Tucson Housing Market And Real Estate Report For July 2014
Tucson Housing Market Update With Tucson MLS Statistics For July 2014
Tucson Housing Market Report For July 2014
July 2014 saw the average sales price for residential homes fall 3.00% while the median sales price increase marginally by .0.70%. Month over month unit sales declined by 9.33 % from June.
Active listings fell once again. New listings declined 11.58% from June and Total Active Listings fell 2.55%. As suggested last month, declining home inventories usually suggests increasing prices. However, that was not the case in July. Average List Price fell by 3.09%. Declining prices in the face of reduced home inventory suggests demand (aka buyers) are waiting. Waiting for “what” is the question to be answered.
July cash buyers remained constant at 26% of sales. Conventional loans now stand at 4o% 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 and self employed individuals 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 July 2014
Median Sales Price: The July median sale price increased to $170,000, an increase of just 0.70% over June. The July 2014 median price was up 6.32% over June 2013.
Under Contract: July Pending Sales dropped 6.11% from June 2014. A continuation of the downward trend. Comparing year of year data shows July 2014 units under contract declined 17.79% from July 2013.
Total Unit Sales: July Unit Sales fell by 9.33% from June to 1,176 units. Year over year unit sales for July were down 6.89%.
Average Sales Price: July Average Sales Price declined by 3.00% from June. This breaks the trend of monthly gains. The year over year Average Sale Price for July was up 3.96% from July 2013.
Cash Sales: July cash sales remained at 26% of all July transactions. Conventional loans were at 40.0% of July sales.
Average List Price: July Average List Price fell by 3.09% to $212,418. Year to year the Average List Price increase of 4.22% over July 2013.
Average Days on Market: July DOM declined to 60 days. Down 2 day from June.
New Listings: July 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: July Total Active Listings stand at 5,149 which is down from 5,284 in June. A 2.55%. Year over year, July 2014 is up 30.92% over July 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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