Oro Valley, Arizona June 2013 Real Estate Market Report
The Tucson multiple listing service The Oro Valley, Arizona real estate market report as of June 2013 for active single family homes was 239, a 12 percent decrease from June 2012 shows the market is improving. Total Oro Valley months supply of inventory at the end of June was 3.2, a decrease from 4.1 from what we reported in June 2012.
The National Association of Realtors released the housing market statistics reporting the national average of total housing inventory at the end of June rose 1.9 percent to 2.19 million existing single family homes available for sale, which tells us that on a national scale we have a 5.2 months supply of homes on the market.
Lawrence Yun, president of the National Association of REALTORS commented, “Inventory conditions will continue to broadly favor sellers and contribute to above-normal price growth”.
The number of existing-home sales In Oro Valley increased 12 percent higher than this same time last year. which were completed transactions or 75 closings in June 2013, 12 percent above June 2012.
In Oro Valley, Arizona the median price of sold homes increased 17 percent to a whopping $253,300 for the month of June 2013. Interesting to note that the national median for existing-home price for all housing types was $214,200 in June, which is up 13.5 percent from June 2012.
Oro Valley had 59 new properties under contract in June 2013, down 21% from June 2012.
In Oro Valley the number of distressed, foreclosed, and short sale homes were approximately 12-15 percent of June sales, down from 35 percent during the housing market downturn during the years 2008-2012. This is good news for sellers that were once underwater with their mortgage. These sellers are now in the market. With rising housing market values many homeowners now have some equity. It’s a great time to sell! Interest rates remain low.
Real estate is a localized market, even in Tucson many of the geographic areas vary in price range, days on market, and zip codes. If you would like an in-depth real estate market analysis for your area please contact us at 520.544.5555, ask for Kathy Vallee.