Brenda's Tucson Housing Market Report
May 2013

April Numbers Continue Strong Trend

We Need More Listings! - Everything is Selling - Call Me!

Average Days On Market = 57 ~ Sales Price as a % of List Price = 96.81%

April was extremely strong finishing up almost every statistic up strongly over April of 2012. Average sale prices were up 9.33% over same period last year. We are 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. Most markets across the country continue to improve and this trend should continue as spring starts the normal selling season for the entire northern tier of the country.

Nothing new on the interest rate this month, more of the same although we expect to see a slight uptick in rates during the next month. We continue to expect higher rates by year end.

Tucson continues to have low housing inventory conditions as can be seen in the Heat Map below. Lower inventory and stiff competition are creating 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.

Summer's almost here and we're ready! We love the warm weather and patio dining all over town. Lots of nice hot weather (it's a dry heat:-) heading our way for the next several months!

Tucson Active Listings: Active listings now stand at 4,027 Down 183 units from last month and up almost 7% over this time last year. We do expect active listings to drift lower over the next few months.

New Listings: There were 1,979 New Listings in April, an Increase of 482 units from March which did surprise us a little bit as we expected this indicator to be flat or slightly lower.

Average Sales Price: The April average sales price was $192,160, up 9.33% from $175,766 in April of 2012. Another month of year over year price increases. We expect this trend will continue well into 2013.

Days on Market: Now sits at 57. This time last year it took an average of 74 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 96.81% 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 May 2013 Report show:

Total Tucson Homes Sold: 1,323, Increased 3.68% from April of 2012. Decreased 0.45% from last month.

Total Tucson Homes Under Contract: 2,829, Decreased 14.76% from April of 2012. Increased 4.31% from last month.

Tucson Median Sale Price: $157,000 Up 17.16% from April 2012.
Oro Valley Median Sales Price: $220,000 Down 1% from April 2012.
Catalina Foothills Median Sales Price: $329,000 Down 3% from April 2012.

Total Tucson Active Listings: 4,027 Up 6.82% from 3,770 in April of 2012.
Northwest Tucson Active Listings: 1,128 Down 49 units from last month.
Catalina Foothills Active Listings: 505, Down 7 units from last month.

Total Tucson New Listings: 1,979, Up from 1497 New Listins in April of 2012.
Northwest Tucson New Listings: 491, Down 13 units from last month.
Catalina Foothills New Listings: 211, Up 7 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 up year over year & month over month. 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.

Negative Market Indicators this month: There are no significant negative economic indicators in this market at this time. The only wildcard is the sequester stuff which continues to kick in but so far that's pretty much of a non event. Regardless of the national economy, our housing market here in Tucson continues to steadily improve and we expect that trend to continue throughout the year.

Market Outlook: No Change, We had a strong 1st quarter and continue to expect a good solid year, although we do expect a slowing of the market as we head into summer. Fall continues to look good.

Inventory remains tight: Inventory sits at 4,027 active listings. Here's the May Heat Map.

Interest rates remain at historic lows although getting a loan has become a real hassle and that's not going to change any time soon. Be Cautious of FHA Loans now, new rules went into effect April 1 which are Not Good for buyers. Be sure to ask both your agent and your lender to explain the new FHA rules regarding fees and mortgage insurance Prior to committing to any FHA loan.

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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