Belfiore study: Tucson off to a poor start to spring selling season, signifies unsteady recovery

housing development site in Tucson
housing development site in Tucson
A Maracay housing development site at Rancho Del Cobre in Oro Valley. The spring selling season has started off slowly in Tucson.

Belfiore Real Estate Consulting has released the April edition of its Tucson KnowledgeBase Current and Future Market Insights report.

This edition of the publication includes analysis of the latest trends in the metro Tucson-area new home market.

Progress of Tucson’s recovery has been disrupted by a poor start to the spring selling season, a news release says.

“Contrary to the strong signifiers of improvement seen just a few months ago… recent March data shows the metro Tucson housing market slowing, not improving,” the report says.

While spring has typically been a period during which sales increase substantially as compared to the rest of the year, new home sales volumes have regressed by 2 percent since they spiked two months ago, the release says.

In March, sales fell 9 percent year-over-year, breaking a continuous six-month trend of year-over-year improvement. The study forecasts the Tucson new home market’s recovery during 2015 will not be as expeditious and steady as expected.

Despite the market’s recent underperformance, there is still hope for a return to growth in 2015 if builders are able capitalize on high demand which is likely to persist throughout the year, the report says. Per the publication, traffic levels show buyer interest remains high and expectations for healthy job growth and population growth mean demand is still likely to increase. Builders will now need to focus their efforts on successfully converting this demand into actual sales.

For a copy of the latest KnowledgeBase Current and Future Market Insights or comments on recent, current, or future Tucson housing market conditions, contact Jim Belfiore at Belfiore Real Estate Consulting, 480-706-1002, Belfiore Real Estate Consulting is Arizona’s only full-service, independent, fee-based residential real estate consulting firm.

The firm services all Arizona housing markets, supporting investors, developers, homebuilders, and lenders with off-the-shelf data and advisory products, as well as custom feasibility analysis. Belfiore Real Estate Consulting celebrates its 10 years of providing quality and timely real estate information in 2016.

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