Tucson area Housing Market Shows Demand and Price Gains for 2013

TARIconTucson Association of Realtors (TAR) released stats for Year-End 2013. Year-over-year unit sales, volume, median and average sales price as well as active listings were all slightly up over 2012. The latest Tucson Association of REALTORS® Multiple Listing Service (TARMLS) report includes both year-to-year (2013 over 2012) and month-to-month (December over November 2013) statistics.

Here’s what the TAR’s Residential Sales Report reveals:

Home unit sales increased by roughly 3.7 percent (13,943) vs. a year ago (13,448) units changing hands in the Tucson area. In December unit sales of 1,038 vs. 933 homes sold in November 2013, an increase of 11 per cent. While total sales volume of $2.1 million was 17.39 percent higher than November’s $1.79 million, an increase of 14 percent over 2012.

Observers saw the 1,038 home closings reported for December decreased in median sales price, after increasing for three months in a row, sale prices decreased in December to a median price of $157,900, a 1 percent decrease from November ($159,500) and a 7.05 percent increase over median sale price for a single family home in December 2012 ($147,500).

The average sales price of $197,064 was 8.5 percent higher than a year ago, that of $181,684 in December 2012.

At the end of December, overall inventory of residential properties decreased to a 4.8 months average in the Tucson area. There were 5,150 properties available, up 15.75 percent vs. a year ago, and a decrease of 2.57 percent from November.

On average, residential properties spent 54 days on the market in December, a week longer than September 2013 which was 47 days, the shortest market time since before 2009. Year over year, there were 5,150 active listing, 15.8 percent higher than at year end 2012, good for buyers but not so good for sellers. With 1,506 sales pending at the end of 2013, pending sales were down 25.52 percent from a year ago.

Conventional loan sales accounted for 36 percent of the all sales in December, continuing to exceed cash sales of 32 percent; while FHA and VA loans combined accounted for 28.23 percent according to TAR’s tracking.

Tucson housing has always been less volatile than the Phoenix area housing, without the extreme highs or the extreme lows.

Please refer to full December sales report for graphs and additional information at https://tucsonrealtors.org/tar-v2/statsDec2013.pdf

Tucson Rental Statistics can be found here: https://tucsonrealtors.org/tar-v2/statsRentDec2013.pdf




Tucson Residential Sales Volume Up – Prices Steady

TARIconTucson Association of Realtors (TAR) have released stats for October 2013. Here are the highlights from the October Tucson Residential Sales Report:

Home unit sales increased by roughly 5 percent changing hands in the Tucson area last month vs. a year ago. While total sales volume of $217.45 million increased 9.45 percent from September’s number of $198.68 million, an increase of 13.14 percent from this time last year.

Observers see the 1,130 home closings reported for October showing a decrease for the second month in a row and a decrease of 0.26 percent from September’s median sale price for a single family home.

At the end of October, there was still about a 4-1/2 months overall inventory of residential properties in the Tucson area, or 5,173 properties available, up by 18.9 percent vs. a year ago, and an increase of 9.67 percent from September. All still within normal inventory range for the area.

On average, residential properties spent 50 days on the market, three days longer than in September which was the shortest market time since September 2012. With 1,771 sales pending at the end of October, there was a 33.48 percent decrease from a year ago.

The median price for a single-family home in the Tucson market, dropped slightly from September’s $155,399 to $155,000 in October, represents an increase of 7.7 percent from $143,000 a year ago.
Year-to-date, there have been 11,972 home closings in the greater Tucson area, a 3.8 percent increase from the 11,512 closings reported through October 2012.

Conventional loan sales accounted for 38 percent of the sales, only slightly more than cash sales of 32 percent, according to TAR’s tracking.

FULL OCTOBER SALES REPORT >> Click Here

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Tucson Home Prices Up 12.45% – Inventory Low

TARIconTucson Association of Realtors released their stats for July 2013. Here are the highlights from the July Residential Sales Report:

Roughly 21 percent more residential properties changed hands in the Tucson area last month vs. a year ago, extending the streak of year-over-year gains in monthly home sales to two years.

Observers see the 1,263 home closings reported for July a very slight decrease of .06 percent in median price for a single family median home price from June.

At the end of July, about a 3-month overall inventory of residential properties in the Tucson area, or 3,933 properties were available, up 11.59 percent vs. a year ago. But concerns remain about the low inventory, which declined by 1.54 percent in July — a level Tucson Realtors haven’t seen since before the recession.

On average, residential properties spent 53 days on the market here, the shortest time since November 2012. With 2,226 sales pending at the end of July, down 20 percent from a year ago.

The median price for a single-family home in the Tucson market was up 12.45 percent at $159,900 in July, up from $140,000 a year ago.

Year-to-date, there have been 8,586 home closings in the greater Tucson area, a 3 percent increase from the 8,321 closings reported through July 2012.

Conventional loan sales accounted for 40 percent of the sales, continuing to exceed cash sales of 29 percent, according to TAR’s tracking.

FULL JULY SALES REPORT >>   https://tucsonrealtors.org/tar-v2/statsJuly2013.pdf


FULL JULY RENTAL REPORT
>>  https://tucsonrealtors.org/tar-v2/statsRentJuly2013.pdf