Oro Valley, AZ I By: Mark Finchem, Associate Broker, The Fine Homes Team at Long Realty.
Every indication is that the NW Tucson housing market is healthy when viewed through the lens of inventory. When we see low inventory the law of supply and demand and its “invisible hand” drives prices up. And, of course when we see inventory out-pace demand we see prices fall proportionately.
As of today, we are low on inventory and it’s a perfect time for homeowners to put their home on the market. A healthy level of inventory for nearly all markets is 6 months, meaning that if the current inventory sold at the pace that it is currently selling at, we would be out of homes to sell in 6 months. Inventory is a dynamic number and is affected by new home building, which is not often included in the inventory calculation.
In the North West area of Tucson, May 2016 active inventory was 1,242 homes, which represents a 16% decrease from homes offered for sale during May 2015. There were 411 closings in May 2016, which is a 7% increase from May 2015. Year-to-date 2016 there have been 1,758 closings, which is virtually unchanged from year-to-date 2015.
Months of Inventory was 3.0, down from 3.9 in May 2015. The median price of sold homes was $225,000 for the month of May 2016, up 7% from May 2015. The Tucson Northwest area had 498 new properties under contract in May 2016, up 19% from May 2015.
We have some great builders currently building in Oro Valley and Marana. For more information on new and resale homes visit www.MarkFinchem.REALTOR , once there you have many options to obtain the information you need. Or you can email us at Mark@MarkFinchem.REALTOR for specific information on homes, communities, schools and much more.
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