December Market Stats for Tucson, Marana, and Oro Valley Real Estate
Marana Communities:
Dove Mountain
Looking at the latest TARMLS statistics in various areas around Metropolitan Tucson, Dove Mountain had a December inventory of 104 homes for sale, which was down 4% from the same time a year earlier. Closings are way down too, 27;% less with 8. Because of this, inventory is creeping up and if you have an average priced home that sold at the current rate, it would take you 13 months to sell your Dove Mountain home. Median price is up 55%...yes, fifty-five percent - perhaps that's why they are taking so long to sell! New listing total 23.
Continental Ranch
The snapshot is quite different as we move south and west of Dove Mountain in Marana to Continental Ranch. Currently, December inventory was 41. There were 24 homes that sold in December, which is an increase of 8% over same time 2011. As opposed to Dove Mountain's inventory of 13 months, Continental Ranch homes are flying off the market at 2.9 percent. A balanced market is 6 months. Median price is up as well, 22% from a year before. Nineteen new homes came on the market in December, but if that's the area you wish to buy, run, I mean RUN to call your Realtor now.
Oro Valley
As of December 2012 active inventory was 285, an 18% decrease from December 2011. There were 40 closings in December 2012, 9% below December 2011. Months of Inventory was 7.1, down from 7.9 in December 2011. Median price of sold homes was $220,000 for the month of December 2012, down 3% since December 2011. Oro Valley had 56 new properties under contract in December 2012, up 33% from December 2011.
Rancho Vistoso
Rancho Vistoso, a major community in Oro Valley, has decreased listings to 128 from December 2011, and there are currently 128 homes from which to choose. Months of inventory is still in the buyer's corner at 8.0 months to sell. (The longer they take to sell, the more chance a buyer has to bargain that price) Overall median home price is $200,914 with 14 new properties coming on MLS in December 2012.
North West Tucson
Ten percent more homes closed in 2012 than 2011 in the overall area of North West Tucson. Months of inventory is 5.1, so properties are moving fairly quickly. Median home price $181,500. 280 new listings this past December versus December 2011. Currently, available active listings number approximately 1,218.
Tucson Main Market
Active inventory was 4,460 as of December 2012. That's a 10% decrease from December 2011. Closings were down 3%, with 941 closings in December 2012. Tucson main market months of inventory was 4.7, overall still coming down from 5.1 in December 2011. The biggest news is that the median price of sold homes was $148,000 for the month of December 2012 -- that's an increase of 23%. However, looking at National numbers, that which falls the furthest has the largest climb back up.
All in all, it's a good time to sell in Tucson...interest rates are bound to rise, and with that, the buyers lose their purchase power as their payment rises. If you're sitting on the fence looking for more information regarding whether or not now is the time to make a move, call me for assistance. I'm happy to look at the numbers and see if they fit with your relocation goals.
Buyers...you've been hearing it all along...interest rates aren't going to stay this low forever. Your buying power is often determined by the months of inventory in each location, and as always...good homes priced well sell. Let's take a look at the Tucson market together and discuss your dreams and options.
Tucson homes for sale - things are changing. Let's work together to assure your goals are met.
Comments(1)