Continental Ranch Market Report

This is Rojanna the Realtor with a Market Report for Continental Ranch, allowing you to keep your finger on the pulse of OUR Community and the local Real Estate economy.
The numbers I am sharing with you are straight out of our local MLS – MLSSAZ.

MLS stands for Multiple Listing Service. It’s a platform licensed real estate agents have access to. The numbers here are just for Continental Ranch and do not include other parts of the 85743 zip code, the
Town of Marana, Tucson or Pima County – Just Continental Ranch…my home.

The numbers I am sharing are true, raw numbers. No padding, massaging or ‘tweaking’ to get them to
say something someone wants you to hear.

So, here are the hard numbers for Continental Ranch area of Marana/Tucson Arizona for February 2022:
Last month, 23 new homes went on the market. These are called New Listings.

Last month 39 homes went pending. This means an offer to purchase was made, the offer accepted,
escrow opened and if all goes well, the home will sell to the buyer.

Also, last month 23 homes sold. That’s the number of homes successfully closed escrow and title
transferred to our new neighbor.

Currently, as of this morning, March 4 th we have 9 Active Listings total. This means that there are 9
homes for sale that are currently available to buyers.

The average Days on Market (DOM) right now is 4 days. This means the average home sells within 4
days after it goes on the market – with many of them selling in 2 days or less.

The Average DOM metric is a very important number to watch because the bigger the number, the
longer it takes to sell. The smaller the number, the faster you sell. In markets with a low average DOM
number, Continental Ranch homes often sell for above asking price.

In my professional experience, as long as the Average Days on Market is 30 or less, it is a very strong
sellers-market. Meaning there is little inventory available, a lot of active buyers, and an opportunity for
multiple offers.

So, the bottom line, right now in March 2022 we have a very brisk market that is a prime time to sell.
In addition to keeping an eye on the Average DOM metric, the other metric I watch like a hawk is the
Active-Pending-Sold ratio.

When the ratio is lower on the Active end and higher on the Pending and Sold end, I can reasonably
predict the market is going to stay a sellers-market.

If the ratio starts turning the other way, before the Average Days on Market metric has time to change, I can see where we’re headed.

The third metric critical to understanding the current active market is the Absorption Rate. The
Absorption Rate is a calculation to predict how many months worth of inventory are in a particular
neighborhood.

To calculate how many months of inventory there are, first we must calculate the rate of sales,
necessary for determining the Absorption Rate.

In the last year (365 days) there have been 367 homes sold in Continental Ranch, we know from above
there are currently 9 Active listings here in Continental Ranch.

To Calculate the Rate of Home Sales we divide the number of homes sold by 365 days.

This tells us the Rate of Homes Sold in Continental Ranch is that 1 homes sold less than every days.

Now we can calculate Absorption Rate.

Multiply the number of Active homes by the Rate of Homes Sales to arrive at the Absorption Rate. In this case, 9 Active homes multiplied by 0.99 Rate of Home Sales gives us an Absorption Rate of 8-9
days.

This tells us that if the market conditions remain consistent and if no new listings come on the market, it will take 9 days for the current inventory to sell at the current pace of the market.

If you’re thinking about selling your home, knowing these three metrics is key.

Now, real estate is hyper local. Literally neighborhood to neighborhood. Sometimes, even street to
street and block to block.

So, if you need to sell now (or soon) let me know and what I can do is provide a FREE Market Activity
Report for your specific neighborhood and the surrounding area.

This will give you a “ball park estimate” of what homes similar to yours are selling for.

If you have any questions let me know. You can call/text, email or message me on Facebook.

My name is Rojanna Harvey with Omni Homes International here in Continental Ranch area of
Marana/Tucson and I am here to help.