Tucson Luxury Real Estate Market Update April 2013
It’s time to talk about trends in the Tucson luxury real estate market! March 2013 was a solid month for luxury Tucson real estate. The numbers are in and indicate that the market is better today than it was one year ago and experts agree it will only continue to improve throughout the rest of the year.
According to the April 2013 Luxury Housing Report by Long Realty Research Center, active luxury inventory was 254, an 11% year-over-year decrease from March 2012. The past five years have been challenging for residential real estate nationwide however demand for luxury real estate has been steadily growing as this data indicates. Buyers are becoming more comfortable in making purchasing decisions now that the market has stabilized since the 2008 collapse.
Additionally, there were 13 luxury home closings in March 2013, essentially no change from March 2012. It’s normal for total closings to fluctuate month to month and year to year. In fact, several outside factors can play into people’s decisions to purchase, such as personal and professional life changes, natural disasters, and political events. While the total closings remained virtually unchanged year over year, months of inventory was 19.9, down from 22.1 in March 2012.
Furthermore, the median price of luxury sold homes was $1,135,000 for the month of March 2013, up 12% from March 2012. This is great news as the median price of homes is a useful measure of market health in stable markets. Essentially what this statistic means is if demand outgrows supply in the luxury Tucson real estate market, the price goes up. It also means there are fewer foreclosures being sold since the mix is made up of higher priced properties overall.
Finally, the luxury market had 24 new luxury properties under contract in March 2013, up 33% from March 2012. This again indicates market recovery in that people are confident enough to enter into a contract and begin the purchasing process. Luxury real estate takes time to close due to the high value of each property and all the details that must be worked out before closing the deal.
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