Brenda's Tucson Housing Market Report
May 2009

Summer's Just Around the Corner, Market Still Improving

April Was Very Busy!. There were 1,345 Pending Sales in Tucson in April which is 137 More than in March! We were very very busy as were many of the agents in our office.

We're seeing sales increasing across the country as spring hits in full force. Many of the folks waiting to buy here need to sell homes "Back There" before they can buy here and those areas that were buried with snow a month or two ago are now full of grass and flowers. Spring is a big selling season across most of the country and spring sales there will translate to summer and fall sales here.

Positive Signs out of the White House. We're also starting to see positive comments out of the White House and the Financial Markets are loosening up. All this is helping the Stock Market and that's going to be very positive for Real Estate!

It's Sorta like a Marathon Race. Brenda recently completed a Half Marathon up in Phoenix (Yea Brenda!!!) and this market kinda reminds me of that. We're in the warm up stage right now, We're all stretching, getting ready and thinking positive thoughts. Pretty soon we'll be starting the race. Marathons are slow and steady, (at least for most people) so this market will be the same, a steady advancement throughout the course. Then as the end of the race approaches, a couple (or a few) short years down the road there will be another mad rush for the finish line as this cycle tops out.

It's Gonna Be Fun, watching our little "Marathon of Real Estate" as we progress through the next few years.

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

Total Tucson Home Sales Units: 882, Decreased 13.1% from April 2008. Decreased 1.12% from last month.

Total Tucson Pending Sales: 1,345, Decreased 13.06% from April 2008. Increased 11.34% from last month.

Tucson Average Sale Price: $193,351, Down 22.8% from $253,729 in 2008.
Northwest Tucson Average Sale Price: $222,495 Down from $252,622 last month.
Catalina Foothills Average Sale Price: $393,110 Down from $427,377 last month.

Total Tucson Active Listings: 6,890, Down 21.78% from 8,808 in April of 2008.
Northwest Tucson Active Listings: 1,818, Down 134 units from last month.
Catalina Foothills Active Listings: 822, Down 20 units from last month.

Total Tucson New Listings: 1,703, Down 30.23% from 2,441 in April of 2008.
Northwest Tucson New Listings: 417, Down 47 units from last month.
Catalina Foothills New Listings: 162, Down 32 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 MLS has introduced a New Graphic showing Active Inventory on the Top Line and Home Sales on the Bottom Line.

This Graph perfectly illustrates what we've been harping on for the last several months, mainly that Inventory has been in an almost steady decline from the top back in late 2006. It also shows that while sales have been bouncing along the bottom there has been a definite uptrend in the last several months. As these trends continue to converge this market will improve! Prices will start firming up then begin a gradual climb back up, Sales will increase as buyers realize that the next upturn has started and we will move back towards a "Normal Market". This Graphic & another new one showing Absorption Rates can be found at the end of the Tucson Multiple Listing Report thru the link below.

Other Positive Factors include Pending Sales Up more than 11% from Last Month and Days on Market appear to be starting to trend down slightly. Also we are starting to sense a more positive attitude across the country about the economy. Not a lot yet, but starting to see a few positive signs.

Negative Market Indicators this month. Our only real negative in this whole market at this time is the continued flood of foreclosure and short sales that are holding things down. Other than that, this is a normal market working it's way up off the bottom of a normal cycle. As soon as these distressed properties get washed out of the system we will be back to a healthy market.

Past the Bottom. We're convinced now that we're past the bottom! We are Very Busy and starting to generate sales again. Things are moving, buyers have enthusiasm and we are seeing little spurts of buyer urgency as they know that Now's The Time!

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

May 2009 Tucson Multiple Listing Service Report

May 2009 Housing Report - Northwest Tucson

May 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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