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Tucson Is A Hot Real Estate Market For Sellers

Tucson Is A Hot Real Estate Market For Home Sellers

The Tucson Association of Realtors tracks the Tucson Real Estate market very closely. The most recent reports shows the August 2013 existing home sales statistics reflect an improved real estate market for Tucson. The dramatic increase in August 2012 showed a 19 percent increase in the number of active homes on the market. The buyers are taking advantage of the low interest rates and Tucson’s low housing prices. In August, there were 1,233 closings which is 4% above August 2012. With the months of inventory down to 3.5, this is another indicator that the Tucson housing market is rebounding. Tucson home sellers take note; the median price for homes that have sold in August 2012 went up 10 percent from August 2012. The median price for a home in Tucson is $159,900.  The National Association of Realtors report the National August Median sales price was $212,100. That makes Tucson a very affordable place to buy a home. 

Limited Inventory In Tucson Neighborhoods

With existing homes sales in Tucson for August 2013 rose over August 2013 and rising mortgage interest rates that has given buyers a reason to buy a home now. Some neighborhoods in Tucson have limited inventory which is causing a multi-bid situation. Any residential property priced under $200,000 are selling above asking price, with an average of 48 days on the market. .  This is a good time to sell a home in Tucson. Now. Many sellers have a positive equity position in their home mortgage.

In August 2013, the Tucson foothills corridor residential area resulted an increase in the Average Sales price for North Tucson at $329,924, Northeast Tucson was $282,858, and Northwest Tucson reported $243,633.

Tucson Real Estate Market Report August 2013
Tucson Real Estate Market Report August 2013

If you are thinking about selling your home the next step is to meet with Don or Kathy Vallee to find out what your home is worth. The Tucson Multiple Listing Service Statistics for August 2013 report show increases across many residential types.

 

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