Tucson Realty Review 2015 – End Of Year Wrap Up
Tucson Housing 2015 Results and Trends – Tucson Realty Review 2015 Look Back
The Tucson Realty Review 2015 shows the Tucson housing market continued to improve throughout 2015. Albeit, slowly and with ups and downs.
From the low point in September 2011, the average home selling price has increased 39% at the end of 2015.
Although job creation is still far behind what is needed to further accelerate the real estate recovery, the Tucson housing market continues to improve. More homes were sold in 2015 than have since 2006.
Tucson Realty Review 2015 – Sales
At the peak of the Tucson real estate market, there were just over 15,700 homes sold. For 2015, 14,560 homes were sold.
Another indicator signaling improvement is the number of days to sell a home (DOM). For 2006, average DOM stood at 49 days. DOM then increased to a high of 88 days in 2011. Average DOM for 2015 stood at 63 days.
The last 3 years have seen DOM increase from the 2006 low, with the average for the last 3 years standing at 60 days.
Tucson Realty Review 2015 – Interest Rates
Interest rates in 2015 were around 4.00%. Some months under and some slightly under. The average for 2015 being 3.85%.
The Fed did increase rates by .25% in December 2015. However, there was little if any effect on mortgage rates.
With Tucson home prices continuing to climb since the lows of 2011, even slowly, say 3% or 5% per year, there is rational to believe home values will again become a “investment” opportunity. Especially when compared to money market rates that remain under 1% per year.
Tucson Realty Review 2015 – Baby Boomers
Tucson continued to see “baby boomers” and “snowbirds” buying homes. New 55+ community builders – Del Webb and Robson – saw strong sales during 2015.
Del Webb at Dove Mountain is the newest Del Webb community in Tucson. Dove Mountain is a large master planned community seeing new home builders creating new communities.
Robson home builders have 3 communities under construction. The Preserve at SaddleBrooke, SaddleBrooke Ranch and Quail Creek in Green Valley, AZ.
That fact should sustain the Tucson real estate market. There are a lot of future retirees that will be looking to Arizona and specifically Tucson.
Tucson Realty Review 2015 – Cost of Living
Another key factor having a positive effect on Tucson real estate is the cost of living in Tucson. A recent study by the major cities in Arizona, shows Tucson has the second lowest cost of living in Arizona. When looking at housing, Tucson has the lowest cost of living of the cities participating in the study.
Tucson Cost of Living index stands at 96.5% of the national average. And Arizona is a “tax favorable” state for retirees.
2015 was another strong year for the Tucson housing market. The momentum that began in 2012 continues. New home builders are creating new communities with floor plans to meet most buyer expectations.
The home resale market for 2015 was the highest since 2006. On balance, the 2015 Tucson real estate market showed solid gains and continued the housing recovery.
Past issues of the Tucson Realty Review can be found in our archives.
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