Brenda's Tucson Housing Market Report
June 2009

Summer's Finally Here! Yea! Pool Parties, BBQ's and Vacations!

May Continued Strong!. We were very busy in May and had Several Sales so we have a bunch of happy Buyers and Sellers we are working with now to get those transactions closed. Lots of Buyers out there looking and writing contracts!

We're seeing a slight shift in market dynamics as sellers are consistently spurning low ball offers. Buyers are still trying to low ball their offers and most are loosing out to better offers. It will take a little while until buyers realize that those "Low Ball Days" are on their way out. Sellers are looking for, expecting and receiving better offers now than they were a few months ago and this is another sign of a slowly improving market.

We Expect a Strong Summer Ahead. This summer should be great for sales here as many of the early spring sales in other parts of the country are starting to close. Many of those folks will be buying here and we are already seeing buyers arrive saying that they sold their property back home and they're ready to buy. This should continue throughout the summer.

Improving Stock Market good for Real Estate. The recent improvements in the Market are also helping bolster the real estate market. As people are beginning to recover a bit of lost ground they are feeling a little better about jumping into real estate. Many of the senior set are saying, never again, I am not going to go through another stock market correction. I want some tangible assets like a HOME!

It's Gonna Be a Fun Summer, take some time out of your busy days and make sure to enjoy it. We need to be sure to enjoy life along the way!

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

Total Tucson Home Sales Units: 987, Decreased 7.76% from May 2008. Increased 6.93% from last month.

Total Tucson Pending Sales: 1,302, Decreased 12.32% from May 2008. Decreased 3.20% from last month.

Tucson Average Sale Price: $204,125, Down 19.07% from $252,216 in 2008.
Northwest Tucson Average Sale Price: $247,269 Up from $222,495 last month.
Catalina Foothills Average Sale Price: $413,802 Down from $393,110 last month.

Total Tucson Active Listings: 6,506, Down 23.70% from 8,527 in May of 2008.
Northwest Tucson Active Listings: 1,682, Down 136 units from last month.
Catalina Foothills Active Listings: 802, Down 20 units from last month.

Total Tucson New Listings: 1,704, Down 25.33% from 2,282 in May of 2008.
Northwest Tucson New Listings: 433, Up 16 units from last month.
Catalina Foothills New Listings: 183, Up 21 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. The last time we had this few active listings was way back in January of 2006 when there were 6499 actives. Sales prices continue to fall on a year over year basis (although they were up over 6% from last month). This year over year decrease means our homes are becoming more and more affordable. New listings down over 25% from this time last year.

Negative Market Indicators this month. We are still seeing heavy activity in the foreclosure and short sales segments of the market. Eventually this will slow down and stop depressing the market.

Past the Bottom. We're convinced now that we're past the bottom! We are Very Busy and starting to generate sales again. The market psychology is changing and we are seeing more and more buyers loosing out on homes because they are still thinking they can low ball the sellers. Many sellers are now just ignoring low ball offers as they know the market is starting to improve.

If you haven't looked at them yet, take a look at page 3 of the Northwest or Catalina Foothills Reports below. They show the approximate months of inventory by various zip codes across the city. Almost all area's are now well under 12 months. 6-7 months of inventory is considered by most to be a balanced market and it is easy to see that we are getting pretty close to those numbers.

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

June 2009 Tucson Multiple Listing Service Report

June 2009 Housing Report - Northwest Tucson

June 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?
Email Brenda or call her Today at 520-918-5968
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