Some people think that the luxury market will always be up! We in the business know that’s simply not true. When the market is down, everything is down.
Now, the reverse is true with very encouraging figures. For those who like to see numbers in black and white, here are some heartening statistics for the Tucson Luxury market:
In July of this year — just last month — luxury sales were up 9% from July 2014; in the current YTD, there have been 94 closings; a 7% increase from YTD 2014 — compared to July 2014, with luxury inventory down by 6%. From January, 2015, however, that figure reached 19%. The inventory months currently stands at 20.5; in June MOI hitting 13.3, a 2-year low.
The 7% YTD stat is significant because in past market recoveries in Tucson, the luxury segment lagged behind and couldn’t boast any meaningful traction, among a few false starts, as well. This time there seems to be traction, only slightly off the YTD pace for all residential property sales (8.8% increase). Hopefully you are feeling the increase in luxury sales.
In 2015, a 7% YTD stat is important for Tucson Luxury Markets, as it has lagged behind in the recent past; lacking significant traction among a few false starts.
Luxury sales now seem to have more traction, not far off from the sale of all residential property sales with an overall increase of 8.8%.
There is an important story here. The combination of increased sales in 2015 and lower inventory levels have seemed to balance things out, even though there’s luxury inventory to consider. Still, great properties at the right price will always have a better shot for sale.
We have generated the Luxury Housing Report and the mid-year Market Report with a special section on the Tucson Luxury Market, available from Don Vallee with Long Realty.
Long Realty leads the Tucson Luxury Home Market share by 55%.