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10445 N. Oracle, Suite 121 Tucson, AZ 85737 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-989-6114 email: Brenda@BrendaOBrienTeam.com |
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Brenda's Tucson Housing Market Report
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"Inventories are still high, This is a Buyers Market."
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Below is a summary of key Tucson Real Estate Market indicators from Top Tucson Realtor Brenda O'Brien. The full detailed reports are available at the bottom of the page. Tucson Housing Inventory continues at high levels with 10,387 active listings on the market at the end of April. If you are considering Buying a Home in Tucson, Now is the time. There are more choices than ever for Buyers in this current market. Homes are still selling! There were 1,280 home sold in April. Homes that are priced aggressively and show well are selling! You must price to the market to sell your home in the current environment. Make it easy to show and make sure it shows like a model. Key current month statistics from the Tucson Association of Realtor’s April 2007 Report show: Tucson Home Sales Units: Decreased 12.69% from 1466 in April of 2006 to 1280 in April 2007. (Down 73 units from March) Tucson Average Sale Price (all residential types): Decreased 0.23% from $277,076 in April 2006 to $276,426 in April 2007. (Down $60.00 from March) Tucson Average Days on Market: Increased 44.44% from 45 days in April 2006 to 65 days in April 2007. (Down 2 from March) Tucson Active Listings: Increased 27.75% from 8,131 in April 2006 to 10,387 in April 2007. (Up 235 units over February) Tucson New Listings: Decreased 6.67% from the 2,892 listings added in April 2006 to the 3,085 listings added in April 2007. (Up 202 units over March) Some quick conclusions we draw from these Tucson home sales statistics are: New listings had a little bump up in April. After 2 months of new listings coming on the market dropping over the prior year April had a little blip with 193 more units listed in April of 2007 as compared to April of 2006. We watch this statistic closely as it will be the first indicator of any market shift. When these new listings start dropping, prices will start firming up. Active Listings continue at over 10,000 homes. For the second month in a row the active listings are over 10,000. This is the largest number of active listings ever. We remain in a buyers market with lots of inventory to choose from. Prices staying flat (Average Price down 0.23%, Median Price up 1.01%) Prices are staying flat, with fractional decreases in average price and fractional increases in median prices. Many sellers are remaining pretty firm on their prices although we are seeing some movement in price with highly motivated sellers. The Average Sale Price is down $650.00 from April of 2006 but is up $29,770 from April of 2005. Lots of Bargains We will probably look back a year from now and say, Wow, was the summer of 07 a good time to buy or what! Real Estate is a cyclical market. We will eventually work our way through this excess inventory and the Tucson Housing Market will head back up. Demand Building There is a lot of pent up demand building as many Baby Boomers are sitting on the sidelines due to negative media hype over the last year or so. When these guys come back into the market, watch out! The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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March 2007 Tucson Multiple Listing Service Report
Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report | |
