Brenda's Tucson Housing Market Report
November 2014

Snowbirds begin migration South - Welcome Home Guys!

Weather is cooling but still Fantastic, Golf Courses are all Busy

Average Days On Market = 64 ~ Sales Price as a % of List Price = 96.63%

Market Activity: October was another solid month although sales dipped slightly again this month over the same period last year. We've been listing new homes like crazy so we're loaded up with Prime Listings. If you're looking for the perfect home, We've Got It...Come take a look! Even though sales dipped slightly city wide, we were very busy in the Oro Valley area having a very strong month.

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 November 2014 Report show:

Total Tucson Homes Sold: 1,060, Decreased 6.19% from October of 2013. Decreased 2.12% from last month.

Total Tucson Homes Under Contract: 1,698, Decreased 4.12% from October of 2013. Increased .89% from last month.

Tucson Median Sale Price: $166,500, Up 7.42% from October 2013.
Oro Valley Median Sales Price: $239,500, Down 11% from October 2013.
Catalina Foothills Median Sales Price: $345,000, Down 6% from October 2013.

Total Tucson Active Listings: 5,649, Up 9.2% from 5,173 in October of 2013.
Northwest Tucson Active Listings: 1,634, Up 71 units from last month.
Catalina Foothills Active Listings: 620, Up 23 units from last month.

Total Tucson New Listings: 2,052, Down from 2,136 New Listings in October of 2013.
Northwest Tucson New Listings: 555, Down 53 units from last month.
Catalina Foothills New Listings: 206 Down 11 units from last month.

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

Positive Market Indicators this month: Total Sales Volume was up 6.64% from last year, Average sale price was up 4.43% over last year, Average list price was up 4.97% over last year and Median sales price was up 7.42% year over year.

Negative Market Indicators this month: Days on Market up slightly to 64, Total units sold down 6.19% from same period last year, Active listings were up 9.2% over last year (good for buyers, bad for sellers).

Market Outlook: We are seeing the first trickle of snowbirds arriving and they are looking around. This season appears to be starting off a little slower than prior years. We do expect sales activity to be slightly less this fall season with things picking up after the first of the year. Interest rates remain low and Lenders continue to slowly ease credit standards for home loans. Plenty of inventory out there and buyers are being very picky and only pulling the trigger on the best properties.

The National Economy continues to slowly improve with more jobs and lower unemployment (unemployment rate now down to 5.8%, the lowest since 2008). We continue to expect stronger economic numbers for the 4th quarter which should further stimulate the real estate market both locally and nationally.

The FED ended Qe3 in October as expected. Most economists continue to predict the FED will begin slowly increasing rates sometime in mid 2005, although we are starting to hear more about earlier rather than later on that. 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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