Tucson Housing Market And Real Estate Report For June 2014
Tucson Housing Market Update With Tucson MLS Statistics For June 2014
Tucson Housing Market Report For June 2014
June 2014 saw the average sales price for residential homes increased 3.44% and median sales price increased 1.09%. These month over month gains where made as unit sales reversed course from May and increased by 6.75%.
Active listings fell again. June were down 2.04% from May. As suggested last month continued home inventory declines suggests the outlook for home prices is up. The law of supply and demand appears to be helping Tucson home sellers realize higher sales prices.
May cash buyers accounted for 26% of sales. Conventional loans now stand at 42% of sales. This may suggest that investor buying is slowing in the face of higher prices. Hopefully, the Fed will easy restrictions on lending and bring first time home buyers back into the market.
Review the Tucson Real Estate Trends 2006 to 2012 annual data.
And now, here is “the rest of the story” on the Tucson Real Estate Market for June 2014
Median Sales Price: The June median sale price increased to $168,815, an increase of 1.09% from May. The June 2014 median price was up 5.51% over June 2013.
Under Contract: June Pending Sales dropped 5.75% from May 2014. A continuation of the downward trend. June units under contract declined 16.78% from June 2013.
Total Unit Sales: June Unit Sales increased 6.75%% from May to 1,297 units. Year over year unit sales for June were down 7.29%.
Average Sales Price: June Average Sales Price increased 3.44% over May. This is the 2nd consecutive month with over a 3% gain. On an annualized basis this would be just under 20%. The year over year Average Sale Price for June was up 7.75% from June 2013.
Cash Sales: June cash sales dropped to 26% of all June transactions. Conventional loans gained ground at 42.0% of June sales.
Average List Price: June average listing price increased 3.78% to $219,192. Year to year this is an increase of 8.22% over June 2013.
Average Days on Market: June DOM decreased to 62 days. Down 2 day from May.
New Listings: June 2014 new listings reversed course and increased by 2.33% to 2,020. However, compared to June 2013 New Listings are up 15.56%
Active Listings: June Active Listings stand at 5,284. That is down from 5,394 in May or 2.04%. Year over year, June 2014 is up 33.67% over June 2013.
If you “really” want the home, make a “reasonable” offer. We work with our buyers to present an offer – THEY – feel good about. Some low ball offers are getting the job done. Some aren’t.
You have to ask yourself, “will I feel bad if I don’t get this house?” If the answer is no, then put in an offer you would feel is a steal and see what happens. If the answer is yes, put in an offer you and your realtor think is reasonable.
We will work with you to understand you objectives and analyze the market to determine – as best we can – a price range for the home you want to buy or sell.
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