Brenda's Tucson Housing Market Report
Active Listings Remain at Multi Year Lows!
2012 Starts off with a Roar!
Average Days On Market = 80 ~ Sales Price as a % of List Price = 95.70%
The economy is steadily improving and the improvement seems to be accelerating. National unemployment now stands at 8.3% down from 8.5% last month. Here in Tucson unemployment is 7.9%. If you like statistics here's a very interesting report on local economics by the University of Arizona Tucson Economic Indicators. Jobs are growing, Retails sales are up, per capita personal income is up and population is growing. These are all very positive indicators.
Take a look at this housing graph in the above economic report. You will see that housing has turned up in the last few months. In the stock market some might say this could be the start of a false rally, but with almost all the economic indicators improving both nationally and locally we believe this is evidence that the market has in fact turned and we will continue to improve going forward.
Active Inventory Stays Below 5,000 Units: We now stand at 4,840 Active Listings. If we hold below 5,000 units next month, we should stay below 5,000 for the rest of the year.
New Listings Still Declining: There were 1,195 New Listings in January compared to 1,949 new listings in January of 2011. Again, this is the lowest number of new listings for January in the last 10 years! It is apparent that the surplus of listings in our market is drying up.
Average Sales Price: We watch this key statistic closely. We are now expecting to see Year over Year prices increasing sometime in the 3rd quarter of this year.
Days on Market: Now sits at 80 a slight increase of 2 days over last month. This time last year it took 108 days to sell a home here. We still expect to see this number drop due to the reduced number of listings coupled with the strong spring sales we are now seeing.
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 2012 Report show:
Total Tucson Home Sales Units: 915, Increased 17.31% from January 2011. Decreased 4.79% from last month.
Total Tucson Homes Under Contract: 2,398, Increased 19.13% from January 2011. Increased 26.01% from last month.
Tucson Average Sale Price: $157,059 Down 5.95% from $166,998 in 2011.
Northwest Tucson Average Listing Price: $206,395 Up from $196,657 last month.
Catalina Foothills Average Listing Price: $381,482 Down from $473,602 last month.
Total Tucson Active Listings: 4,840 Down 32.28% from 7,174 in January of 2011.
Northwest Tucson Active Listings: 1,325 Down 79 units from last month.
Catalina Foothills Active Listings: 516, Down 24 units from last month.
Total Tucson New Listings: 1,195, Down 754 units from 1,949 in January of 2011.
Northwest Tucson New Listings: 339, Up 116 units from last month.
Catalina Foothills New Listings: 152, Up 71 units from last month.
Some quick conclusions we can draw from these Tucson home sales statistics are:
Positive Market Indicators this month: Active listings continue to decline, Units Sold increasing Year over Year (17.31% this month), New Listings down year over year (down 38.69% this month). This spring sales have started off Very Strong and that trend is continuing into February.
Negative Market Indicators this month: Bank Loans are still very tight but the pendulum should start to slowly swing back toward the middle this coming year. We are beginning to see small improvements in the lenders criteria and new programs designed to stimulate lending by the banks.
Market Outlook: January was Very Strong across the entire market. February is starting off strong also. Looks like we're headed for a very busy spring season. We continue to expect both the national and local economies to improve heading into the fall elections. We expect the national media to begin throwing out more and more positive economic news over the next several months. All this bodes well for the real estate industry.
Everybody loves a sale, right? Well, read... Real Estate Is Having a Sale. It's not going to last too long, so the smart shoppers are getting in early while the selection is good & before they run out of the good stuff.
Signs of what's to come: "10 Cities Where List Prices Soared Last Month" Median list prices nationwide have risen 4.05 percent on a year-over-year basis, according to November housing data of 146 metro areas 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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