of asking price.

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 June 2013 Report show:

Total Tucson Homes Sold: 1,437, Increased 9.03% from May of 2012. Increased 8.62% from last month.

Total Tucson Homes Under Contract: 2,702, Decreased 5.66% from May of 2012. Decreased 4.49% from last month.

Tucson Median Sale Price: $156,500 Up 11.79% from May 2012.
Oro Valley Median Sales Price: $220,600 Up 2% from May 2012.
Catalina Foothills Median Sales Price: $295,000 Down 3% from May 2012.

Total Tucson Active Listings: 3,953 Up 11.54% from 3,544 in May of 2012.
Northwest Tucson Active Listings: 1,098 Down 39 units from last month.
Catalina Foothills Active Listings: 486, Down 19 units from last month.

Total Tucson New Listings: 1,746, Up from 1564 New Listings in May of 2012.
Northwest Tucson New Listings: 463, Down 28 units from last month.
Catalina Foothills New Listings: 191, Down 20 units from last month.

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

Positive Market Indicators this month: Almost all statistical indicators are positive for Tucson. This is a steadily improving market and that trend should remain in place for the rest of the year, or at least until there is a significant upward change in mortgage interest rates. NOTE: interest rates are starting to tick up!

Negative Market Indicators this month: There are no significant negative economic indicators in this market at this time (however, interest rates are starting to move). The Tucson housing market continues to steadily improve and we expect that trend to continue throughout the year.

Market Outlook: No Change, Continuing steady improvement in prices, strong fall season.

Inventory remains tight: Inventory sits at 3,953 active listings. Here's the June Heat Map.

Interest rates are starting to climb, getting a loan is still a real hassle and that's not going to change any time soon. If you're waiting for interest rates to drop back to their recent lows, DON'T. That's not going to happen, Interest rates will continue to climb from here.

Almost all industry experts are now saying "If you can afford to buy now, Don't Wait!"

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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