Signs of the residential housing recovery are popping up daily.  The most rapid recoveries are the housing markets that were hardest hit, such as Metro Phoenix.

Nationally we are seeing positive signs of recovery and a turning real estate market across all price points with the exception of a few weak housing markets.

USA Today reported that the number of existing homes for sale (inventory) dropped to 22% from a year ago.

The National Association of Realtorsreported a rise in home prices in 74 of the 146 housing markets they track in the first quarter of 2012 vs. declines in 72 areas.

Let’s look at some encouraging statistics for first quarter 2012:

• In Phoenix the March Inventory was down 64% from a year ago.
• The National Association of Realtors reported that there are a shortage of inventory of homes for sale in Phoenix, Orange County, California, Naples, Florida, Seattle, Suburban Washington, DC and North Dakota.
• According to TransUnion mortgage delinquency rates dropped from 6.19% in the last quarter of 2011 to 5.78% in the first quarter of 2012.
• Investors accounted for 22% of buyers.
• Condo prices rose 3.4%.
• All cash transactions made up 31% of all sales.
• Existing home prices were up 5.3% and are the highest level since 2007.
• The hardest hit markets are now among the top recovering markets.

Here’s a quick snapshot of the housing activity for last month.

The supply of homes for sale is shrinking and there is not enough inventory to keep up with the Buyer’s demands…. this is known as a Seller’s market which we have not seen since before the housing bust.

Home prices rise in a Seller’s market and it is a sure sign of a housing market recovery.

Below are some highlights of the market housing activity from April issued by The Tucson Multiple Listing Service.

Statistics:

• Average Sales Price saw an increase of 4.53% from March to April.

• Average List Price is up 5.62% over March.

• Total Under Contract rose significantly from March to April by 19.52%, and 27.16% from April 2011.

• Total Unit Sales decreased 8% from March, while up 10.76% from April 2011.

• The Median Sales Price increased again in April to $134,000, a .83% increase from March, and a 1.52% increase over April 2011.

• Total Sales Volume decreased slightly in April by 3.84%, but increased 11.90% from April 2011.

• The number of New Listings decreased 24.05% from March and increased 7.23% over April 2011.

• Average Days on Market decreased again, from 77 in March to 74 in April.

• 37.8% of April closed sales are attributed to cash, while conventional loans made up 31% and government loans accounted for 27.7%, leaving 3.5% as other financing.

The above statistics were provided by The Tucson Multiple Listing Service, Inc. is a wholly owned subsidiary of the Tucson Association of REALTORS®, dedicated to providing a reliable real estate database for members and the public. 

The University of Arizona, Economic Business and Research Center has just released the Economic news from 2011. The Arizona housing permits are reported to be up 21.07% in December 2011 from the same time last year, 2010.

The Tucson, Arizona housing market in December 2011 was reported to have 1,333 active listings, a 24% decrease from the same time last year. The number of closing in December 2011 were down 6% from the same time last year. The number of months a home was on the market in December of 2011 was 6.1, which was 7.6 in December 2010. The median price for a home in December 2011 was $159,000, which is down 9% from December 2010. In the Northwest area: Marana and Oro Valley there were 301 new properties under contract, which is up 33% from the same time last year.

 

Military New Loan Program

The Pima County Bond Program (also called the Mortgage Revenue Bond or MRB) has been around for years now. Funds are depleted from time to time but there are currently $25 million dollars available. This is a subsidised interest rate program for first time buyers and veterans. The interest rate offered is adjusted periodically to keep it below the rate available on the open market. The news today is that the interest rate was adjusted on Friday to 2.99%! Mortgage rates are extremly low but it is safe to say that this is well below the open market.

The good, the bad, and the beautiful:

The good:  

     -This program can be used anywhere in Pima County including the city of Tucson

-The interest rate is available to first time buyers and veterans

-Subject properties do not have to be bank owned

-The interest rate is fixed

The bad:

-If a buyer holds the title to any other property they are ineligible

-There are income limits

-1 or 2 person households $70,800

-3 or more person households $82,600

-There are maximum purchase prices

-One unit existing $284,635 or new $347,485

-Two unit existing $364,365 or new $445,335

The beautiful:  

There is a down payment assistance program that can be used with the bond program. The guidelines above apply as well as some additional ones.

-$8,500 is available for down payment assistance and closing cost

-The $8,500 must be repaid when the home is sold (a lien is recorded)

-Interest accrues on the silent second lien at 2%

-Income limits are tighter for the DPA

-1 person household $32,200

-2 person household $36,800

-4 person household $46,000

To see the source visit the website of the City of Tucson Industrial Development Authority. I promise, the procedure can be painless!

