Tucson Median Home Prices Up Over 23 ... - Tucson Real Estate

October 8th, 2012 by Michael Oliver

Tucson housing stats just came out recently and for the first time in a very long time prices are up (a lot) across the board. Median home prices jumped up 23.36% from September 2011 to September 2012. Average price also jumped a lot up 20.80% over the same time. Active listings were down 25.41% during the same time frame with only 3,845 active listings available on the open market which is a low point not seen since the last real estate boom of 2005-2006 ended. Those were up from August which only had 3,564 homes available during that month.

As I have been mentioning since January the market here in Tucson has changed drastically and we are now in a seller?s market which has been the case since this summer and will continue to be the case until active listings go over at least 5500 homes for sale. As long as interest rates stay as low as they are now (low 3% range) and homes on the market stay under 4500 homes available Tucson prices are headed up for the next 12 months at least. My guess if these things stay constant prices have another 20% to go up from here before it will start to kill off buyer demand. Going into 2013 looks to be very strong for Tucson home sellers as well as buyers able to take advantage of super low interest rates allowing them to buy more home then they otherwise would be able to do.

Another dynamic which has changed things a lot is foreclosures are not playing no where near as much of a roll as they had been from 2007 through 2011. Foreclosures are slowing down and fewer are hitting the market the ones that are generally coming up for sale need a lot of work.

If you have questions about the real estate market here feel free to call or email me.

-michael

Source: http://www.sellingtucsonrealestate.com/blog/tucson-median-home-prices-up-over-23-from-2011/

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