Tucson Real Estate Agent - Brenda O'Brien
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

Brenda's Tucson Housing Market Report
November 2007 Tucson Home Sales

"December Doldrums are upon us, market still bottoming"

Yes, the annual December Doldrums are upon us, in fact look how long it took the Tucson Association of Realtors to release the November Statistics. It takes them longer every month, amazing in this day and age with the technology available. Come on you guys, people want to know this stuff!

December is always slow for us as both buyers and sellers turn their thoughts to the holidays and that is as it should be. Family & friends count for more that home sales statistics and numbers. With that being said, this months numbers continue to improve slowly.

For the 6th straight month Active Listings are less than they were for this time period a year ago. Ditto for new contracts being opened, more this year than last. That means more sales are occurring folks!

And most importantly, fewer new listings coming to market. There were over 150 less new listings added this November as compared to last November!

We've been singing this song for a few months now, More Sales, Fewer New Listings, Less Inventory all point to an improving market. We must recognize though, that this turn around is going to take some time. We still have a Lot of Inventory to work through and it is just going to take awhile.

Have patience, there is a light at the end of the tunnel! We expect this market to go sideways to gradually improving over the next several months.

Time to Buy? You Bet! Interest rates are at almost historic lows, bargains are still available and we are approaching the end of the cycle.

Key current month statistics from the Tucson Association of Realtorís November 2007 Report show:

Tucson Home Sales Units: Decreased 23.% from 982 in November of 2006 to 759 in November 2007. (Down 31 units from October - seasonal trend)

Tucson Average Sale Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.

Tucson Median Sale Price (all residential types): Decreased 2.3% from $218,000 in November 2006 to $213,000 in November 2007.

Tucson Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.

Tucson New Listings: Decreased 7.65% from the 2,380 listings added in November 2006 to the 2,224 listings added in November 2007. (Down 175 units from October)

Some quick conclusions we draw from these Tucson home sales statistics are:

Positive Market Indicators this month. Current Inventory continues to Decline (slowly!), Pending contracts are up (2.13%) and New Listings are down. These are all positive signs of an improving market.

Negative Market Indicators this month. Median sales price is down slightly (2.3%). Total units sold are down again following the normal seasonal trend.

Fewer Bargains out there. The Snowbirds are coming, The Snowbirds are coming! We are all anxiously awaiting the annual migration of winter visitors. The market gets very active in the coming few months as new visitors discover our beautiful community and consider maybe purchasing a home here.

Busy Spring Season is almost here. We are still anticipating a Very Active Market in the spring of 08. With interest rates trending back down slightly and a lot of pent up demand in the system we should be very busy this spring.

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

November 2007 Tucson Multiple Listing Service Report

Brenda's 2006 Year End Tucson Housing Report

2006 (Year in Review) Tucson Multiple Listing Service Report

Questions about current Tucson Market Conditions?
Email Brenda or call her Today at 520-918-5968

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