Steven Van De Beuken

Sunstreet Loan Officer

2840 E Skyline Dr Ste 230

Tucson, AZ 85718

Arizona Association of Mortgage Professionals/Southern Chapter

President

Cell    520-235-6862

Office   520-547-4149

Oro Valley

MLS#21100490

1485 E Tascal Loop Oro Valley, AZ 85737

Nestled in the shadows of Pusch Ridge and the Catalina mountains, sits a beautiful 2,122sqft custom, masonry-stucco home. Built in 1996, this 3br 3ba home boasts 12′ ceilings, mesquite cabinets, designer skylights, plantation shutters, formal living and dining rooms with gas log fireplace, and so much more. The bright open kitchen is decorated with custom Mexican Mesquite cabinets, custom tile counter tops and pendant lighting. Double master suites, one with walk-in closet, master baths boasts executive-height vanities, one with a beautiful claw-foot tub. Newly landscaped back yard offers magnificent mountain views, large covered patio with new tile flooring, and hot tub. Additional updates include fresh exterior paint, flagstone entry, and stunning Mountain views. A private Oro Valley gated community in the heart of Oro Valley called “La Reserve.”
Year Built: 1996
Year/Taxes: 2009 / 2,377
HOA Fee Amt P/Month: 70
School District: Amphitheater
Elementary School: Copper Creek
Middle School: Cross
High School: Canyon Del Oro

Directions: Oracle/1st Ave East to stop sign, Right to guard gate, Left on Cliff Dweller, Left on Charoleau, Left on Tascal to address.

For a Private showing contact Don & Kathy Vallee, CDPE, CRS, CLHMS

520-544-5555

Search Tucson, Oro Valley, and Marana homes for sale

Kathy Vallee “Certified Luxury Home Specialist” CLHMS

How’s the Market in Oro Valley, Arizona?

Total Sales Volume increased significantly from $130,258,440 in January to $160,319,228 in February, an increase of 23.08%!

·Average Sales Price is up 9.22% from January.

·Average List Price of $191,957 showed an 8.43% increase over January.

·Total Under Contract had a 12.87% increase from January.

·Total Unit Sales rose by 12.69%, from 780 in January to 879 in February, and by 18.62% compared to January 2010.

·The Median Sales Price went from $134,250 in January to $137,000 in February with a total increase of 2.05%.

Subscribe to our weekly sales and market statistical report!

Move In ready! This home will sell FAST! Northwest Tucson

This home is 4100 sqft. base price of home was $399,950 but has been reduced to $339,950   Some of the standard features are granite slab in the kitchen, cultured marble in bathrooms, 30” maple the interest rate is under 4%….for 30 years…and 3% toward closing costs! Contact Kathy Vallee For more information at 520-544-5555

Tucson AZ Real Estate

Silver Lake Park

Gladden Farms Community located in Marana, AZ is a small single family residential area west of I-10.  This is the 3rd annual event, in partnership with Arizona Game & Fish Department’s education program. The fishing event will run June 19th from 7am- Noon on Silverbell Lake in Columbus Park off Silverbell Road. The Gladden Farms Community Association in Marana, Arizona will host a free BBQ lunch and door prices.

For more information or to RSVP, contact Kristina Allen at 520-682-1357.

Search for homes in Marana, Arizona

Total Listed Properties: 410

Average List Price: $386,085

Median List Price: $219,585

11448 N. Moon Ranch Place

Subdivision: Skyranch BLKS A-B

MLS #21010780

SQFT. 2118

3 Bedroom

2 Full bath

2 car garage

Directions: From Tangerine South on Camino Del Manana to entrance of Sky Ranch East on Moon Ranch South to address

The gated community of Skyranch single family residentail new homes and resales situated amoung Tucson’s most beautiful desert landscape. This 3 bedroom, 2 bath, 2118 square foot home is absolutely gorgeous with over 20k in luxurious upgrades. Enjoy the resort syle backyard with professional landscape, wrought iron fence to further enhance the panoramic Santa Catalina Mountain views. Sit poolside near the rockspillway and natural desert preserve. This home is move-in ready! All the furnishings are for sale and make this an easy move.  The gourmet kitchen features granite slab, black appliances, gas cook top, an dmuch more. The expansive open floor plan features 12 foot ceilings with fans, fireplace, extensive ceramic tile, carpet in bedrooms, & designer decor and paint. This premium lot overlooks the desert preserve and features Santa Catalina Mountain views. Potential Short Sale.

24HR Property Information Dial 1-468-7009 Enter House #11448

For more imformation please call Don or Kathy Vallee, CDPE, SFR

 520-544-5555

RE/MAX Excalibur Realty- Tucson

www.ValleeGoldTeam.com

11448 N. Moon Ranch Place, Marana,  Arizona, 85658

What is a short sale Video

We came across a great deal today…SPEC home in Marana

Marana New Construction

4 bedroom, 2 bath upgraded stove, dishwasher, microwave, washer dryer refrigerator, window coverings, upgrades 18×18 tile carpet and pad, corner lot, upgraded cabinets, vaulted ceilings, patio, this will not last!!! $157,000 3% towards closing cost.

Call Don or Kathy Vallee at 520.544.5555 for more information
Vallee Gold Team
RE/MAX Excalibur Realty