Brenda's Tucson Housing Market Report
December Finishes out 2010 Strong, Very Strong!
Average Days On Market = 106 ~ Sales Price as a % of List Price = 94.4%
December was amazing: We've talked about "turning on the switch" before, well somebody sure turned on the switch in December. We had our busiest December Ever! Sold 9 homes in December which it typically our slowest month. The MLS statistics show more units sold in December since back in 2006. The stats also show that more homes went under contract this December than any other December on Record! The buyers are here and they're BUYING!
Tax Cuts Extended: The Bush tax cuts were in fact extended so that removed a big negative concern from many buyers and is helping to improve the public's confidence in the economy. We've talked about this also, public perception must improve before the market can improve. We are seeing that public perception beginning to swing now and optimism is back in vogue.
It's Really Time to Buy: Yes, we said this last month, but there's been a change. Interest rates have spiked up a half a point in the last month and if buyers continue to wait the math will get them. Talk to any lender about the math regarding a 5% to 10% reduction in the price of the home versus an increase of a half a point in interest rates. You might save a little on the price by waiting but any increase in interest rates will get you in the end.
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 January 2011 Report show:
Total Tucson Home Sales Units: 907, Increased 2.37% from December 2009. Increased 13.38% from last month.
Total Tucson Homes Under Contract: 1,760, Increased 107.55% from December 2009. Decreased 7.37% from last month.
Tucson Average Sale Price: $186,399 Down 7.89% from $202,376 in 2009.
Northwest Tucson Average Listing Price: $261,579 Up from $234,602 last month.
Catalina Foothills Average Listing Price: $382,466 Down from $473,037 last month.
Total Tucson Active Listings: 6,859, Up 11.89% from 6,130 in December of 2009.
Northwest Tucson Active Listings: 1,760, Down 176 units from last month.
Catalina Foothills Active Listings: 690, Down 48 units from last month.
Total Tucson New Listings: 1,071, Down 282 units from 1,353 in December of 2009.
Northwest Tucson New Listings: 255, Down 96 units from last month.
Catalina Foothills New Listings: 102, Down 27 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 year over year & month over month. Units under Contract up again year over year. New listings entering the market appear to be slowing, down 20% from same period last year & down 25% from last month. Average sales price up 3.13% from last month. Active Listings have dropped back under 7,000 units.
Negative Market Indicators this month: Average Sales Price down 7.89% from last year. While the market is still declining this is now a positive indicator. With each decline in average prices our market becomes more and more attractive to buyers. We are seeing lots of buyers in the market picking up deals.
Market Outlook: We expect a very active January as we enter our annual prime selling season. The snowbirds are here in full force and lots of them are looking. The economy is starting to show signs of improvement, interest rates have ratcheted up about half a point in the last month (a precursor to economic improvement). We are starting to see a swing in buyer mentality. Buyers are now sensing that they need to buy soon or they may miss out. Just a couple of months ago they were talking about waiting for the market go down further, now they're starting to talk about missing 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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