Brenda's Tucson Housing Market Report
March 2012

Active Listings Continue Sharp Decline!

2012 Starts off with a Roar!

Average Days On Market = 77 ~ Sales Price as a % of List Price = 95.75%

Wow! What a start to 2012. This market has been on fire the last couple months with strong sales, declining inventory & increasing prices. It appears that the stars have finally lined up & the outlook is bright. Almost every leading economic indicator & housing indicator is pointing to a stronger real estate market and it's sure happening here in Tucson. We're off to a scorching start & the rest of the year should be strong.

This month's graphic is "Active Listings". We have not seen listings this low since back at the peak of the market in 2005. This clearly shows that the excess inventory is being rapidly absorbed. This is a "Leading Indicator" which points towards increasing prices in the months ahead.

Active Inventory Stands at 4,560 Units: This is amazing considering that just a few short years ago there were over 10,000 homes listed for sale here in Tucson.

New Listings Continue Steep Decline: There were 1,071 New Listings in February compared to 1,487 new listings in February of 2011.

Average Sales Price: February stands at $164,513, up from $157,059 a month ago in January. 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 77 offsetting last months little bump up. This number is headed down. This time last year it took 107 days to sell a home here. This number will drop further over the next few months due to the reduced number of listings coupled with the strong 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 March 2012 Report show:

Total Tucson Home Sales Units: 1019, Increased 15.93% from February 2011. Increased 11.37% from last month.

Total Tucson Homes Under Contract: 2,618, Increased 15.23% from February 2011. Increased 9.17% from last month.

Tucson Average Sale Price: $164,513 Down 9.8% from $182,388 in 2011.
Northwest Tucson Average Listing Price: $196,353 Down from $206,395 last month.
Catalina Foothills Average Listing Price: $408,758 Up from $381,482 last month.

Total Tucson Active Listings: 4,560 Down 27.98% from 6,947 in February of 2011.
Northwest Tucson Active Listings: 1,295 Down 30 units from last month.
Catalina Foothills Active Listings: 490, Down 26 units from last month.

Total Tucson New Listings: 1,071, Down 416 units from 1,487 in February of 2011.
Northwest Tucson New Listings: 278, Down 61 units from last month.
Catalina Foothills New Listings: 90, Down 62 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 sharply, Units Sold increasing Year over Year AND Month over Month! New Listings down year over year (down 28% this month) AND Month over Month (down over 10% from January). Sales up Strong and Listings down Sharply, sounds like higher prices are coming to us. Lenders are easing (slightly)and average sales prices are up month over month again.

Negative Market Indicators this month: There are no real negatives in this market at this time! This market is mending itself and we now past the bottom. If you've been waiting for the bottom, It's Past! These are the lowest prices you will see in this market for many years.

Market Outlook: January & February were Exceptionally Strong across the entire market. While there are still lots of distressed sales entering the market the flood is over. We expect to see fewer and fewer distressed properties as we move forward. March, April & May should be good with a slight slow down during the heat of the summer.

Is the Tide of Distressed Home Sales in Arizona Changing? Here's the scoop;... Distressed Sales Winding Down. It's clear from the underlying statistics that the glut of distressed sales is finally being cleared out.

What does the Oracle of Omaha have to say? Warren Buffett says It's Time to Buy Real Estate

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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