Stable, Slow, and Steady
In most, any real estate market across the country you will find that housing markets in certain neighborhoods and areas of town are made up of “micro markets.” Evaluating awhere to buy a home in any area involves considering factors such as price, location, and sales. We are more than happy to pull a market report for any neighborhood you are considering. Some perform better than others.
- The total Sales volume of $300,150,958 is down from August’s number of $321,376,738, resulting in a 6.60% decrease, but a 9.01% increase over September 2016. T he Average Sales Price of $247,649 went from $238,764 increase of 3.72% from July 2017.
- The average days on market decreased to 42 this month from 45 last month.
- More than 26 percent of sales were paid in cash.
MARKET ABSORPTION RELATIVE TO MEDIAN PRICING
In Tucson, we continue to feel the effects of low inventory coupled with dated inventory. The properties that are priced at or below the median are absorbed at a significantly higher pace, something to keep in mind if you are buying or selling your property.
North Tucson
In the Tucson Luxury market, September 2017 active inventory was 281, a 7% increase from September 2016. There were 12 closings in September 2017, a 140% increase from September 2016. Year-to-date 2017 there were 134 closings, a 2% increase from year-to-date 2016. Months of Inventory was 23.4, down from 52.6 in September 2016. Median price of sold homes was $992,500 for the month of September 2017, up 5% from September 2016. The Tucson Luxury area had 24 new properties under contract in September 2017, up 71% from September 2016.
Oro Valley
In the Oro Valley area, September 2017 active inventory was 248, a 7% decrease from September 2016. There were 64 closings in September 2017, a 3% decrease from September 2016. Year-to-date 2017 there were 713 closings, a 1% increase from year-to-date 2016. Months of Inventory was 3.9, down from 4.0 in September 2016. Median price of sold homes was $339,950 for the month of September 2017, up 19% from September 2016. The Oro Valley area had 73 new properties under contract in September 2017, down 14% from September 2016.
Continental Ranch
In the Continental Ranch area, September 2017 active inventory was 42, a 31% increase from September 2016. There were 28 closings in September 2017, a 27% increase from September 2016. Year-to-date 2017 there were 206 closings, a 6% decrease from year-to-date 2016. Months of Inventory was 1.5, virtually unchanged from September 2016. Median price of sold homes was $210,000 for the month of September 2017, up 17% from September 2016. The Continental Ranch area had 21 new properties under contract in September 2017, virtually unchanged from September 2016.
Dove Mountain
In the Dove Mountain area, September 2017 active inventory was 112, a 14% decrease from September 2016. There were 29 closings in September 2017, a 38% increase from September 2016. Year-to-date 2017 there were 234 closings, a 15% increase from year-to-date 2016. Months of Inventory was 3.9, down from 6.2 in September 2016. Median price of sold homes was $385,000 for the month of September 2017, up 26% from September 2016. The Dove Mountain area had 28 new properties under contract in September 2017, up 40% from September 2016.
Rancho Vistoso
In the Rancho Vistoso area, September 2017 active inventory was 119, an 11% decrease from September 2016. There were 20 closings in September 2017, a 9% decrease from September 2016. Year-to-date 2017 there were 282 closings, an 11% increase from year-to-date 2016. Months of Inventory was 6.0, virtually unchanged from September 2016. Median price of sold homes was $298,000 for the month of September 2017, up 14% from September 2016. The Rancho Vistoso area had 30 new properties under contract in September 2017, down 14% from September 2016.
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