Tucson Housing And Real Estate Market Report For January 2014
Tucson Housing Market Update With Tucson MLS Statistics
Tucson Housing Market Report For January 2014.
January 2014 has started out with a big bust compared to December 2013. Many key indicators were down. On the good news side of the page, January 2014 Average Sales Price and Median Sales Price were UP compared to January 2013.
One of the big unknowns for 2014 performance will be “what effect will the Dodd-Frank leglisation have on lenders”. This new law lowers the debt to income ratios on conventional loans. From 45% to 43.5%. Not a lot, but for first time home buyers it will make buying a home more difficult.
January cash buyers accounted for 38% of sales. That is a big move upward from the 2013 averages of around 33%.
Review the Tucson Real Estate Trends 2006 to 2012 annual data.
January 2014 Active Listings ( inventory of homes for sale ) increased to 5,477 units. That is a 6.35% increase from December 2013. Year over year January 2014 Active Listings increased 22.83% from the same month in 2012.
Here is “the rest of the story” for the beginning of 2014 -
Median Sales Price: The January median sale price was $157,250, a decrease of 0.41% from December. The January 2014 median price was up 8.45% over January 2013.
Under Contract: January Pending Sales were up almost 20 percent at 19.79%. January units under contract posted a 22.83% gain over January 2013.
Total Unit Sales: January Unit Sales plunged 17.73% to 854 units. Year over year unit sales were off 3.39%.
Average Sales Price: January’s a\Average Sales Price was $197,262. This is an decrease of 2.51% from December levels. The year over year Average Sale Price for January was up 8.16%. The year over year upward trend continues!
Cash Sales: December cash sales were at 38% of January transactions. Up from 32% in December 2013. Conventional loans were at 34% of January sales.
Average List Price: January saw average listing prices decrease by 2.76% from December to $203,061. The year to year increase was 7.43% over January 2013. While 2013 showed strong year over year gains, 2014 is starting slowly.
Average Days on Market: January DOM increased to 59 days. The is up from 54 days and may be signalling a new trend upward.
New Listings: January 2014 new listings jumped up by 65.15% from December to 2,289. Compared to January 2013 this is up 20.924%
Active Listings: January Active Listings stand at 5,477 an increase of 6.35% over December. Year over year, January 2014 is up 22.83% over January 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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