10445 N. Oracle, Suite 121
Tucson, AZ 85737 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-989-6114 Brenda@BrendaOBrienTeam.com 
|
Brenda's Tucson Housing Market Report
June 2008 Tucson Home Sales
Despite the rampant National Economic Bad News the Tucson Real Estate Market continues it's slow climb back to normal.
Inventory Continues To Decline. For the last 4 months inventory has declined each month. January of this year had 9,168 active listings and we are now down to 8,040. This is a huge drop in inventory of over 1100 units since the first of the year!
New Listings Still Declining. New Listings have declined year over year for the last 4 months. This June shows 2,095 new listings which is a huge decline from the 2,820 new listings in June of last year.
Pending Sales Decreased dramatically this month, probably due to the large amount of negative National Economic News. People are very concerned right now and many are sitting on the sidelines with a wait and see attitude.
It Just Takes Time, We are probably in for a couple of rough months as the National Economy shakes itself out. It's hard for buyers to get excited and in a buying frame of mind with all the bad news lately. We expect things to get much better after the November Elections. Watch for this market to slowly sneak up on you as is continues it's gradual improvement over the coming months.
Key current month statistics from the Tucson Association of Realtor’s May 2008 Report show:
Total Tucson Home Sales Units: 1,034, Decreased 24.96% from June 2007. Increased .88% from last month.
Total Tucson Pending Sales: 951, Decreased 53.68% from June 2007. Decreased 35.96% from last month.
Tucson Average Sale Price: $257,449, Down 12.27% from $293,443 in June 2007.
Northwest Tucson Average Sale Price: $303,660, Up from $267,556 last month.
Catalina Foothills Average Sale Price: $443,547 Down from $480,830 last month. Total Tucson Active Listings: 8,140, Down 6.06% from 8,665 in June of 2007.
Northwest Tucson Active Listings: 2,131, Down 41 units from last month.
Catalina Foothills Active Listings: 769, Down 15 units from last month. Total Tucson New Listings: 2,095, Down 25.71% from 2,820 in June of 2007.
Northwest New Listings: 537, Up 34 units from last month.
Catalina Foothills New Listings: 157, Down 21 units from last month. Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Large decrease in Active Listings. Large decrease in New Listings which dropped 25.71% from June 2007. Negative Market Indicators this month. Units sold and average prices were down again this month. We may see this continue for a few more months with the focus on the National Economic Situation and as more foreclosures and desperation sales work through the system. At this point we just need to keep our fingers crossed about the National Economy and hope that turns around in the next few months and we see improvement in all economic sectors across the country. This is one of the few times that national events are having an impact on local real estate conditions. Have Confidence in this Market, It Will Come Back!. We said earlier, it might sneak up on you, so watch for it. When you start seeing positive National Media about the economy, expect to see a significant increase is sales here in Tucson. The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.
