Brenda's Tucson Housing Market Report
November 2008 Tucson Home Sales

Seasonal Slowdown + Economic Turmoil means Slow Sales

Our Seasonal Slowdown is upon us. That coupled with the Turmoil in the Economic Situation throughout the country is hurting real estate sales almost everywhere, including Tucson. This time of year is always slow for sales as people are concentrating on the holidays and this year is no exception.

Lots of Economists predict that 2009 will also be slow as we start to climb out of the economic mess the country is in right now. We are still hopefully though that Tucson will fare better than many due to all the positive things we have going for us. The Weather, Cost of Living and the decline in housing prices are all attractive inducements to buyers.

What will the new President do?, That's the big question. But all indications are that he is hard at work assembling a team and starting to get ready to take over the reins in late January. It is apparent to all that the new administration must first work on getting the economy back on track.

Once the Public sees some improvements in the economy the mood should begin to shift people start spending money again. That's what we need to get the housing market across the country active and vibrant again.

It's Going To Take Time. None of this is going to happen overnight but hopefully we will have a little jump start here as the first 4 or 5 months of the year are our busy season and at least some of those visitors will be looking to purchase homes.

December will be very slow, but we do hope to see improving market conditions starting in January and February.

Key current month statistics from the Tucson Association of Realtor’s November 2008 Report show:

Total Tucson Home Sales Units: 635, Decreased 21.6% from November 2007. Decreased 22.84% from last month.

Total Tucson Pending Sales: 677, Decreased 25.6% from November 2007. Decreased 9.69% from last month.

Tucson Average Sale Price: $215,913, Down 19.07% from $266,794 in 2007.
Northwest Tucson Average Sale Price: $248,333 Down from $257,001 last month.
Catalina Foothills Average Sale Price: $377,260 Down from $577,227 last month.

Total Tucson Active Listings: 7,996, Down 13.41% from 9,234 in November of 2007.
Northwest Tucson Active Listings: 2,011, Up 45 units from last month.
Catalina Foothills Active Listings: 764, Down 18 units from last month.

Total Tucson New Listings: 1,615, Down 27.38% from 2,224 in November of 2007.
Northwest Tucson New Listings: 421, Down 44 units from last month.
Catalina Foothills New Listings: 148, Down 34 units from last month.

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

Positive Market Indicators this month. New Listings continue to decline. Days on market has started creeping lower over the last few months, from 82 in September to 76 in November.

Negative Market Indicators this month. Total Unit Sales, Pending Sales and Average Price are all down again this month, year over year.

We are probably at the bottom of the barrel. Almost all reports continue to show lack of buyer confidence and a reluctance to move into real estate while we are going thru these economic woes. It's still all about the economy and we just have to wait it out. Hopefully it won't take as long as many are predicting.

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

November 2008 Tucson Multiple Listing Service Report

NEW 2008 November Housing Report - Northwest Tucson

NEW 2008 November Housing Report - Catalina Foothills

2007 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2007 Year End Tucson Housing Report

Long Realty 2007 Year End Market Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
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