Real Estate Market Spring 2017
If you’re thinking of buying or selling a home in or around Marana, Arizona, you’ll want to ensure you understand the current real estate climate. As April drew to a close, there was a strong indication that homes in the greater Tucson area were turning at full speed into a strong seller’s market. Review the following statistics and predictions to see where Marana ranks in the second quarter of 2017.
Marana’s Single Family Homes
A review of Dove Mountain’s January market update revealed that sales were 33% lower in comparison to December 2016. Month over month, however, the median sales price was up over 10% to reach $362,000. Equally good for sellers was the fact that the average number of days on the market decreased 18 days from 86 to 68.
Tucson Market Summary
March brought a monthly record of the most homes ever sold in March in Tucson with the total count reaching nearly 1,700. To put that in perspective, June 2005 holds the overall record with 1,858 homes sold—an indication that Tucson and its neighboring cities could see record-breaking sales throughout the remainder of the year.
According to Mike Zachmeier of Win3 Realty, the trend seems to be low inventory, high demand. Single family homes in the $150s to 300s can be difficult to find as the market gets hotter and prices increase. Homes that were once in a popular yet modest price range are now part of a larger subset of in-demand properties that vary drastically in price from $150,000 to $400,000. Conversely, higher price points ($400,000 and above) now fall under the category of a buyer’s market.
Economic Influences
Whether you’re buying or selling in Marana specifically or Tucson, it’s helpful to understand the overall market and how the economy plays a role. This may influence your decision to buy or sell immediately versus ‘waiting it out.’ Investopedia offers several insights for consideration.
- Know the ins and outs of interest rates – Low interest rates may seem like a win for consumers, but they tend to create a domino effect on the market. When rates are low, more people will be looking to take on a mortgage and shop which will, in turn, increase the demand for homes and drive prices upward.
- Understand economic cycles – The overall economy and real estate market tend to go hand in hand meaning when one is up, the other is too. This can work in your favor depending on what side of the market you’re on—however, a good rule of thumb would be to keep a level head and avoid rash decisions based on ever-changing economic predictions. Instead, analyze current economic factors such as employment, GDP, and the price of goods and services.
- Research government subsidies – Do taxes make your head spin? You’re not alone; however, before you jump on a seemingly good deal (does the First Time Homebuyer’s Tax Credit of 2009 ring a bell?), look at what tax credits and incentives may be doing to the market as a whole. To fully understand the real estate landscape is to have a good grasp of cyclical market trends and irregular factors that contribute to fluctuations.
To stay abreast on Marana, Arizona’s real estate market, follow local Tucson real estate firms for quarterly insights and future predictions.
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About Our Dove Mountain Community
The Ritz-Carlton Residences, Dove Mountain is a community of luxury custom homes where every detail has been carefully considered, from thoughtful site planning to magnificent home designs that enhance the beautiful desert views and foster a lifestyle that fuses the indoors and outdoors.
The custom homesites give owners the opportunity to design the luxury home of their dreams. However, if you prefer to move in more quickly, there are customizable floor plans, which can be finished to meet your specific wants and needs.
At The Ritz-Carlton Residences, Dove Mountain, you may select from eight custom home floor plans to suit every need and lifestyle, but these suggestions may only be a starting point. Collectively, your wishes combined with the expertise of the competent and creative design staff, allow your residence to emerge as your very own distinctive home, reflecting your family and its lifestyle. Luxury custom homes in The Residences range from just under 1,700 to nearly 5,500 square-feet and are available in two neighborhoods.
Finding out whether or not it is just right for you begins with a call: 877-451-7205.
