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Arizona Housing Market – How Healthy Is It?

Now that we have ended the first quarter in 2013, you may be curious about the health of the housing market in Arizona. We've performed a "physical" and real estate gets a "thumbs up". We are continuing to experience a strong, robust housing recovery. Distressed sales are down. The only real symptom is the market is experiencing is a lack of inventory, which is creating a challenge for buyers and putting upwards pressure on prices (less supply, more demand). Here are key market indicators.

Active Listing Inventory

Tucson continues to see a reduction in available inventory. Phoenix experienced a significant reduction in 2012, and available inventory continues to contract. Green Valley and Sierra Vista remain stable.

  March '13 March '12 % Change
Tucson 4,276 5,486 -22.1%
Green Valley 833 811 +2.7%
Sierra Vista 979 980 unchanged
Phoenix 20,736 22,010 -5.8%

Residential Closed Sales

Buyer demand is still high; however a lack of available inventory in some markets may impact the ability for buyers to successfully purchase a home.

  Q1 2013 Q1 2012 % Change
Tucson 3,272 3,470 -5.7%
Green Valley 309 267 +15.7%
Sierra Vista 233 251 -7.2%
Phoenix 20,622 22,514 -8.4%

Residential Properties New Under Contract

Lack of inventory is precluding some buyers from being able to make offers and get accepted contracts.

  Q1 2013 Q1 2012 % Change
Tucson 5,083 5,324 -4.5%
Phoenix 21,356 22,978 -7.1%

Months Supply of Inventory

Months of Inventory is an important statistic that speaks to the overall health of the market. A market with a balance of supply and demand has a 5-6 months supply of inventory. A number lower than 4 indicates a sellers market, and number higher than 7 indicates more of a buyers market. These numbers can vary greatly by neighborhood and price point, so make sure you check with your local Long Realty sales associate.

  Q1 2013 Q1 2012 % Change
Tucson 3.3 4.1 -19.5%
Green Valley 6.0 7.0 -14.3%
Sierra Vista 11.7 12.0 -2.5%
Phoenix 2.5 2.5 unchanged

% Distressed Sales (Residential)

Distressed sales include Bank Owned/REO and Short Sale transactions. The percentage of sales that are distressed has been steadily decreasing, a sign of a healthy housing recovery.

  Q1 2013 Q1 2012
Tucson 37.3% 48.3%
Phoenix 24.4% 48.5%

Sales Price

Increases in buyer demand and a shortage of listing inventory in many Arizona markets has put upward pressure on pricing.

Median Sales Price

  March '13 March '12 % Change
Tucson $152,000 $132,000 +15.2%
Green Valley $148,000 $129,450 +14.3%
Sierra Vista $139,950 $120,000 +16.6%
Phoenix $167,500 $130,000 +28.8%

Average Sales Price

  March '13 March '12 % Change
Tucson $192,446 $166,231 +15.8%
Green Valley $157,162 $141,484 +11.1%
Sierra Vista $146,143 $130,025 +12.4%
Phoenix $221,165 $181,284 ++22.0%

To find out the health of the housing market in your neighborhood, makes sure you contact your favorite Long Realty sales associate. Your Long Realty sales associate is armed with the latest market data and knowledge to help you make educated real estate decisions.

These statistics are based on information obtained from TARMLS and ARMLS using Brokermetrics software, and SEAMLS and GVSAHMLS on 4/3/2013. Information is believed to be reliable, but not guaranteed.

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