Marana, Arizona Real Estate Update
Summer of 2016 proved to be an active season for the Dove Mountain area. Active inventory, closings, Months of Inventory, and new properties under contract all saw increases from June of 2015 to June of 2016. Median sale price was down just slightly within the applicable twelve-month timeframe.
Here’s a brief breakdown of some of the most notable activity in the Dove Mountain / Marana, Arizona real estate market in the 2016 summer season:
Under Contract and Closings
Across the last two years, the summer of 2016 has seen the strongest contracts and sales overall. Besides a spike in closings between April and June of 2015, the number of closed contracts in the area had been sluggish until late spring of this year. Beginning in March of 2016, the number of closings has maintained or exceeded a rate of about 25 to 30 per month.
In February of 2016, properties under contract reached a record high across this timeframe, achieving 35 contracts in that single month. March, May, and June maintained a fairly steady contract rate between 20 and 25 per month; April saw a spike exceeding just over 30.
Active Listings and Months of Inventory in Dove Mountain
When comparing June of 2015 to June of 2016, the data can be a little deceiving, as Months of Inventory was at its lowest point in the past two years in June of 2015. Less than five Months of Inventory were recorded in June of 2015; however, the average between June of 2014 and June of 2016 remained pretty consistent, staying right around five, barring a few notable spikes in September 2014 February 2016.
As far as active listings, 2016 is showing pretty typical numbers when compared with historical data. In both 2015 and 2016, the number of active listings peaked towards the end of winter and began steadily declining as the summer months ticked by. Active inventory was slightly higher as of June of 2016 than it was the year prior. Comparing June of 2014 to June of 2016, the Dove Mountain region experienced its lowest active listings in August of 2015, which just slightly more than 80.
Median List Prices versus Sales Prices
Generally speaking, the market has fared pretty stable in terms of the prices for which homes are listed versus the price for which they’re sold. Over the past two years, list and sale prices have run pretty parallel to each other; the most notable exception to this statement came in August of 2015 when the median list price was well over $400,000, but the median sale price was more than $100,000 less than that. Since then, things have evened back out, and median list prices were only slightly higher in June of 2016 (around $335,000) than the median sale price (about $300,000.)
Who Owns the Luxury Home Market in Marana, Arizona?
For the most part, the market condition for homes below $500,000 is currently indicating a seller’s market. Homes starting at $600,000, up to and exceeding $1 million, are currently experiencing a buyer’s market, however. In particular, homes greater than $1 million are sitting on the market longer than any other price category, recording an average of about 15 months on the market as of June 2016. Regarding Months of Inventory, March through June 2016 trended at 44.0, which supports this buyer’s market condition. As of June 2016, there were 15 active listings in the million-dollar home category and an additional 18 between $500,000 and $1 million.
Needless to say, Dove Mountain’s home real estate environment can offer you an exceptional experience if you’re in the market to buy a luxury home. As a buyer, you control this market in its current condition, which means this is the perfect time to up-size your living arrangements, or make the move to Marana you’ve been talking about for years!
Ready to learn more about everything Dove Mountain has to offer a discerning luxury home buyer such as yourself? The Residences at The Ritz-Carlton, Dove Mountain can give you everything you could dream of and more! Contact us for more information today!