Tucson Real Estate: September 2012 Update
The August 2012 Tucson real estate market statistics reveal that the market, as a whole, is still in a stage of strong recovery. The median sales price has increased to $145,000, up 18.66% from August 2011 and up 3.57% from July 2012. Additionally, the number of active listings has dropped year over year. The combination of prices increasing as sales volume and inventory decrease demonstrates that the future of the Tucson real estate market is looking up.
So how does the Tucson market compare to the rest of the United States? Top analysts recently evaluated the stats to determine which housing markets are performing the strongest. Arizona ranked as the number one strongest real estate market right now. The home price change in Arizona in the last year is +16.6% with a median home price of $248,229 according to July 2012 reports. The state with the second strongest real estate market is Idaho, followed by Utah, South Dakota and Colorado.
While these figures prove significant progress has been made in the Tucson real estate market, many people are still wary of buying or selling a home right now. As you can see by the picture below, the ratio of the average mortgage payment to the average rent payment is half what it was 22 years ago. This is in large part due to record low fixed interest rates and an over correction in home prices.
This chart means that if you shop around and find just the right house and mortgage for you, you could actually end up saving hundreds of dollars a month compared to renting.
Notes from the report: Prices and mortgage payments are based on the median existing single-family home price, averaged from quarterly data to obtain annual prices. Mortgage payments are calculated using the interest-rate average for that year and assume a 20% down payment and fixed 30-year term. Rent is the median gross monthly rent from the 2010 American Community Survey, indexed using the CPI for rent of primary residence. Income is median household income.
The Residences at The Ritz-Carlton, Dove Mountain are located close enough to all the great shopping, dining, and other perks of Tucson, but far enough away from the hustle and bustle of a city environment, so that you feel like you have your very own piece of desert paradise. And with Jack Nicklaus signature golf courses practically in your own back yard, you can indulge in leisurely rounds of golf whenever your heart desires. The Residences also offers unique Ritz-Carlton concierge and house-keeping services for all homeowners within the community. And for those who desire to design and build a custom home there are eight superb custom home floor plans to suit every need and lifestyle. From there, you can combine your desires with the expertise of The Residences’ design staff so that your residence will emerge as a most distinctive home, a reflection of your family and your lifestyle.
To learn more about The Residences luxury homes and the Tucson real estate market, contact us today at 877-451-7205 or request more information by contacting us today.