2014 Annual Tucson Housing Market Report
The Tucson Housing Market in 2014 turned out to be a decent year.
2015 is expected to be a similar year to 2014 or slightly better. As buyers, who either lost their home to foreclosure or sold their home via short sale, come back into the home buying market it is anticipated that the active number of listings will go down. Consequently when there is more demand for Tucson homes than supply goes down and values will continue to go up. Furthermore, the cost of home ownership is currently 35% less expensive than renting which motivates renters to become homeowners. Plus interest rates are expected to start going up but are still low. These are all positive circumstances for the Tucson residential real estate market.
The Tucson housing market has stabilized from the lows of the of 2007 to 2011 and home values are up 19.22% since 2011 .
AVERAGE SALES PRICE OF A HOME IN TUCSON, AZ – 2014
The average sales price of homes in Tucson increased by 6% from 2013. In 2013 the average sales price of a Tucson home was $191,978 and in 2014 the average sales price of a home in Tucson was $203,556 which is an annual increase of $11,587 year-over-year.
MEDIAN SALES PRICE OF A HOME IN TUCSON, AZ – 2014
The median sales price of homes in Tucson increased by 6% from 2013. In 2013 the median sales price of a Tucson home was $154,354 and in 2014 the number jump to $164,221 which is an annual increase of $9,867 year-over-year.
AVERAGE NUMBER OF ACTIVE LISTINGS IN TUCSON, AZ – 2014
One of the big numbers to always be concerned about are the number of active listings.
In April of 2007, when the housing bubble was bursting there were 10,387 active listings in Pima County which is not good news for Tucson home sellers. Home inventory levels have been cut in half since the highs of 2007.
In 2014, we did see inventory levels begin to move up slightly which is something to keep your eye on.
One of the main reasons home inventory levels increased in 2014 is that as prices have gone up the institutional investors are no longer buying at the rate they were buying because their rates of return are no long as attractive. Consequently there is not as much demand or buyers in the market place.
In 2014 their were an average of 5,494 homes listed for sale. Compared to 2013, this is up by 19% or 1,042 homes per month on the market.
AVERAGE DAYS ON MARKET A HOME WAS LISTED FOR SALE IN TUCSON, AZ – 2014
That average number of days it took a home to sell in 2014 was 62 days. Which is up by 9 days from 2013.
As inventory levels go up, which they did in 2014, it takes homes longer to sell. Buyers have more to chose from!
AVERAGE NUMBER OF HOMES SOLD IN TUCSON, AZ – 2014
The market was moving in 2014 and homes were selling.
On average there were 1,099 homes sold per month in Tucson. This number was down slightly from 2013 by 63 homes per month.
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As a home buyer or seller it is nice to know what the Tucson housing market is doing to you can make educated decisions based on the direction the market is going.
If you have any questions about buying a home or selling your home please give us a call. We would love to help!
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