Oro Valley Real Estate Statistics April 2007


There has been a lot of attention being paid to the Tucson Real Estate Market in the newspapers this first half of May. Most of what we read would have us all believe it was time to get out the row boats and start bailing with the market being flooded by speculators dumping homes they can’t sell or rent and sub-prime borrowers defaulting on their loans. I’ve addressed both of these issues in detail on our Tucson Real Estate in the New site. Here are the links:

Now on to the numbers for April 07

Description

Mar 07

Apr 07

Number of Sold Units

303

316

YTD Sold Listings

786

1102

Average Days on Market

69

73

Active Listings

2682

2668

New Listings

690

783

There were the lucky 13 more homes sold in April than in March. Bringing the total of homes sold in the NW to 1102 YTD. Granted not all of the NW listings are in Oro Valley, but this is as close as we can get with the Tucson MLS Statistics as they are provided.

The average days on market increased by 4 and the active listing decreased by 14. The new listings in the NW were up by 93, but this needs to be considered with the number of active listings. Why don’t these numbers add up. For one thing it doesn’t take into consideration the number of homes that were listed and withdrawn.

One of the things that continues to contribute to the high number of active listings in the Tucson Real Estate Market are the homes placed on the market to “Test the Sand”. I know it is supposed to be “Test the waters” but this is a desert.

Some sellers, just want to see what they could get for their home. It doesn’t cost them anything to place a sign in the front yard and find out if anyone is interested. These listings just muddy the water, OK I’ll stick with the metaphor, they muddy the sand.

Indicators of Testing the Sand

  1. The list price of the home is no where close to market selling price.
  2. The sellers are unwilling to show the home except at their convenience.
  3. It is never convenient.

I think some sellers are picking the number for the list price right out of the air.

Or “Well, my neighbor sold his home last year for $XXX and my home is worth more than his.”

Totally unrealistic pricing is a sure sign of testing the sand.

Real Estate agents are encountering a high number of people that when asked if they (the agent with a buyer) could show their home (the home of the seller) are being told,

“No, not today. Maybe, tomorrow.”
“But my clients are only in town for today.”
“Well, they can’t see it today.”

Oro Valley home sellers that really want to sell their homes put up with the inconvenience of keeping their home clean, tidy, and ready to show.

The NW might have the highest number of homes on the market of all areas in Tucson but it also has the highest number of sales of any area in Tucson. The next closest area to the NW in April was Central with 205 sales, compared to the NW with 316. The other bit of good news, if you are waiting for some, is the average sale price in the NW was $318,909.

All in all, April was pretty much a repeat of March, no stellar news, but no reason to man the life-rafts either.

The Tucson and Oro Valley real estate markets continue to be ahead of many in the nation.  Sales are maintaining a 2004 level.  It take a little longer to sell a home and more attention to detail needs to be made to differentiate from the other homes on the market, but the homes that are priced for the market, clean, and available to be shown are selling.

Comments

  1. I guess it is the same all over.

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