Brenda's Tucson Housing Market Report
December Ends 2009 With A Bang
Strong Sales, Declining Inventory & Strong Buyer Activity
Still time to take advantage of the Federal Stimulus Tax Credits for Home Buyers!
2009 Ended on a Strong Note
with lots of positive signs in the Tucson Multiple Listing Report just released. The details below show a slow steady improvement in our market and the outlook is Bright for a very busy 2010 as the national economy continues to climb out of the recession.
Strong Buyer Activity
was apparent in December which is a little unusual. Normally we expect December to be pretty slow as everybody concentrates on the holidays and all the associated social and family events occurring this time of year. We think this is partly due to more and more people recognizing that we are at the tail end of one of the best buying opportunities in generations. Almost everybody now agrees that the worst is over and prices will increase from here.
The National Economy is Improving Daily
. We're not out of the woods yet but almost. There will probably be a couple more hick-ups in 2010 but for the most part it should be a steady climb to higher levels. We sure hope so, everybody is sick and tired of the recession and ready to move on to bigger and better things.
Expect Interest Rates to creep up this year
. There could be (probably will be) an increase in rates as the Fed phases out their massive purchases of mortgage backed securities. The Fed is caught in a really difficult position right now as they want to exit that program but still want to keep interest rates low. Not sure how they're going to handle that, folks way smarter than us are trying to figure that one out as we speak. However, long story short, we expect interest rates to be higher at the end of 2010 than they are today.
The Buying Window is slowly starting to close
on this recent once in a lifetime buying opportunity. The Federal Stimulus Tax Credit incentives for home buyers will end in early 2010 and prices at all levels will gradually increase. There is still a little time left to take advantage of this great opportunity but the end is in sight.
Feel free to contact us with your questions
. We're easy to talk to and we can answer any questions you might have about the Tucson Housing Market or the current Tax Credit Programs.
Key prior month statistics from the Tucson Association of Realtor’s January 2010 Report show:
Total Tucson Home Sales Units:
886, Increased 10.47% from December 2008. Decreased 12.36% from last month.
Total Tucson Pending Sales:
848, Increased 38.56% from December 2008. Decreased 10.45% from last month.
Tucson Average Sale Price:
$202,376, Up .78% from $200,803 in 2008.
Northwest Tucson Average Sale Price:
$265,081 Up from $238,473 last month.
Catalina Foothills Average Sale Price:
$453,872 Up from $308,860 last month.
Total Tucson Active Listings:
6,130, Down 19.63% from 7,627 in December of 2008.
Northwest Tucson Active Listings:
1,621, Down 22 units from last month.
Catalina Foothills Active Listings:
662, Down 35 units from last month.
Total Tucson New Listings:
1,353, Down 148 units from 1,501 in December of 2008.
Northwest Tucson New Listings:
324, Down 64 units from last month.
Catalina Foothills New Listings:
86, Down 66 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 10% over last year. Pending Sales up 38% over last year. Active listings down over last year by another 20%. Total Volume (total dollars sold) up 11% over last year and Average Sales Price up fractionally over last year.
Negative Market Indicators this month.
Median Sales Price down 8% over last year.
The Seasonal increase in new listings is now over for this season, most sellers trying to catch this spring buying season have their homes listed by now as evidenced by the sharp drop in new listings in December. New listings will continue to enter the market but we expect it to be at lower numbers than the last couple of years. We expect a strong spring selling season in January, February & March.
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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