Brenda's Tucson Housing Market Report
Underlying Statistics Continue To Improve
Top 5 U.S. Housing Markets: Where Home Prices Will Grow in 2012
During the next two years, financial-services-technology firm Fiserv projects that these markets will see the biggest price increases: Tacoma, Wash. (24.9%), Palm Bay, Fla. (18.3%), Seattle (10.2%), Tucson (10.2%) and Memphis (10.%).
Average Days On Market = 76 ~ Sales Price as a % of List Price = 95.34%
Sales Volume Increasing Year over Year: Sales Volume (Total Dollars of Sales) did dip slightly as predicted last month but still shows an increase of almost 28% over the same period last year. We still expect the next 3 or 4 months to be slightly soft (but still much better than last year).
Days on Market: Dropped again this month to 76. As recently as last January we were at 108 Days on Market. This is one of those underlying statistics that just keeps improving.
Active Listings Now Below 5,500: Active listings continue steady decline as the market continues to absorb the distressed properties in the system. Distressed properties are being liquidated at a faster rate than they are be put on the market, a very positive underlying statistic.
We're still honoring our "Early Call" of last month (see below) although what a crazy time it's been in the national political & economic arena. It doesn't matter which side of the isle you're on, we can all pretty much agree that Washington is busted, the system is just not working.
Last Month's Early Call: This is an early call, but before long we will start seeing some "buyer urgency" return to our market as the prices start moving up and inventory continues to decline. It's kinda like a mass psychosis, when people start fearing that they are going to miss the boat, their urgency level goes way up. Look for this to start showing up in the spring or late fall of 2012.
There's a lot of turmoil in all the financial markets and people worldwide are wondering where in the heck is a safe place to put my money. Well, I'm sure you won't be surprised when we say Real Estate! Particularly a Primary Residence.
Gold is at record high's, the Stock Market is tanking and who know's what's next. We even saw some talking heads on TV last night talking about putting it in your Mattress. Real Estate is at Record Lows (remember the buy low sell high concept), and you can actually use & enjoy the asset as you wait out the financial storms.
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 2011 Report show:
Total Tucson Home Sales Units: 1,124, Increased 41.92% from July 2010. Decreased 14.33% from last month.
Total Tucson Homes Under Contract: 2,009, Increased 102.93% from July 2010. Decreased 7.12% from last month.
Tucson Average Sale Price: $173,141 Down 9.86% from $192,072 in 2010.
Northwest Tucson Average Listing Price: $228,378 Up from $202,445 last month.
Catalina Foothills Average Listing Price: $451,344 Up from $446,490 last month.
Total Tucson Active Listings: 5,412 Down 18.84% from 6,668 in July of 2010.
Northwest Tucson Active Listings: 1,337 Down 85 units from last month.
Catalina Foothills Active Listings: 543, Down 17 units from last month.
Total Tucson New Listings: 1,101, Down 760 units from 1,861 in July of 2010.
Northwest Tucson New Listings: 243, Down 61 units from last month.
Catalina Foothills New Listings: 96, Down 11 units from last month.
Some quick conclusions we can draw from these Tucson home sales statistics are:
Positive Market Indicators this month: Sales volume continues up Year over Year, Units Sold increasing Year over Year, Days on market continues steady decline, Inventory Declining with Active listings now at 6 year lows, New Listings this month are less than any July in the last 10 YEARS!
Negative Market Indicators this month: The only negative in this market is that prices are still declining, although the rate of decline has slowed. The Banking System is the problem, banks are still very tight making new loans difficult for all but the most patient and qualified buyers.
Market Outlook: July was good, better than we expected. We still expect a lackluster market in the next couple months, especially with all the current political and financial turmoil. We still expect things to pick up as usual this Fall as things settle down and the snowbirds start coming back.
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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