Market Statistics: A November Comparison of Tucson Homes for Sale
Today we’re looking at November Market Statistics as compared to +those of one year ago in some of the great Tucson Market locations. According to Steve Harney’s latest Keeping Current Matters report and the FHFA State Home prices, Arizona has had the highest appreciation in home values at over 20% in the past year, of the entire United States. Other states experiencing appreciation over 9% include Idaho, North Dakota, Nevada and Utah over 8%, Florida at 7.9%, and California at 7.2%. Some states have even dropped in value, and those include Maine, New York, and Illinois.
As of November 2012 here in the greater Tucson area, inventory of homes for sale is experiencing a 14% decrease from November 2011. Closings are up 1%. Selling time is down, the average home taking approximately 4.5 months. With a balanced market, inventory is at 5-6 months. The lower the months of inventory number goes, the more a “sellers” market we become. The median price is currently up over 18% from last year, $144,900 for the month of November 2012.
Looking at Continental Ranch, the median home price is $158,000 for the month of November 2012, up, even, from the Tucson average. Closings are down significantly, as ACTIVE homes for sale inventory is down 26%. Months of inventory in Continental Ranch is at 4.8%.
Oro Valley shows a decrease of 12% since November 2011 in inventory. Median price of homes for sale in Oro Valley is $254,000, up 8%. There were 54 closings in Oro Valley last month, also up 8%. Months of inventory is a 5.8% showing a pretty balanced “Sellers” or “buyers” market in the area.
Dove Mountain homes are showing a median price of $254,000 for those homes sold in November 2011. Inventory is UP, 7% more homes for sale in the Dove Mountain area of Marana. Closings are up, 69% more sales this year over 2011 in the month of November. Months of inventory has been dropping, currently at 5.5%, down significantly from 8.6%.
If you’d like more information on your little corner of Tucson, or need a current market valuation done on your own home, please contact me for a personal consultation. I’m happy to assist with your Tucson home for sale.