Brenda's Tucson Housing Market Report
Strong Market Activity again in April
Spring Has Sprung, Buyers are Buying! March was a Great Month, April was even better! Buyers are still out in force. Unit Sales were up almost 5% over an already very strong March. April unit sales were up 30.67% over April of 2009.
Buyer Profile Changing. The Spring Selling Season is all but over now as the snowbirds have almost all flown home. Our buyer profile is changing from retirement homes and second homes to more local buyers moving around, and new buyers relocating to town. This is a typical seasonal change and we always look forward to greeting these new arrivals to Tucson.
Sellers still must price their homes aggressively for them to sell, buyers are almost all bargain shopping and there's still lots out there for them to choose from.
Interest Rates will rise soon. Rates are currently hovering just over 5% but we expect them to be in the 5.5% to 6% range by the end of the year. Time will tell but that's our best guess at this point. Remember each quarter point in interest rate increase equates to $250 per year Per $100,000. So if you are purchasing a $400,000 home that's an extra $1000 per year in payments for each quarter point rates go up.
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.
Key prior month statistics from the Tucson Association of Realtor’s May 2010 Report show:
Total Tucson Home Sales Units: 1,227, Increased 30.67% from April 2009. Increased 4.96% from last month.
Total Tucson Pending Sales: 1,568, Increased 16.58% from April 2009. Increased 1.23% from last month.
Tucson Average Sale Price: $199,986, Up 4.41% from $191,530 in 2009.
Northwest Tucson Average Sale Price: $253,901 Up from $246,639 last month.
Catalina Foothills Average Sale Price: $388,570 Down from $455,488 last month.
Total Tucson Active Listings: 6,603, Down 4.17% from 6,890 in April of 2009.
Northwest Tucson Active Listings: 1,741, Down 45 units from last month.
Catalina Foothills Active Listings: 749, Up 5 units from last month.
Total Tucson New Listings: 2,236, Up 533 units from 1,703 in April of 2009.
Northwest Tucson New Listings: 555, Up 21 units from last month.
Catalina Foothills New Listings: 205, Up 16 units from last month.
Some quick conclusions we can draw from these Tucson home sales statistics are:
Positive Market Indicators this month: Lots of Buyers in the market now. Total Units Sold up 30% over last year. Average Sales Price up 4.41% over last year, Pending Sales up 16% over last year. Active listings down over last year by another 4%. Total Volume (total dollars sold) up 36% last year.
Negative Market Indicators this month: Median Sales Price still creeping lower down 2.15% over last year, this is almost flat now and should turn positive soon as this trend starts back up. The Tax Credit Programs have ended but we don't expect much impact from that.
Market Outlook: Short term we expect a slight dip in sales prior to activity picking up after school lets out and families start moving around and coming to town.
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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