Brenda's Tucson Housing Market Report
April 2012

Amazingly Active Listings Continue Sharp Decline!

Green Arrows Across The Board!

Average Days On Market = 73 ~ Sales Price as a % of List Price = 96.70%

We are amazed! This market is much stronger than the general public perceives. It's starting to ramp up & all signs are pointing to an excellent year. We have sold (on average) over 2.5 homes per week so far this year and these aren't distressed properties!

This month's graphic is "Median Sale Price". The colored bars cover the last 6 years. Every single bar (except this March) shows a decline. This is a classic downtrend and as they say in the stock market, "the trend remains in place......until it doesn't".

Well now it doesn't, the March Bar Broke The Trend. We are now in a "sideways market" until a new trend is established. We expect to remain in this "sideways market" for a little while and then expect a new "Up Trend" to be established before the year is out.

Tucson Active Listings: This is amazing, we have shed over a 1,000 units of active inventory since November when there were 5,191 units for sale here in Tucson.

New Listings bump up a little: There were 1,971 New Listings in March compared to 1,623 new listings in March of 2011. In spite of that, total active listings still declined.

Average Sales Price: March stands at $168,153, up from $163,590 in February 2011. Last month we predicted "We are now expecting to see Year over Year prices increasing sometime in the 3rd quarter of this year." Well, we were a little off, it actually happened the very next month! March Average Prices Increased Year over Year for the first time in 6 years!

Days on Market: Now sits at 73 down from 77 last month. This number will almost certainly be lower next month due to the continuing decline of active listings combined with strong sales we are expecting to see in April.

Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed.

Key prior month statistics from the Tucson Association of Realtor’s April 2012 Report show:

Total Tucson Home Sales Units: 1387, Increased 18.65% from March of 2011. Increased 36.11% from last month.

Total Tucson Homes Under Contract: 2,777, Increased 29.04% from March of 2011. Increased 6.07% from last month.

Tucson Average Sale Price: $168,153 UP 2.79% from $163,590 in 2011.
Northwest Tucson Average Listing Price: $213,164 Up from $196,353 last month.
Catalina Foothills Average Listing Price: $384,554 Down from $408,758 last month.

Total Tucson Active Listings: 4,168 Down 37.82% from 6,703 in March of 2011.
Northwest Tucson Active Listings: 1,171 Down 124 units from last month.
Catalina Foothills Active Listings: 472, Down 18 units from last month.

Total Tucson New Listings: 1,971, Up 448 units from 1,623 in March of 2011.
Northwest Tucson New Listings: 514, Up 236 units from last month.
Catalina Foothills New Listings: 203, Up 113 units from last month.

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

Positive Market Indicators this month: Active listings amazingly continue to decline sharply, Units Sold increasing Year over Year AND Month over Month! Sales up Strong and Active Listings down Sharply (Active Listings now approaching 4,000 Units)! Average sales prices are up month over month again and, mark this down, Average Prices Increased Year over Year in March for the first time in 6 years!

Negative Market Indicators this month: There are no negatives in this market at this time! We said it last month and we'll say it again, These are the lowest prices you will see in this market for many years.

Market Outlook: Our spring selling season was incredibly strong this year! There are a few more weeks of strong sales left in this season and then we will gradually switch over to our summer season. Because of the strong start, increasing public awareness that housing is starting to recover and improving economic conditions across the nation we believe that our early summer may well be stronger than normal this year.

It's Buying Time Again, Big Time says Realty Times! "If this isn't the Year of the Dragon for the housing market, it could begin to breathe fire next year."

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

Questions about current Tucson Housing Market Conditions?
Email Brenda or call her Today at 520-918-5968
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