Brenda's Tucson Housing Market Report
November very strong, unit sales up 26% over last year
Unit sales & Volume picking up as expected, sale prices still drifting lower do to distressed sales.
Political factors are just beginning to kick in, no real effect yet but the circus has begun. Wow, do we ever need a new crop over in Washington. We have the best system in the world but it is being sorely tested these last few years. This country need to get back to the basics and learn that government can't pay for everything on credit. And our elected officials need to learn to work together. Whoops, sorry, kinda drifted off there.
Average Days On Market = 78 ~ Sales Price as a % of List Price = 99.53%
Sales Volume Increasing Year over Year: Sales Volume increased 11.22% over November of last year. Prices still creeping down, Sales almost 27% stronger than same time last year. Average sales price up 4.36% over last month.
Average Sales Price Month over Month is a key statistic to watch. We will see that number begin to steadily grow before we see the year over year average sales price start showing positive gains. We're bumping along the bottom now with a couple of positive month over months then a down month or two then up again. This is a strong indicator that the market is trying to find a bottom.
Days on Market: Now sits at 74. This time last year it took 96 days to sell a home here.
listings now stand at 5,191, a slight decrease over last month. As we've been saying We don't believe we'll be able to drop below 5,000 units this year" We expect to hover right above right above 5,000 units for the next few months.
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 November 2011 Report show:
Total Tucson Home Sales Units: 1015, Increased 26.88% from November 2010. Increased 3.36% from last month.
Total Tucson Homes Under Contract: 1,996, Increased 5.05% from November 2010. Decreased 5.57% from last month.
Tucson Average Sale Price: $158,434 Down 12.34% from $180,736 in 2010.
Northwest Tucson Average Listing Price: $217,272 Up from $194,318 last month.
Catalina Foothills Average Listing Price: $360,632 Down from $389,869 last month.
Total Tucson Active Listings: 5,191 Down 30.72% from 7,455 in November of 2010.
Northwest Tucson Active Listings: 1,404 Down 21 units from last month.
Catalina Foothills Active Listings: 540, Down 8 units from last month.
Total Tucson New Listings: 1,099, Down 341 units from 1,440 in November of 2010.
Northwest Tucson New Listings: 351, Down 76 units from last month.
Catalina Foothills New Listings: 112, Down 8 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 (11.22% this month), Units Sold increasing Year over Year (26.88% this month), New Listings down year over year (down another 23% this month) Inventory fairly flat at just over 5,000 units (down another 30% from last year).
Negative Market Indicators this month: The only negative in this market is that prices are still creeping down, The Banking System & a general wide spread lack of confidence by the public is still the problem. We are seeing more buying interest, but buyers are very cautious & hesitant.
Market Outlook: November was very strong and the first week or two of December should be good. Then a slump thru the holidays with activity picking up sharply in January. We still expect improving national economic numbers to start kicking in after the 1st of the year and both political parties will be spouting all kinds of positive things they are responsible for regarding the economy.
More Good News on the Jobs Front: Realtor Magazine says "Where the Work is Heading: 6 Top Job States" (hint) Arizona is #3 in projected job growth. read full article
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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