| July Market Statistics + My Listings and Sales
|  | Dear Friends,
In this edition of my newsletter, I will be reviewing the latest market statistics for the Tucson area and surrounding communities, comparing them to last year's numbers to give you a clear picture of the trends. I will also dive into the hot topic that's gaining traction here in Tucson - Accessory Dwelling Units (ADUs). Whether you are considering adding one to your property or curious about how they're influencing our market, this newsletter will provide insights to help you stay informed and ahead of the curve.
Thank you for your continued trust in my expertise. I'm here to ensure your real estate journey remains successful and smooth.
July Market Statistics
New Listings - 1,639 (up 7.1% from the previous year)
Closed Sales - 1,112 (down 3.5% from the previous year)
Average Days on Market Until Sale - 25 days (up 12 days from the previous year)
Median Sales Price - $365,000 (up 14% from the previous year)
Average Sales Price - $444,866 (up 4.5% from the previous year)
Total # of Active Listings - 3,562
Average Months of Supply - 3.2 Months
My Listings
Coming Soon in 85745
3475 W. Sweetwater Drive on the West side - Listing Price $625,000
2BR+Den/2.5 Bath, 2,185 sqft, 7-car garage with workshop and 1 BA, 3.45 acres of land
Do you know a car enthusiast looking for an air-conditioned garage space to store and work on vehicles? This West side gem sits high on a hill with a gated entrance and views of the Tucson Mountains. The Southwestern style home has Saltillo tile, a wood beam ceiling in the Great Room, and tile accents throughout the home. One-story, no interior steps, a courtyard entry, and an enclosed backyard are just a few of the features that will appeal to many buyers. Enjoy privacy on the 3.45 acre lot and no HOA. This home hits the MLS on August 14th.
Under Contract in the Foothills
4951 N Valley View - Listing Price $1,250,000
3 Bedrooms+Den, 3122 sqft, on .88 of an acre, 3-car air-conditioned garage
After 60 days on the market, this stunning Foothills home went under contract. Thanks to a recent price reduction and my client's responsiveness to feedback by making key improvements, we received two offers, and one lucky buyer is now under contract.
My Sales
Sold in the lower Foothills
2032 E River Rd #101 - Sold Price $314,900
1BR+den/1BA, 850 sqft, Gated, New Construction
My client is thrilled to be the proud owner of this modern gem in the lower Foothills. Located in Placita Escondida, the property offers direct access to the Rillito Riverwalk and is only a few miles north of the University of Arizona, making it an ideal place to call home.
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| | Casitas or Accessory Dwelling Units (ADUs) | | Casitas, or Accessory Dwelling Units/ADUs are independent living spaces that include their own kitchen. These units offer flexible housing options, support aging in place, and promote sustainable infill development. Every municipality has specific requirements for ADUs. I will outline the requirements set by the city of Tucson for adding an ADU to your property.
The City of Tucson ADU Basics:
1. Effective October 2022
One ADU is allowed on any residential lot in the city of Tucson (any lot with one or two homes). The lot must be at least 6500 sqft or a variance is needed.
2. Effective June 2022
Freddie Mac now allows the rental income of an ADU to be considered to qualify the new buyer.
3. The size of the ADU can be up to 10% of the lot size, with a maximum of 1000 sqft.
4. ADU maximum height is 12' (most average 10 - 12 ft high).
5. October 2021 the mayor and council set a five-year sunset date of the ordinance (2026). It can be updated or renewed.
6. ADU must have a cool roof.
7. ADU must be on the owner's primary residence.
Most ADUs currently being added are for aging parents and adult children, while others are being used as rental units to generate additional income. Many homeowners are sitting on a substantial amount of equity in their homes, and enjoy low interest rates, making it more practical to add an ADU rather than purchasing a separate rental property.
If you want to consider adding an ADU to your property, feel free to reach out, and I'll connect you with two homebuilders working in our community. As always, thank you for your business and your referrals, they mean the world to me!
Sincerely,
Mary |
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