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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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"Lots of Positive Signs this Month!"
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The Tucson Housing Market appears to be trying to turn the corner. Lots of positive signs this month indicating that the market is stabilizing. Contrary to all the negative media, Tucson's market is alive and well! Compared to many parts of the country we are doing just fine here. Yes, we had a big run up in 04 & 05, but then we went pretty much flat. We have not seen the big declines in price that other areas have experienced. We are almost two years into this "correction" and should be starting to climb out of it. All the statistical information appears to support that theory. The inventory of homes for sale in Tucson continues to decline slowly, dropping 1.15% from 9,297 listings in September of last year. This is the 4th month in a row showing less inventory than the prior year. It's Probably time to Buy! While no one can read the future, we believe that this is a great time to buy a home in Tucson. Housing markets are historically cyclical in nature and we appear to be reaching the optimum time in the cycle to buy. Key current month statistics from the Tucson Association of Realtor’s August 2007 Report show: Tucson Home Sales Units: Decreased 36.58% from 1,077 in September of 2006 to 683 in September 2007. (Down 336 units from July) Tucson Average Sale Price (all residential types): Increased 9.95% from $253,781 in September 2006 to $279,025 in September 2007. (This is $25,244 More than Sept of 2006!) Tucson Median Sale Price (all residential types): Increased 2.38% from $210,000 in September 2006 to $215,000 in September 2007. Tucson Active Listings: Decreased 1.15% from 9,297 in September 2006 to 9,190 in September 2007. (Up 236 units from August) Tucson New Listings: Decreased 14.10% from the 2,907 listings added in September 2006 to the 2,497 listings added in August 2007. (Down 410 units from September of 2006!) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Current Inventory continues to Decline year over year, Both Average & Median sales prices are up, 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. The only real negative sign this month is the decrease in units sold which is partially attributable to the mortgage industry shakeup of the last couple months as some closings were delayed or canceled. Still some Bargains Left. There are some bargains out there now but they are starting to dwindle. Sellers also know we are reaching the end of the cycle and many are holding firm to their prices. Snowbirds are starting to think of heading south. We are rapidly approaching our "Snowbird Season" and one of our Prime Selling Seasons here in Tucson. We are 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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September 2007 Tucson Multiple Listing Service Report
Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report | |
