Tucson 2015 Mid-Year State Of The Real Estate Market Report
How is the real estate market in Tucson these days?
This is the question that Long Realty has set out to answer each month, mid-year, and year-end with comprehensive housing market research pulled from the Tucson Multiple Listing Services, MLS. The data obtained for the Tucson 2015 Mid-Year State of the Market Report dated July 7, 2015 from TARMLS, GVSAMLS, and SAMLS for all closed residential sales units between January 1, 2015 to June 30,2015 and deemed to be correct.
THE YEAR IN REVIEW: 2015 TUCSON HOUSING MARKET IN REVIEW
We prediction the Tucson’s real estate market will be slow and steady. However, we are seeing a 5.4% decrease in number of active listings from this same time as last year. Tucson had a relatively flat pricing environment. There is a prediction that Tucson will see a slight price increase this year. According to Lawrence Yun, PhD. Chief Economist for the National Association of REALTORS “The most important variable for home price growth will be new home construction, provided mortgage rates do not rise too fast too quickly. With mortgage rates anticipated to rise to 5.5% by the year-end 2016”.
MEDIAN SALES PRICE TREND – RESIDENTIAL
The median sales price increased slightly, up 2.1% when compared to June 2014.
Why is this a great time to sell your home?
Tucson has seen a 5.5% increase in sales over 2014. When you add in a reduction of available inventory and with 4 to 6 months of inventory this is a good indicator of a healthy market. As a seller it is important to take into consideration that months inventory may vary by price point or specific area, so call us to discuss your community housing stats. Think about selling your home when competition is low and buyers are out looking. You may find your home selling quickly and for more money.
How will 2016 Impact Tucson Buyers and Sellers?
The Tucson market for owners looks good for selling a home. The housing market still lags and sellers should be ready to price their home aggressively. It is important to understand the ins and outs of your local market and the community you live in. Don Vallee with Long Realty advises his sellers to “Price Your Home Right, a home that sits on the market for any length of time will turn away “Real Buyers”. We feature a marketing plan to optimize unique selling features of the home and the surrounding neighborhood which helps sell the home for a higher price in less time.
For Tucson buyers there are more opportunities to buy new construction with builders focusing on starter and mid-range homes. Now is the time to buy before interest rates start to increase. You can buy a better home now with more buying power. The earlier the better. The record low interest rates are coming to a close.
Let’s Get A Conversation Going…
CALL Don at 520.544.5555