Brenda's Tucson Housing Market Report
August 2010

What a Mess, Choppy Markets, Negative News, Slow Sales

Summer Doldrums: Well, it's official, we're in the summer doldrums now and we're pretty much dead in the water. Slow sales in July indicated a continued lack of confidence in the recovery even though national economic statistics are steadily improving. At some point (hopefully this fall) the public is going to realize that the recession is over and public perceptions about everything will start improving.

It's just the times: This is just a swampy spot which should pass fairly quickly and we expect to see improving market conditions shortly. There are tons of Really Good Deals out there, so if you're starting to get interested, now's a great time to pick up a beautiful new home at a great price.

Sellers must be patient, we know it's hard but it will get better! Trust your realtors recommendations on pricing, you have to be aggressive in times like this or your home will just sit there. Buyers are still "Bargain Hunting".

The economy is definitely improving, almost all economic statistics point to that. The issue is the public doesn't believe it yet. That's about the only thing holding the housing market back, a lack of confidence in the economy. This should start to change and we expect a slow steady climb up to higher levels over the next couple years.

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 August 2010 Report show:

Total Tucson Home Sales Units: 792, Decreased 33.11% from July 2009. Decreased 32.31% from last month.

Total Tucson Pending Sales: 1,703, Increased 38.79% from July 2009. Increased 47.57% from last month.

Tucson Average Sale Price: $192,072, Down 8.87% from $210,767 in 2009.
Northwest Tucson Average Listing Price: $238,101 Down from $265,124 last month.
Catalina Foothills Average Listing Price: $472,803 Up from $424,172 last month.

Total Tucson Active Listings: 6,668, Up 9.76% from 6,075 in July of 2009.
Northwest Tucson Active Listings: 1,674, Down 71 units from last month.
Catalina Foothills Active Listings: 672, Down 44 units from last month.

Total Tucson New Listings: 1,861, Up 19 units from 1,842 in July of 2009.
Northwest Tucson New Listings: 419, Up 41 units from last month.
Catalina Foothills New Listings: 151, Up 19 units from last month.

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

Positive Market Indicators this month: Pending Contracts up huge over last year and also over last month, Active Listings down 2.6% over last month.

Negative Market Indicators this month: Total Units Sold Down in July, New Listings Up very slightly year over year, Average Sales Price down almost 9% from last year and Active listings up 9.76% over this time last year.

Market Outlook: The market is very choppy right now, sales have slowed as we expected and there are a lot of negative statistics in this month's report. Short term we are expecting sales to start picking up in August and accelerating slowly but steadily through the fall season.

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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