Tucson Luxury Real Estate Market Update – September 2013
The Tucson luxury real estate market is in good shape according to the most recent market reports. In fact, there was a 1% year-over-year increase in active luxury inventory as of August 2013. Additionally, 8 properties were sold in the Tucson luxury real estate market in August and the median price of luxury sold homes was $961,500. Furthermore, there were 27 months of inventory in August 2013, up from 25.5 in August 2012.
The Dove Mountain real estate market is also very strong right now, with 98 homes listed as active inventory as of August 2013. This marks a 34% increase from August 2012, showing that more homeowners are comfortable selling in the current market than a year ago. This is most likely because their home values are increasing and they want to sell to make a profit on their home. Additionally, there were 18 closings in August 2013, down 14% from the year prior. Months of inventory was 5.4 which marks an increase from August 2012 when there was only 3.5 months of inventory. This basically means that if you’re a buyer looking for your dream home, you have more homes to choose from than a year ago. The median price of sold homes in the Dove Mountain real estate market was $243,832 in August 2013, up a whopping 46% from August 2012.
It’s also a positive sign that the percentage of residential sales that are bank owned or short sales, also known as distressed sales, has declined significantly in 2013. This means that market conditions are improving. In fact, 44.5% of all home sales were distresses sales in 2012 compared to only 32.9% in 2013.
If you’re looking to buy luxury Tucson real estate in the near future it’s definitely a good market to make a purchase. For buyers interested in customizable residences and estate homesites, The Residences at The Ritz-Carlton, Dove Mountain offer highly customized private luxury desert custom homes for a discriminating clientele. Homeowners in this luxury residential community also benefit from the world-class service and amenities offered at The Ritz-Carlton resort in Dove Mountain, including use of the world-famous Jack Nicklaus signature golf courses and the ultra-lux golf club. For more information, visit http://theresidencesdovemountain.com/ .