Brenda's Tucson Housing Market Report
December 2010

November much better than October - Happy Holidays to All!

Average Days On Market = 96 ~ Sales Price as a % of List Price = 94.31%

November Better than October for sure: By almost all benchmarks November was an improvement over October. Better, but still not great. The public is back to focusing on the economy which is on everyone's mind. Looks like the Bush Tax Cuts will be extended for a couple years which is probably good news for the economy, at least in the near term.

Mixed Reviews on Recovery: You can hear just about any prediction on the economy that you want. Many of the talking heads on TV are saying the "Emerging Markets" will lead us out of this global meltdown. What in the heck does that even mean? Gobble-de-gook, that's what.

What this country needs is Jobs! Congress needs to pressure lenders nationwide to clear the roadblocks & get busy lending money. The banks are basically still frozen and not lending yet. We need businesses hiring workers & creating jobs. People having money to spend & people buying homes! That's what will get this recovery going.

It's Time to Buy: I know, I know, we've been beating that drum for months, but it's still true! Home affordability is better than it's been for years and interest rates are at lifetime lows. Don't try to catch the exact bottom, pick your dream home now and lock it in! If you wait you risk prices rising or a spike in interest rates as lenders start raising rates in anticipation of coming inflation.

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 December 2010 Report show:

Total Tucson Home Sales Units: 800, Decreased 20.87% from November 2009. Decreased 6.38% from last month.

Total Tucson Homes Under Contract: 1,900, Increased 100.63% from November 2009. Increased .05% from last month.

Tucson Average Sale Price: $180,736 Down 4.06% from $188,384 in 2009.
Northwest Tucson Average Listing Price: $234,602 Up from $228,916 last month.
Catalina Foothills Average Listing Price: $473,037 Up from $368,723 last month.

Total Tucson Active Listings: 7,455, Up 7.40% from 6,350 in November of 2009.
Northwest Tucson Active Listings: 1,936, Down 10 units from last month.
Catalina Foothills Active Listings: 738, Up 24 units from last month.

Total Tucson New Listings: 1,440, Down 353 units from 1,793 in November of 2009.
Northwest Tucson New Listings: 351, Down 58 units from last month.
Catalina Foothills New Listings: 129, Down 35 units from last month.

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

Positive Market Indicators this month: Units under Contract up again year over year. Total homes under contract up 100% over November 2009. New listings are down 8% form same period last year & down 15% from last month. Average sales price up 2% from last month.

Negative Market Indicators this month: Active Listings remain stubbornly over 7,000, Average Sales Price down 4% from last year. Total home sales down 20% from same period last year.

Market Outlook: We're in the traditionally slow holiday period and expect everything to slow down in December as attention switches to the holidays. Our early December sales are scheduled to close in January and we expect nearly all the last half of December sales to close next year. We are looking forward to January and expecting sales activity to pick up considerably.

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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