Brenda's Tucson Housing Market Report
Market Takes a Little Breather
After Strong Sales in the first 5 months of the year the market takes a slight rest as predicted last month. Total units sold declined almost 8% over last month although they were up almost 3% over same period last year.
Inventory steady to slightly up at 6,852. Plenty of foreclosures and short sales still working their way through the system.
Sellers still need to be aggressive in their pricing as buyers are still "Bargain Hunting". That "Bargain Mindset" just has not gone away yet and probably won't for awhile yet.
The economy is taking longer to recover than expected and the housing market is still lagging although we are confident we are past the bottom now. We expect a slow steady climb up to higher levels over the next couple years.
A recent presentation by the Arizona State Treasurer Dean Martin likened this recovery to the Nike Swoosh with the red arrow indicating approximately where we are in the recovery.
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 July 2010 Report show:
Total Tucson Home Sales Units: 1,170, Increased 2.7% from June 2009. Decreased 7.87% from last month.
Total Tucson Pending Sales: 1,145, Decreased 20.04% from June 2009. Increased 18.90% from last month.
Tucson Average Sale Price: $189,231, Down 9.44% from $208,952 in 2009.
Northwest Tucson Average Listing Price: $265,124 Up from $237,880 last month.
Catalina Foothills Average Listing Price: $424,172 Up from $404,201 last month.
Total Tucson Active Listings: 6,852, Up 9.44% from 6,261 in June of 2009.
Northwest Tucson Active Listings: 1,745, Up 9 units from last month.
Catalina Foothills Active Listings: 716, Down 12 units from last month.
Total Tucson New Listings: 1,505, Down 367 units from 1,892 in June of 2009.
Northwest Tucson New Listings: 378, Up 35 units from last month.
Catalina Foothills New Listings: 132, Down 73 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 over 2.7% over last year. New Listings Decreased 20.45% from same period last year.
Negative Market Indicators this month: Average Sales Price down 9.44% from last year, Median Sales Price down 9.42% from last year, Pending Contracts down 20% from last year and Active listings up 9.44% over this time last year.
Market Outlook: Not a great report this month with lots of negative indicators in the statistics. Short term we are expecting slower sales to continue thru the summer and begin picking up steam in the fall.
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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