Home Buying in 85742>Question Details

scadwell86, Home Owner in Tucson, AZ

Have homes been selling and how long on market?

Asked by scadwell86, Tucson, AZ Sun Feb 17, 2013

I bought i 06 house has been underwater. no holmes for sale in area

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Michael Shiner, MBA’s answer
Scadwell86,

Yes, homes are selling and inventory levels are quite low throughout the Tucson Metro Area. If there are not homes for sale in your area, which I would be happy to verify for you directly, this might be a good time to market your property. The next step is to speak with a listing agent, myself and possible a couple others, to form a strategy based upon your interests.

Give me a call at your convenience.

520-247-6436

Michael
0 votes Thank Flag Link Mon Feb 18, 2013
In Oro Valley: As of January 2013 active inventory was 305, a 17% decrease from January 2012. There were 44 closings in January 2013, 19% above January 2012. Months of Inventory was 6.9, down from 9.9 in January 2012. Median price of sold homes was $264,984 for the month of January 2013, up 10% since January 2012. Oro Valley had 71 new properties under contract in January 2013, up 11% from January 2012.

In NW Tucson: As of January 2013 active inventory was 1,236, a 9% decrease from January 2012. There were 223 closings in January 2013, up 3% January 2012. Months of Inventory was 5.5, down from 6.3 from January 2012. Median price of sold homes was $191,000 for the month of January 2013, up 18% from January 2012. The Northwest area had 404 new properties under contract in January 2013, virtually unchanged from January 2012.

In Continental Ranch: As of January 2013 active inventory was 48, a 14% decrease from January 2012. There were 21 closings in January 2013, 50% above January 2012. Months of Inventory was 2.3 down from 4.0 in January 2012. Median price of sold homes was $177,500 for the month of January 2013, up 32% from January 2012. The Continental Ranch area had 30 new properties under contract in January 2013, down 3% from January 2012.

Months of Inventory reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This measurement is a broad one and will vary (in some cases dramatically) by price range, location of neighborhood, and type of property.Months of Inventory is a good indicator of market health, taking into account both current inventory and sales rates. As a rule of thumb, a market is considered “balanced” when Months of Inventory is around 6.
(Taken from Long Realty Housing Report)

If you'd like a personalized report, please contact me and I'd be happy to help.
1 vote Thank Flag Link Sun Feb 17, 2013
Hi Scadwell86, as a lender I can tell you I am seeing more purchase business. Sometimes I am seeing purchase prices above the listing price because people are trying to win the bidding war on a house. As Spirit says, a well priced house sells pretty quickly. On the other hand, as Cara alludes to homes that are upscale, and way above the average selling price in the area, can have a very long time on the market.

While interest rates are still attractive, they have moved up in the last month. If you are in the market, now is a good time to take advantage of the low rates. Additionally, Pima county has a good program to help with down payments, even if this is not your first house. If you are planning on using an FHA, VA, or USDA loan, there may be down payment assistance. Take a look at my blog, http://www.trulia.com/blog/minette/2012/12/pima_county_down_… and http://familyhousingresources.com/pimaassistance.html for more information on the down payment assistance program.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
http://www.goodmortgageintucson.com
Minette Goldsmith-Fairway Independent Mortgage Corp. 5401 N. Oracle Road Tucson AZ 85704
520 975-3909
L.O. NMLS# 261487 AZ L.O. License #0912618, FIMC # 2289, AZ BK #0904162 Equal Housing Lender
0 votes Thank Flag Link Mon Feb 18, 2013
Hello Scadwell,

Cara has some fantastic numbers below for you to review. I would like to add, it depends. There is the average days on market, but I will share a property "priced well" will sell quickly. My last listing I had in Oro Valley was on the market 4 days and we had an accepted offer. As a buyers agent, I am seeing properties that are "priced well" receiving multple offers, many times buyers I work with with lose 1-2 before figuring this out. Each person needs to see this for themselves, lose 1-2 properties and it becomes apparant.

The Tucson inventory is down, back where it was in 2005 but the demand is high for many reasons but the low interest rates seems to be helping the most.

Hope this helps. If you are thinking about buying or selling, first thing to do is start a relationship with a local Realtor, maybe one who took the time to answer your questions. Next, are you pre-approved with a local lender? If not, that should be any buyers next step in today's market (unsure based on your 2 questions if you are looking to buy or sell).

Please click on my profile to learn more about me, hope to hear from you.

Spirit



Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
SpiritRealty@cox.net
http://www.TierraAntigua.com
0 votes Thank Flag Link Sun Feb 17, 2013
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