The Town of Oro Valley remains one of the more active areas for real estate in the Tucson vicinity and future business expansion looks to help continue this trend. Rancho Vistoso is the home of Stone Canyon and many other up and coming businesses. Continued demand for housing appears assured with the expansion of several area companies including Ventana Medical Systems, Sanofi-aventis, Oro Valley Hospital and the newly arrived University of Arizona BIO5 Oro Valley facility which occupies the former Sanofi-aventis laboratory. The most significant contributor to the influx of new residents will likely be Ventana Medical Systems, which announced this past October that it plans to add up to 500 employees to its current base of nearly 1,000 existing staff over the next five years. This also includes new buildings and capital investments which may total nearly $180 million. Clearly this will be an enormous benefit in the short-term and long-term for the entire Oro Valley community.
An additional factor that encourages purchasing a home in Oro Valley is the amazing scenery available at seemingly every turn. The majestic Catalina Mountains dominate the skyline to the east, but not to be overlooked are the rugged Tortolita Mountains to the northwest. It’s not only the natural beauty but Oro Valley’s investment in its roadways, public art, and town services that attract residents. While unfortunately the cost to build homes in Oro Valley is amongst the highest in the state in regards to permitting and impact fees, there is most definitely a noticeable payback with these funds.
Statistics from the Tucson Association of REALTORS© show that there is both supply and demand for the homes in this locale. The number of Oro Valley homes for sale was approximately 538 during the month of December and 57 homes closed escrow. Homes sold in the Rancho Vistoso master-planned community accounted for over half of those closed in Oro Valley. Considering that Oro Valley homes are typically priced higher than many areas of town and that the greatest market activity is still being seen much below Oro Valley’s average price, those are somewhat encouraging sales figures.
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