Get A Snap Shot Of The Arizona Economic Outlook – 2017 Mid Year Review
2017 Mid Year Review Shows Tucson Continuing Its Long Realty Recovery
Based on a report by BMO Financial Group. Arizona’s economy will expand 2.6 percent this year and 2.8 percent in 2018. A 25% higher growth rate than estimates for the U.S. Economy.
The strongest components for this outlook include; exports, falling bankruptcies, and population growth. BMO indicates Arizona’s business conditions at the eighth best in the Nation.
Growth in the housing market and jobs are key factors. BMO puts Arizona has the 14th-strongest economy in the U.S.
Population growth, not surprising anyone, is driving housing. Arizona attracts more newcomers than most states. Arizona’s population will top 7 million this year. In fact, it may have already, based on the trends.
2017 Mid Year Review – Tucson, Arizona
Tucson’s economy will have even faster growth over the next two years.
Forecasts project Tucson’s job growth to rise to 1.4 percent. That more than doubles the 2015 rate of 0.6 percent. And the outlook for 2017 and 2018 is even better. With 2.0 percent job growth each year. Jobs and higher salaries will also be fueling the Tucson Real Estate Market.
Realtor.com predicts Tucson will the ninth strongest market for real estate in 2017. Realtor.com is the official website of the National Association of Realtors. They forecast home prices will grow by 6.1 percent and home sales will grow by 5.5 percent.
Tucson has attracted some big employers over the last 2 years. Most notable is Caterpillar Inc. In 2016, it announced it will be bringing its Mining Division headquarters to Tucson. Over six hundred high-paying jobs will have an economic impact of $600 million.
A national forecast predicts Tucson will be a top 10 market for real estate in 2017. Realtor.com sees Tucson as its ninth strongest market for 2017. Realtor.com is the official website of the National Association of Realtors,
Tucson’s Real Estate Market 2017 Mid Year Review Results
Let’s crunch some numbers!
For the first six months of 2017 –
- Median Sales Price INCREASED 11.7% to $200,000
- Average Sale Price INCREASED 9.8% to $238,245
The Median Sales Price and Average Sales Price stand at 88.9% and 81.2% of their respective 2007 peaks. It has been 10 years, but the market, on average, has almost recovered.
Now, as always, real estate is a “local” market. Some areas have done better and some worst than the averages.
Active Listings have remained BELOW 4,000 homes since July 2016. At the end of June 2017, Active Listings were 3,625. That would suggest that as jobs and population increase, home prices will increase. Will it be higher than the forecast? We can only wait and see.
The low inventory of homes for sale in Tucson has driven the Average Days On Market to historical lows. For June’s 2017 Mid-Year Review, Days On Market were 44 days. Down 13 days from June 2016. And the lowest DOM since June 2006.
Get more on Tucson’s Real Estate Market trends at the Premier Tucson Homes’ Archives.
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires. At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services. We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!
Thinking about selling a home in the Tucson area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”
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Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!
Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
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