Luxury Market Still Weak

The Tucson region’s luxury home market continues to be weighted down with an oversupply of inventory and sluggish sales. While the majority of Tucson’s homes are showing tremendously positive signs of a recovery and even price increases, the luxury market has likely not yet hit its bottom. The February Tucson MLS statistics show a total of 161 active listings and only 4 homes sold during the month for homes listed over $1,000,000. This is not good news for those with homes on the market in that price range. However, undoubtedly for buyers it’s becoming more clear that now is the BEST time to buy. With low interest rates, an oversupply of homes, and low prices the buyers are still very much in the driver’s seat.

Because of the huge supply of homes on the market at this price it means there is a fantastic selection of homes to choose from, as opposed with the lower priced homes where inventory levels being low mean good homes are going quickly and hard to come by. Prices may still slightly fall for the luxury market but the low interest rates and large selection make now the best position for buyers to be purchasing. Stone Canyon specifically has a wide selection of fantastic homes that could well be picked up for attractive prices.

Stephen Woodall
REALTOR, GRI @ Long Realty Company
Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.

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