Thursday, July 27, 2017

Oro Valley Homes: A Seller's Market

Oro Valley home sales have been stable during the first six months of this year, averaging about 80 home sales per month. We draw this conclusion after reading the July report by Long Realty.

The report emphasizes month to month changes in home listing and sales activity:

"In the Oro Valley area, June 2017 active inventory was 272, a 5% decrease from June 2016. There were 79 closings in June 2017, a 31% decrease from June 2016. Year-to-date 2017 there were 490 closings, a 3% increase from year-to-date 2016. Months of Inventory was 3.4, up from 2.5 in June 2016. Median price of sold homes was $292,000 for the month of June 2017, up 8% from June 2016. The Oro Valley area had 93 new properties under contract in June 2017, up 16% from June 2016."

We like to look at a broader period of time. Thus, our emphasis on six months.

Oro Valley is is a "seller's" market. The median home sale price has increased to almost $300,000.  The Long report concludes that it is a seller's market for homes priced below $500,000. Generally it is balanced market between buyer and seller for homes priced greater than that.
Source: Long Realty July Report