Brenda's Tucson Housing Market Report
September 2009

August saw Continued Improvement
Pending Sales Up 45% over August of 2008

Pending Sales Up Huge! Some of this is related to slightly longer closing times due to a slew of new banking regulations but it is still a good indicator that the market is improving. We saw a dip in August sales from July, but 2009 August Sales were Up 6.18% over 2008 sales. We also saw a slight dip in average sales price this month (after 3 months of increases) which we anticipated due to the regular little slump at the end of each summer.

Buyer confidence is increasing! We are getting more and more comments about the "Recovery" as the national psychosis slowly swings from pessimism to optimism. The national news is now almost all positive about the country coming out of the recession and people are starting to believe it.

Recent Good Press: We are seeing lots of National Press lately about Tucson and the real estate values here. This one from NuWire Investor Top 10 US Real Estate Markets For 2009 names Tucson as the #10 Top Market in the US!

Short Sales & Foreclosures: Interestingly, we are seeing buyers turn away from short sales lately. Not wanting to deal with the Lengthy Wait Times, Uncertainty, Competition & Lengthy Closings they are turning to the resale market and quickly getting the home they want.

We are looking for a strong fall season. We expect September, October & November to be good, December to be slow and the spring to be Great!

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

Total Tucson Home Sales Units: 980, Increased 6.18% from August 2008. Decreased 17.23% from last month.

Total Tucson Pending Sales: 1,274, Increased 45.1% from August 2008. Increased 3.83% from last month.

Tucson Average Sale Price: $199,626, Down 15.32% from $235,755 in 2008.
Northwest Tucson Average Sale Price: $249,032 Up from $232,705 last month.
Catalina Foothills Average Sale Price: $416,922 Down from $501,231 last month.

Total Tucson Active Listings: 6,062, Down 21.91% from 7,763 in August of 2008.
Northwest Tucson Active Listings: 1,504, Down 31 units from last month.
Catalina Foothills Active Listings: 698, Up 7 units from last month.

Total Tucson New Listings: 1,808, Down 147 units from 1,952 in August of 2008.
Northwest Tucson New Listings: 415, Down 3 units from last month.
Catalina Foothills New Listings: 158, Exactly the same as 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. We're now down to 6,062 Actives, we're surprised that did not drop under 6,000 in August. Might get under 6,000 in September although we often see a slight surge in new listings as we enter fall in anticipation of early snowbirds. Prices still down year over year but a new upward trend has begun, although we had a slight month over month dip in August. Units Sold Up year over year, Pending Sales up Huge this month (up 45% over same period last year). New listings down again this month.

Negative Market Indicators this month. Slight dip in average sale price & that's about the only negative we find in this months report.

Just For the Statistics Lovers: Last month we touched on statistics and how we would soon start to see other trend lines crossing. Well August had one! The Days on Market Trend line crossed decisively below the 2008 trend line dropping from 80 days last month to 71 days in August! This is the 1st Positive Trend Line Reversal in this indicator in over 4 years!

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

September 2009 Tucson Multiple Listing Service Report

September 2009 Housing Report - Northwest Tucson

September 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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