Last Friday, Belfiore Real Estate Consulting published the first edition of its Tucson KnowledgeBase Current and Future Market Insights publication.
In the inaugural report, Belfiore Real Estate Consulting analyses the Tucson housing market’s performance since the start of 2015 and offers insightful forecasts and commentary on expectations for the rest of the year. The report bears welcome news, asserting this year, despite a number of present and future setbacks, “should be the year the housing market breaks out of its slump.”
Amidst effectively stable prices, Tucson new home sales are 18 percent higher year-over-year and homebuilders have moderated speculative supply per subdivision to appropriate levels. Furthermore, Belfiore Real Estate Consulting confidently maintains demand is on the rise, as indicated by high sales office traffic levels and projections for healthy job and population growth.
Despite these recent rays of hope, the Tucson KnowledgeBase report concedes, “the sun is not yet shining brightly in the industry.”
In early 2015, homebuilders will struggle with intense builder competition and an abundance of consumer choice, until demand is more substantially spurred by job and population growth coming to fruition.
In spite of the increase in total sales, a concurrent 18 percent increase in the number of active subdivisions has spread these sales across more communities. The report emphasizes, “The number of sales per subdivision is anemic – far off the level builders need to underwrite new projects.”
Those seeking a copy of the latest KnowledgeBase Current and Future Market Insights or comments on recent, current, or future Tucson housing market conditions may contact Jim Belfiore at Belfiore Real Estate Consulting, 480-706-1002, jimbelfiore@belfioreconsulting.com.
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.
