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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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"Stay Tuned, we may have just passed the turn around point!"
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This month's headline comment "Stay Tuned, we may have just passed the turn around point!" was actually our closing comment in Last Months report and it is looking like that prediction might turn out to be right on the money. The big news Again This Month is that the inventory of homes for sale in Tucson is still dropping! For the first time this year, inventory has dropped below the same period last year! The Current inventory is down to 8,665 homes which is 1,056 LESS than last months number of 9,721. This is a significant reduction in inventory. Lots of Positive Signs this month. Inventory is dropping, New listings coming on the market are dropping, Pending sales are up, and The Average Sales Price is up to All Time Record Levels! Key current month statistics from the Tucson Association of Realtor’s April 2007 Report show: Tucson Home Sales Units: Decreased 19.55% from 1,524 in June of 2006 to 1,226 in June 2007. (Down 87 units from May) Tucson Average Sale Price (all residential types): Increased 9.05% from $273,701 in June 2006 to $298,477 in June 2007. (Up $17,888 from May) Tucson Average Days on Market: Increased 39.13% from 46 days in June 2006 to 64 days in June 2007. (Up 3 from May) Tucson Active Listings: Decreased 0.69% from 8,725 in June 2006 to 8,665 in June 2007. (Down 1,056 units form May) Tucson New Listings: Decreased 12.75% from the 3,232 listings added in June 2006 to the 2,820 listings added in June 2007. (Down 140 units from May) This is the 3rd month in a row where new listings have decreased by more than 6%! Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Declining Inventories, a reduction in new listings and increasing average prices all point to a possible reversal of market conditions. We will be watching all these key indicators closely, if these trends continue we are probably past the worst of it and may very well see an upturn in the Tucson Housing Market, starting right now! Still a Buyers Market (but starting to change). We are technically still in a buyers market with lots of inventory, but that appears to be starting to change. If inventory continues to drop, expect to see sellers becoming more firm on their pricing and more willing to wait for a good offer. Prices are starting to climb back up (Average Price Up 9.05%, Median Price up 1.78%) This month saw a significant average price increase of 9% over last year at this time. The Average Tucson Home Sales Price is up $24,776 from June of 2006. Still some Bargains, but not as many Looks like we are starting to burn through some of the inventory. It will be interesting to see if this trend continues. If you are considering a buying a home in Tucson; The next few months will probably be the best time to buy for quite some time. The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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June 2007 Tucson Multiple Listing Service Report
Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report | |
