The Tucson luxury real estate market and the Arizona housing market in general has been in recovery for 2 years. If you’re in the market looking to buy or sell a home, there are a couple of important trends to pay attention to.
A shortage of properties for sale:
It’s a seller’s market right now, meaning that buyer demand has increased at a faster pace than new properties coming on the market for sale. In these conditions, buyers looking to purchase a piece of Luxury Real Estate in Arizona can face increased competition from other interested buyers, and may even encounter multiple bid situations. This is the reason why pricing are heading north because more and more investors are getting interested in Arizona real estate market.
It’s best to stay up to date on market conditions, particularly the months of inventory currently available each month and year. For example, in 2012, the Tucson metro area had on average about 3 months of inventory available. In 2013, this number moved up to about 4.5 months of inventory. This indicates the market is becoming more balanced over time. The balance of supply and demand is reflected by taking into account current inventory levels as well as the rate of home sales. Thus, there are few reasons to worry about and lot more positives that things are getting back to where they were in pre-2008 levels.
Increase in sales prices:
The second trend to focus on when deciding to buy or sell Tucson luxury real estate is increases in sales prices. It’s natural to see an increase in sales prices when there is a reduced amount of inventory available to buyers and a higher rate of demand. It’s important to remember that a rise in home values is a good thing, as it helps to stabilize the market. In some cases, it also can help current homeowners who have been underwater on their homes get back to a positive equity position in their property. As things are getting back to normal everyone is finding prices of Luxury Real Estate in Arizona increasing on month-on-month basis and definitely you being an investor or potential home owner would hate to miss the bus.
If you’re currently in the market looking to buy a luxury home, The Residences at The Ritz-Carlton, Dove Mountain provides homeowners with beautiful and secluded desert mountain surroundings as well as exclusive access to The Ritz-Carlton spa, golf club and world-famous Jack Nicklaus golf course. The neighbourhood is located close enough to the city conveniences of Tucson, but far enough away from the city for homeowners to relax in the peace and quiet of their luxury home.
Though it really depends on your budget and taste but everyone here gets something in their budget. So you don’t worry and make a profitable investment in Arizona real estate market. Either you are looking to buy a new property or selling your existing one this is the best time as prices as well as demand is well balanced.