Brenda's Tucson Housing Market Report
February 2011

January home sales show 9.55% Increase over last January!

Average Days On Market = 108 ~ Sales Price as a % of List Price = 94.33%

Prices Down, Sales Up: As the price of Tucson Homes continues to creep lower the volume of sales picks up pace. It's all about affordability, buyers are recognizing value in today's prices and more homes are selling. The MLS statistics continue to show more units than prior years. January units sold were the highest since back in 2007. The stats also show that more homes went under contract this January than any other January on Record, except for 2006! This January 629 more homes went under contract than last January!

Economic Fundamentals Improving: Almost all economic indicators are improving although it is not being felt on Main Street America quite yet. The Stock Market is strong and a sense that we are finally coming out of the recession is starting to take hold. We expect to see steady improvement in the housing market here in Tucson throughout 2011. There may still be a few months of slightly declining average prices but sales activity is strong and should remain so throughout the year. Expect Higher Average Prices AND Higher Interest Rates by the end of the year.

Interest Rates Heading Back Up: We've been harping about interest rates for a few months now and it's finally happened. Interest rates have reversed from historic lows and have begun a climb back up. We do not expect to see interest rates as low as they were in 2010 again in our lifetimes. We'll say it again, It's time to Buy! Any slight price discount you get by waiting a few months will more than likely be offset by higher interest rates.

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 February 2011 Report show:

Total Tucson Home Sales Units: 780, Increased 9.55% from January 2010. Decreased 14.00% from last month.

Total Tucson Homes Under Contract: 2,013, Increased 74.29% from January 2010. Increased 14.38% from last month.

Tucson Average Sale Price: $166,998 Down 17.01% from $201,219 in 2010.
Northwest Tucson Average Listing Price: $217,679 Down from $261,579 last month.
Catalina Foothills Average Listing Price: $367,922 Down from $382,466 last month.

Total Tucson Active Listings: 7,147, Up 7.99% from 6,618 in January of 2010.
Northwest Tucson Active Listings: 1854, Up 94 units from last month.
Catalina Foothills Active Listings: 733, Up 43 units from last month.

Total Tucson New Listings: 1,949, Down 475 units from 2,424 in January of 2010.
Northwest Tucson New Listings: 500, Up 245 units from last month.
Catalina Foothills New Listings: 199, Up 97 units from last month.

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

Positive Market Indicators this month: Total units sold up 9.55% from same period last year. Units under Contract up 74% over same period last year. New listings down 19% over same period last year. We are in our prime annual selling season now. The economy is finally improving.

Negative Market Indicators this month: Average Sales Price down 17% from last year. Interest rates have started back up. We believe we have now passed the bottom in interest rates.

Market Outlook: We expect February to be busy. The next few months are typically our best months and this year should be no different. Look for lots of buyers, lots of offers and lots of interest in the market.

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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