Brenda's Tucson Housing Market Report
July 2011

June Sales Strong! Active Listings stand at 5,566 Units

Average Days On Market = 79 ~ Sales Price as a % of List Price = 95.93%

Sales Volume Shows Steady Increase: Sales Volume (Total Dollars of Sales) has increased every month this year and continues this month. Buyers are in this market now and they are buying. We still expect a dip the next 3 or 4 months before it starts winding up again in the fall.

Days on Market: Dropped again this month to 79. Days on market continues a slow steady decline. This is a positive sign and will continue to decline as distressed sales start to taper off & inventory slowly continues to get absorbed .

Active Listings Remain Below 6,000: Active listings declined another couple hundred units this month. Slightly mixed economic reports pointing to an improving economy versus a sluggish jobs market and stubbornly high unemployment are putting a damper on housing but our local market is continuing to show signs of strength and buyers are very active sensing the market is changing.

Early Call: This is an early call, but before long we will start seeing some "buyer urgency" return to our market as the prices start moving up and inventory continues to decline. It's kinda like a mass psychosis, when people start fearing that they are going to miss the boat, their urgency level goes way up. Look for this to start showing up in the spring or late fall of 2012.

Here's an interesting article (June 29,2011) regarding Pending Home Sales nationwide.
Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors.... Read Full Story

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 2011 Report show:

Total Tucson Home Sales Units: 1,312, Increased 12.17% from June 2010. Increased 5.21% from last month.

Total Tucson Homes Under Contract: 2,163, Increased 88.91% from June 2010. Decreased 3.39% from last month.

Tucson Average Sale Price: $167,172 Down 11.66% from $189,231 in 2010.
Northwest Tucson Average Listing Price: $202,445 Down from $215,946 last month.
Catalina Foothills Average Listing Price: $446,490 Up from $400,668 last month.

Total Tucson Active Listings: 5,566 Down 18.77% from 6,852 in June of 2010.
Northwest Tucson Active Listings: 1,422 Down 94 units from last month.
Catalina Foothills Active Listings: 560, Down 29 units from last month.

Total Tucson New Listings: 1,272, Down 233 units from 1,505 in June of 2010.
Northwest Tucson New Listings: 304, Up 11 units from last month.
Catalina Foothills New Listings: 107, Down 16 units from last month.

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

Positive Market Indicators this month: Sales volume steadily increasing, Days on market steadily decreasing, Inventory Declining with Active listings at 5 year lows, New Listings continue to be lower than prior years.

Negative Market Indicators this month: Average Sales Prices still creeping lower in smaller and smaller increments (again, this is actually a positive, continuing to increase buyer interest). Banks are still very tight making new loans difficult for all but the most patient and qualified buyers.

Market Outlook: June was very strong. We still expect the market to slow during the next couple months. We expect things to pick up when Fall comes around.

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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