Brenda's Tucson Housing Market Report
November 2009

Federal Housing Tax Credit Extended & Expanded!

First Time Homebuyers Details - Move-Up/Repeate Buyers Details

The Market Starts Gearing Up this month. A significant factor this month is the amount of new listings hitting the market as Sellers are putting their homes back on the market in anticipation of an active winter selling season. We expected an increase in listings this year (as opposed to the last 3 years) due to improving market conditions and seller expectations of improving prices. We view this as a positive factor as public confidence is steadily improving.

Strong Buyer Activity was apparent in October as there were 1,021 sales, up more than 20% over the same period last year. Pending Sales are also up dramatically over last year by over 70%

The Weather is Beautiful! That always makes showing homes to potential buyers much more pleasant for all. Remember, many buyers arriving now are coming from Cold and even Snow! This nice weather really gets their juices flowing. Lots of fun showing homes this time of year.

Short Sales & Foreclosures are still a factor in our market as in most other markets. This will remain with us for awhile yet but should slowly start diminishing over the course of the next year or so. As these distress sales clear the books we will start to see average sales prices start a steady climb up to higher levels.

Fall has Arrived, Let the Selling Begin!. We are more excited this year than any of the past 3 years about this upcoming season. There are great opportunities for buyers still available today that probably won't be there next season. We are also excited that many sellers who have been waiting, waiting and waiting will finally see their homes sell and they can move on to whatever their future holds. We should have lots and lots of happy buyers and sellers this fall and winter.

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

Total Tucson Home Sales Units: 1,021, Increased 20.69% from October 2008. Increased 8.04% from last month.

Total Tucson Pending Sales: 1,287, Increased 70.46% from October 2008. Decreased 3.45% from last month.

Tucson Average Sale Price: $195,733, Down 13.56% from $226,435 in 2008.
Northwest Tucson Average Sale Price: $240,118 Up from $239,429 last month.
Catalina Foothills Average Sale Price: $431,410 Up from $412,724 last month.

Total Tucson Active Listings: 6,213, Down 22.22% from 7,988 in October of 2008.
Northwest Tucson Active Listings: 1,599, Up 67 units from last month.
Catalina Foothills Active Listings: 673, Up 23 units from last month.

Total Tucson New Listings: 2,048, Up 16 units from 2,032 in October of 2008.
Northwest Tucson New Listings: 530, Up 68 units from last month.
Catalina Foothills New Listings: 186, Up 55 from last month.

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

Positive Market Indicators this month. Total Units Sold up strongly over last month and last year. Pending Sales up huge again this month (Up 70% from October 2008!) Active listings down over last year by 22%, but up slightly over last month. Days on market drop from 80 to 71.

Negative Market Indicators this month. New Listings up this month, Average Price down slightly this month.

Sellers are feeding inventory back into the system steadily expecting strong sales this fall. We hope that occurs and expect it to. We are out with buyers almost constantly now and the calendar is filling up rapidly for the next few months. We're hoping to raise a toast on New Years Eve to a fantastic finish to 2008:-)

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

November 2009 Tucson Multiple Listing Service Report

November 2009 Housing Report - Northwest Tucson

November 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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