April 2014 Tucson Residential Housing Report
Last month’s sales and housing inventory continued a trend that buyers and sellers need to notice. Housing inventory of single family homes continue to hover above 5,000 units and 1 of every 4 sales is cash. This means real estate investors are gobbling up homes and values will hold steady.
Homes for sale have plenty of competition too. Therefore pricing ahead of the market is a sellers smartest move. While buyers housing choices are many they should act quickly to win their favorite house or risk losing it to their many competitors or savvy real estate investors. It’s a healthy market either way and two and years removed from the proverbial “bottom” and 10% up in value across the city. With that said here are the numbers that tell the rest of the story:
May 2014 Forecast-2127 homes, condo’s, and townhouses went under agreement in April which means May should be a solid month. Another positive sign is through the first quarter of 2014 foreclosure filings are down an encouraging 40%. Known as Trustee Sales there were 1,002 foreclosure filings compared to 1,677 for the same 2013 period. Less foreclosures equate to less houses for sale which historically causes your home’s value to rise.
April Sales Activity:
1301 Homes sold last month compared to 1323 in April 2013.
Average list price for homes that sold was $207,255 last month compared to $198,005 a year ago.
Average sales price was $200,479 last month and $191,881 a year ago. An increase of 4.5%
Last month homes sold for 96.9% of asking price compared to 96.8% in April 2013.
Average Days on market before contract acceptance was 65 days compared to 57 a year ago April.
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________________________________________________________________________________________________________________________________________ Thinking of buying or selling a home in Tucson, Arizona? I welcome the opportunity to serve you. I’m Kevin Wood of Keller Williams Realty, and I’m the author of this post. You can reach me through email at Kevin@LiveHereTucson.com or 520.260.3123. I have helped people move in, out, and around Tucson for 9 years. Thank you for visiting.