Get A Snap Shot Of The Arizona Economic Outlook – 2018 Mid Year Review
2018 Mid Year Review Shows Tucson Continuing Its Long Realty Recovery
That is what the University Of Arizona Eller School of Business report on June 7, 2018.
Arizona added jobs, population, and income at solid rates last year. Jobs rose 2.4% in 2017. Slower than gains in 2016, but above the national rate.
2018 Mid Year Review – Tucson, Arizona
The Tucson MSA added jobs at a solid 1.5% clip last year, close to the national average and the fastest pace since 2012.
Continued steady job gains, and a declining state unemployment rate mean wage gains. That will drive personal income growth. And the forecast improvement from 4.3% last year, to 5.2% this year, and then to 6.3% in 2019 and 6.1% in 2020.
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.
Tucson’s Real Estate Market 2018 Mid Year Review Results
Let’s crunch some numbers!
For the first six months of 2018 –
- Median Sales Price INCREASED 3.4% to $212,000
- Average Sale Price INCREASED 4.4% to $259,137
- Active Listings DECREASED 13.9% to 2,974
- Days On Market DECREASED 15.2% to 39 days.
The Median Sales Price and Average Sales Price stand at 94.2% and 88.4% 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 May 2016. At the end of June 2018, Active Listings were 2,974.
That is the lowest number of Active Listings in last 10 years. 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 2018 Mid-Year Review, Days On Market was 39 days.
Down 7 days from December 2017. Only one time did Days On Market drop below 40 days. July 2017 at 38 days.
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 with the low inventory at our 2018 mid year review can be challenging. 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!”
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.
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?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!