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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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"Tucson is still struggling with excess inventory, Now is a Great time to Buy."
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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 levels have reached the highest number ever in Tucson with 10,185 active listings on the market at the end of March. There are more choices than ever for Buyers in this current market. Homes that are priced appropriately and show well are selling! The Key to selling your home in this market is to price it appropriately, make it easy to show and make sure it shows like a model. Key current month statistics from the Tucson Association of Realtor’s March 2007 Report show: Tucson Home Sales Units: Decreased 20.47% from 1501 in March of 2006 to 1246 in March 2007. (Up 235 units over February) Tucson Average Sale Price (all residential types): Decreased 2.15% from $282,439 in March 2006 to $276,496 in March 2007. (Up $18,109 over February) Tucson Average Days on Market: Increased 32.84% from 45 days in March 2006 to 67 days in March 2007. (Up 2 over February) Tucson Active Listings: Increased 25.61% from 7,577 in March 2006 to 10,185 in March 2007. (Up 235 units over February) Tucson New Listings: Decreased 18.27% from the 3205 listings added in March 2006 to the 2710 listings added in March 2007. (Up 338 units over February) Some quick conclusions we draw from these Tucson home sales statistics are: New listings may be slowing. For the last 2 months new listings coming on the market have dropped over the same period in 2006. February of 2007 had 1375 fewer new listings than 2006. March of 2007 is showing 495 fewer new listings than March of 2006. We will be keeping an eye on this key statistic. Active Listings are now over 10,000 homes. This is the largest number of active listings ever. This continues to be a buyers market with lots of inventory and lots of choices for buyers. Prices are creeping down (Average Price down 2.15%, Median Price up 2.11%) but many sellers are remaining pretty firm on their prices. The Average Sale Price is down $5,943 from March of 2006 but is up $38,119 from March of 2005. Bargains, Yes! Steals, No! With the current excess inventory there are indeed bargains to be had out there. However we are not seeing sellers caving in and giving their homes away. Most sellers are holding out for a reasonable offer and are willing to wait. 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 | |
