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Oro Valley Real Estate Market Trends for June 2024

As we reach the mid-point of 2024, the Oro Valley real estate market for single-family homes shows significant trends and patterns, particularly in the two primary ZIP codes: 85737 and 85755. This analysis gives home buyers and sellers essential insights to navigate the current market effectively.

Inventory Levels

Inventory levels reflect the availability of homes on the market:

85755: Inventory has increased significantly, from around 60 homes in early 2023 to approximately 140 homes by June 2024. This surge suggests more options for buyers and potential competition for sellers.

Price Reductions

Price reductions highlight market adjustments and seller flexibility

85755: About 60% of properties experienced price reductions by June 2024. This increase suggests sellers are adjusting prices to attract buyers in a cooling market.

Median List Prices

Median list prices provide insight into overall market pricing trends:

85755: The median list price peaked above $1 million in mid-2022 before stabilizing around $600,000 in June 2024. This indicates a market correction after a period of high prices.

85737: The median list price has been more stable, fluctuating between $500,000 and $600,000, and settling around $600,000 by June 2024.

85737: The percentage of price reductions also rose, reaching around 50%. Although slightly lower than 85755, it still signifies notable market adjustments.

Sales Data

The sales data for these ZIP codes further elucidates the market trends:

85755:

  • Closed sales: 62.6%
  • Pending sales: 4.4%
  • Active listings: 33%
  • Average price change: -4.97%
  • Average days on the market: 52 days​​.

85737:

  • Closed sales: 55.5%
  • Pending sales: 4.4%
  • Active listings: 40.2%
  • Average price change: -4.04%
  • Average days on the market: 35 days​​.

Oro Valley Real Estate Market Summary For June 2024

The Oro Valley real estate market for single-family homes in June 2024 shows distinct trends:

85737: The increase is more moderate, with inventory rising from about 20 homes in early 2023 to nearly 40 by mid-2024.

The higher inventory in 85755 compared to 85737 indicates a more substantial influx of available homes, possibly due to new developments or higher turnover.

Increased Inventory:

Rising inventory levels in both ZIP codes, with a more significant increase in 85755.
Higher Price Reductions: An increase in price reductions, indicating a buyer-friendly market.
Stabilizing Median Prices: Median list prices are stabilizing after periods of volatility.

Pro Tips for Buyers and Sellers

For Buyers:

  • Explore Inventory: With the increased inventory, especially in 85755, buyers have more options. Take your time to find a home that meets your needs.
  • Negotiate on Price: Given the high percentage of price reductions, there is room for negotiation. Don’t hesitate to make offers below the asking price.
  • Act Quickly: While there is more inventory, the average days on the market are relatively low, particularly in 85737. Be prepared to act quickly when you find the right home.

Pro Tips For Sellers:

  • Competitive Pricing: With a significant portion of properties experiencing price reductions, it’s crucial to price your home competitively from the start to attract buyers.
  • Market Timing: Homes in 85737 are selling faster on average. Consider listing your home when buyer interest is high to reduce days on the market.
  • Highlight Unique Features: In a market with increasing inventory, make your property stand out by highlighting unique features and recent upgrades.

Overall, the Oro Valley real estate market in June 2024 is dynamic, with opportunities for both buyers and sellers to achieve their goals. Understanding these trends and leveraging the provided tips can help navigate the market effectively.

Posted by Kathryn Vallee

 

 

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