Brenda's Tucson Housing Market Report
September 2013

Long Oro Valley has Moved South on Oracle
New Address 8540 N. Oracle Rd.

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

Average Days On Market = 48 ~ Sales Price as a % of List Price = 97.61%

August, the slow steady upward trend continues. Average sales prices were up 6.15% over same period last year. As we get ready to head into our busy fall selling season we remain desperately low on good listings. Inventory is tight, homes are selling and we need more listings Right Now!

Remember, it takes a little time to get your listing into the system. We do quite a bit of work before the listing can go active in the MLS (arranging for professional photos, getting the flyers professionally printed, getting the advertising in place, setting up the internet profiles, staging and more). If you're a potential seller and want to catch the fall season, it's time to act.

As the National economy continues to improve, the confidence levels of the public across the nation are also improving. People feel stronger financially as their home values continue to increase. Lots of folks are feeling much better about buying that second home or retirement home in the Sunbelt. This will translate to stronger sales here and rising prices this fall and next spring.

Same old song we've been singing for awhile now, Low Inventory, Sellers Market & Competing Offers. Bottom line: Make good offers, or you'll be out of luck. Sales Price as a % of List Price in August was 97.61%

Fall and cool temperatures are just around the corner and folks in the northern tier states are starting to plan their winter visits. The annual flood of snowbirds will begin next month and build from there. We expect a very busy fall season as more and more of the fence sitters are taking the plunge, realizing the bottom is in and it's time to buy.

Tucson Active Listings: Active listings now stand at 4,249, up a little as we predicted last month. If you want to sell this fall, it's time to get started!

New Listings: There were 1,819 New Listings in August, we expect that number to increase next month.

Average Sales Price: The August average sales price was $191,283, up 6.15% from $180,193 in August of 2012. Another month of year over year price increases. We expect this trend will continue throughout the rest of 2013.

Days on Market: Dropped another 2 days to 48 this month. This time last year it took an average of 65 days to sell a listing here. Make good offers, homes are currently selling on average for 97.61% of asking price.

If you're trying to low ball a nice property you're out of luck, period. Remember that 97.10% is an average, prime properties are selling closer to asking and it's the less desirable homes that go for less than average.

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 September 2013 Report show:

Total Tucson Homes Sold: 1,205, Increased 2.21% from August of 2012. Decreased 4.59% from last month.

Total Tucson Homes Under Contract: 2,064, Decreased 18.26% from August of 2012. Decreased 7.28% from last month.

Tucson Median Sale Price: $160,500 Up 10.69% from August 2012.
Oro Valley Median Sales Price: $270,000 Up 12% from August 2012.
Catalina Foothills Median Sales Price: $296,500 up 6% from August 2012.

Total Tucson Active Listings: 4,249 Up 19.22% from 3,564 in August of 2012.
Northwest Tucson Active Listings: 1,214 Up 142 units from last month.
Catalina Foothills Active Listings: 445, Down 2 units from last month.

Total Tucson New Listings: 1,819, Up from 1,615 New Listings in August of 2012.
Northwest Tucson New Listings: 516, Up 42 units from last month.
Catalina Foothills New Listings: 152, Down 8 units from last month.

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

Positive Market Indicators this month: Sales Volume up year over year, Average sales price up year over year, Average days on market dropped to 48. Market remains locked in a slow steady upward trend.

Negative Market Indicators this month: Interest rates continue to climb. This trend Will Continue. Despite that, interest rates remain at historic lows and even rising rates should not affect our market much. What will affect our market are New Lending Regulations coming in January which will make it both more expensive and more difficult to obtain a loan.

Market Outlook: Holding pattern this month, the market will slowly start ramping up next month as we begin to start seeing the early snowbirds coming in. Weather will improve and the golfers will be starting to hit the links in droves which will bring more visitors to Tucson. We expect activity to pick up in October and build throughout the fall. We expect a strong fall season.

Inventory remains low: Inventory sits at 4,249 active listings. Here's the September Heat Map.

The Economy is steadily improving, housing stocks are Low, interest rates are increasing and housing is in the beginning of a multi year uptrend.

Billionaire Investor John Paulson says "If you already own a home, buy a second one" "The housing market has bottomed. It's not too late to get involved..... read full article "

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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