Tucson, Arizona, Real Estate Heats Up With Fleeing California Buyers

RealtyTimes
California's high housing costs are causing many buyers to migrate one state over to Arizona, say Tucson Realtors, where they can get much more house for their money. But prices are quickly escalating, they warn.

"Welcome to Tucson, where home sales continue at a very hot pace," says Realtor Jon Quist. "Record-setting trends continue. Arizona is the second fastest growth area in the country. Investment in Tucson real estate remains a strong value for the future. We have a wide variety of homes and areas. Tucson continues to have housing to suit any need, with homes to fit any lifestyle. The resale market continues to be very strong, and there are a variety of new home builders to work with as well. New construction trends are also up."

Quist advises, "In spite of Tucson's higher prices, continued lower interest rates and good home values compared to some other parts of the country, as well as the continued wonderful lifestyle associated with Tucson has kept the market healthy."

Observe Realtors Janie and Barrie Herr, "We've seen many markets over the years we've been in Tucson real estate sales, and none have been as fast or competitive for buyers as we are currently experiencing. Buyers must be ready to make their offers with lender approvals in hand, if they will be financing. They will often be in competition with other offers. Sellers, however, are enjoying rapid appreciation, and very few days on market." Tucson Association of Realtors President, Judy Lowe, said, "The first quarter of 2005 has shown record breaking increases in the average sales price, total home sales units, total home sales volume, and total listings under contract, as compared to any other quarter of the last nine years. Closed sales units are up 13.3 percent from first quarter of 2004, Total Volume is up 30.2 percent, median sales price is up 21.4 percent, total number of active listings is down 25.2 percent, and average days on market is down 38.3 percent from the first quarter of 2004."

"The average price for a home in Tucson remains significantly lower than competing market such as Orange County and San Francisco that are over a staggering $650,000," says Realtor Alex M. Chandler. "Despite speculation of increases, interest rates have remained stable while Tucson has become one of the fastest growing cities in the nation. The demographics of second home purchases and retirement of baby boomers is speculated to maintain despite shaky conditions in competing markets."