The Tucson luxury market is defined at $800,000 and above.
“In the Tucson area, October 2013 luxury active inventory was 268 homes, a 15.5% increase from October 2012. Months of inventory was 38.3 months up from 21.1 in October 2012.
The median price of sold homes was $1,162,500 for the month of October 2013, down 10.6% from October 2012.
The Tucson area had 11 new luxury properties under contract in October 2013, up 37.5% from October 2012”.
There were 7 closings in October 2013, a 36.4% decrease from October 2012.
Sales of homes above $800,000 have now shifted in favor of buyers, according to the sales statistics and Mary Tosca of Long Realty. Long Realty is outpacing the market in units sold and total dollars sold. They understand the Tucson Luxury market very well with their market share and expertise in marketing high end homes.
One reason is for better prices for buyers the availability of added jumbo financing for these homes. Unlike 2008 through 2010, where a borrower had to come up with 20% down and multiple barriers to get financing, it has become more relaxed with special 5% down programs to $1M or 15% down up to $1.6M along with historically low rates make it a great time to buy a home in Pima County.