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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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"We Are Still Calling The Bottom!"
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We've been calling the bottom in the Tucson Housing Market for the last 2 or 3 months and October's data from the Tucson Multiple Listing Service again indicates we may be turning the corner. For the 5th month in a row Active Listings have declined on a year over year basis. For the 5th month in a row New Contracts being opened have increased year over year. These two key statistics indicate that there are more buyers coming into the market and there is less inventory for them to choose from. Real Estate is pure and simple a Supply & Demand situation. As Supply Declines and Demand Increases prices must eventually begin to rise. We are starting to feel the first twinges of excitement in this market. People are beginning to believe that we are turning the corner! It's Probably time to Buy! Interest rates are still low, bargains are still available (but not as many) and we are heading into our busy spring season. If you are even considering a Tucson home purchase, get out there and start looking around, this opportunity probably won't last much longer. Key current month statistics from the Tucson Association of Realtor’s October 2007 Report show: Tucson Home Sales Units: Decreased 27.85% from 1,095 in October of 2006 to 790 in October 2007. (Up 107 units from September) Tucson Average Sale Price (all residential types): Decreased 1.72% from $266.854 in October 2006 to $262,251 in October 2007. Tucson Median Sale Price (all residential types): Decreased .71% from $211,500 in October 2006 to $210,000 in October 2007. Tucson Active Listings: Decreased .25% from 9,336 in October 2006 to 9,313 in October 2007. (Down 23 units from October 2006) Tucson New Listings: Decreased 16.97% from the 2,886 listings added in October 2006 to the 2,399 listings added in October 2007. (Down 98 units from September) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Current Inventory continues to Decline, Pending contracts are up and New Listings are down. These are all positive signs that this market is starting to turn around. Negative Market Indicators this month. Both The Average sales price and the Median sales price are down by small amounts, 1.72% and .71% respectively. Total units sold is also down which follows a seasonal trend as people turn to holiday preparations. Fewer Bargains out there. There are fewer bargains available with each passing day as sellers begin to anticipate the flood of snowbirds which will soon be arriving. Many Sellers are deciding to hold out in anticipation of a busy spring sales season. The Snowbirds are coming. We are starting to see more and more out of state license plates as we drive around town. The annual migration of snowbirds builds slowly through the fall season and reaches it's peak in January as town fills up right after the holidays. We are still anticipating a Very Active Market in the spring of 08. The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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October 2007 Tucson Multiple Listing Service Report
Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report | |
