10445 N. Oracle, Suite 121
Tucson, AZ 85737 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-989-6114 Brenda@BrendaOBrienTeam.com 
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Brenda's Tucson Housing Market Report
September 2008 Tucson Home Sales
It's The Economy Stupid! Remember that one, well it's back in Spades!
People are sitting on the sidelines These are very unusual times and most folks are taking a wait and see attitude. Only people who must buy are buying. Those folks plus a few brave and contrarian investors. September was actually pretty good, then the economic mess hit the news. October could be a real challenge. Waiting on the Election We have to get past this election and hope some of the economic "fixes" implemented by congress start kicking in. May be Tough Sledding for a couple months It's all about confidence and right now there is none in the market. Eventually this will shift and confidence will come back in and things will get better, but for now it looks pretty rough for a couple more months. Wait & See, This is as tough of a market as we have seen in recent history. If you have to sell now, it is critical to Price your Home correctly. Everybody knows we're at the bottom and things will be more positive a year from now but right now it's difficult if you are a seller. This is the time you really need the best help you can get if you have to sell your home. If you are a buyer, Now is the Time! Start buying with both fists! Key current month statistics from the Tucson Association of Realtor’s September 2008 Report show: Total Tucson Home Sales Units: 934, Increased 20.67% from September 2007. Increased 3.43% from last month. Total Tucson Pending Sales: 836, Decreased 15.47% from September 2007. Decreased 4.87% from last month. Tucson Average Sale Price: $217,397, Down 20.19% from $272,396 in September 2007.Northwest Tucson Average Sale Price: $264,560, Down from $264,766 last month.
Catalina Foothills Average Sale Price: $374,440 Down from $462,475 last month. Total Tucson Active Listings: 7,858, Down 14.49% from 9,190 in September of 2007.
Northwest Tucson Active Listings: 1,949, Up 3 units from last month.
Catalina Foothills Active Listings: 740, Up 24 units from last month. Total Tucson New Listings: 2,039, Down 18.34% from 1,952 in September of 2007.
Northwest Tucson New Listings: 499, Up 20 units from last month.
Catalina Foothills New Listings: 159, Up 14 units from last month. Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Large decrease in New Listings which Decreased from 2,497 in September of 2007 to this September's 2,039. The reduction in average sales price is beginning to attract attention as people realize that our prices have dropped considerably and this is a great time to pick up a bargain. First Crossover Month in 33 Months! This is the first month in almost 3 years where the current month's unit sales exceeded the prior year same month. Very Positive, but may be lost in all the noise about the economy. This is however a glimpse of things to come. Negative Market Indicators this month. The National Economy is a Mess and people are scared. Many are sitting on the sidelines hoarding cash till things settle down. We need to get past this election and thru this difficult economic period so that confidence can come back into the market. This is a wildcard in the whole situation, the economy being as bad as it is. This will take some time to work out. It's going to be slow for the next few months, but we do expect this market to be much better and more active in a few months, once we are past the election and things settle down. We are hoping that Spring will be Good! The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.
