Brenda's Tucson Housing Market Report
July 2009

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June was a very Strong Month. Citywide Pending Contracts were up more than 50% over last year. This statistic shows there are Lots of Buyers out there looking and writing contracts!

We're still seeing lots low ball offers but that is starting to change as buyers are missing out on the homes of their choice consistently. Sellers Are Not Giving their homes away and are, for the most part, just ignoring low ball offers. It's a learning curve, buyers sometimes need to loose a couple homes before they learn they will have to make a reasonable offer. This market is slowly changing to a more balanced market.

Summer starting out strong as predicted. This summer is off to a good strong start and we expect that to continue. More and More buyers are coming ready to buy, they sold their place back home and are ready to make the move.

More Positive National Real Estate News. We're starting to see more positive news about the National Economy and the Housing Market in general. This trend will gain momentum as the Media and then the Public start making the switch over from the doom & gloom of the last couple years to Positive Perceptions about the next few years. It's a basic cycle and as predictable as the sun coming up every day.

Look for continuing improvement in our market, as summer progresses and hopefully an even stronger fall and winter season coming up. Have fun with your families this summer!

Key prior month statistics from the Tucson Association of Realtor’s July 2009 Report show:

Total Tucson Home Sales Units: 1139, Increased 6.45% from June 2008. Increased 11.23% from last month.

Total Tucson Pending Sales: 1,432, Increased 50.58% from June 2008. Increased 9.98% from last month.

Tucson Average Sale Price: $208,952, Down 18.78% from $257,272 in 2008.
Northwest Tucson Average Sale Price: $263,894 Up from $247,269 last month.
Catalina Foothills Average Sale Price: $387,620 Down from $413,802 last month.

Total Tucson Active Listings: 6,261, Down 23.08% from 8,140 in June of 2008.
Northwest Tucson Active Listings: 1,626, Down 56 units from last month.
Catalina Foothills Active Listings: 740, Down 62 units from last month.

Total Tucson New Listings: 1,892, Down 9.69% from 2,095 in June of 2008.
Northwest Tucson New Listings: 454, Up 21 units from last month.
Catalina Foothills New Listings: 145, Down 38 units from last month.

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

Positive Market Indicators this month. Active Listings continue their steady decline. It's possible we will dip under 6,000 active listings either in July or August for the first time since 2005. Prices still sliding year over year but increasing month over month. This is a solid indicator that the market is starting back up, lets hope it continues. Units Sold Up month over month & year over year, Pending Sales were huge this month, up over 50% over last year. New listings down almost 10% from this time last year.

Negative Market Indicators this month. Will the foreclosures and short sales ever end? Yes they will! They're going to be with us for awhile yet but the market is starting to overcome this negative component.

Past the Bottom, Yes We Are! We Remain Convinced we're past the bottom! Prices appear to have hit dead bottom in April of this year. We have had slight, but significant, percentage increases in sales prices the last 2 months. While 2 months does not a trend make, we are very hopeful that this will continue. From a statistical viewpoint it almost has to, with increasing sales and decreasing inventory, prices appear to have nowhere to go but up.

We touched on this last month but you might want to start watching the Northwest or Catalina Foothills Specific Area Reports below. These Reports are graphical in nature and present the approximate months of inventory by various zip codes across the city. Look at your Zip Code and see how your area compares with others in town. Most pundits consider 6-7 months of inventory to be a Balanced Market.

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

July 2009 Tucson Multiple Listing Service Report

July 2009 Housing Report - Northwest Tucson

July 2009 Housing Report - Catalina Foothills

2008 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2008 Year End Tucson Housing Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
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