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Mark's Blog

By Mark Finchem, Associate Broker | Broker in Tucson, AZ

Oro Valley/Tucson Foreclosure; "We're Healing"

Realty-Track reports on foreclosure activity indicate Oro Valley and Tucson are in much better condition than Phoenix.  As the foreclosure rate has begun to diminish buyers are coming into the market at a steady rate.

Sold Properties "under contract" is a strong statistic pointing to Oro Valley as a strong finisher for 2011.

As of October 2011 active inventory was 381, a 16% decrease from October 2010. There were 36 closings in October 2011, virtually unchanged since October 2010. Months of Inventory was 10.6, down from 12.6 in October 2010. Median price of sold homes was $220,500 for the month of October 2011, down 7% from October 2010. Oro Valley had 59 new properties under contract in October 2011, up 59% from October 2010.

The December Housing Report is due out today, reporting on November performance.  From the raw data is appears we will see another month of increasing year over year sales.  Pricing will likely be flat and demand is now growing, especially in the $100,000 to $225,000 market space.

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