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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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"Stuck in the Summer Doldrums."
NEWS FLASH 8/31/07 - CLICK HERE |
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Things have settled down after last months lending industry shakeup. There are lots of great lenders here in Tucson still making loans every day. Our own Long Realty Mortgage never missed a beat during all the turmoil. All their loans funded and they just kept rolling along. Sometimes it really helps to be the biggest bear in the woods. The inventory of homes for sale in Tucson continues to decline slowly, dropping 4.75% from 9401 listings in August of last year. There was a bump up in inventory of 262 units over last month. Current Tucson housing inventory now stands at 8,954. Mixed signals this month. Inventory down from last year but up from last month, New listings are still dropping, Pending sales up from last year, down from last month, But the best news is that average sales prices are up from both last year and last month Key current month statistics from the Tucson Association of Realtor’s August 2007 Report show: Tucson Home Sales Units: Decreased 24.69% from 1,381 in August of 2006 to 1,019 in August 2007. (Down 79 units from July) Tucson Average Sale Price (all residential types): Increased 2.06% from $268,408 in August 2006 to $273,932 in August 2007. Tucson Median Sale Price (all residential types): Decreased .41% from $220,900 in August 2006 to $220,000 in August 2007. Tucson Active Listings: Decreased 4.75% from 9,401 in August 2006 to 8,954 in August 2007. (Up 262 units from July) Tucson New Listings: Decreased 25.69% from the 3,145 listings added in August 2006 to the 2,337 listings added in August 2007. (Down 429 units from July) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Declining new listings, Average sales prices are up, & a year over year increase in pending sales are positive signs. Negative Market Indicators this month. Decrease in units sold, Median prices fractionally lower, lackluster market. Still a Buyers Market. We seem to be stuck in the summer doldrums right now, just wallowing along testing the bottom. The market is trying to turn up but is struggling at this point. Still some Bargains out there. If you're a buyer, this is a great time to buy a home in Tucson. (Possibly the best buying opportunity we will see for the next generation) The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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August 2007 Tucson Multiple Listing Service Report
Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report | |
