Brenda's Tucson Housing Market Report
The Elections are over, Get Busy Back there you guys!
Average Days On Market = 97 ~ Sales Price as a % of List Price = 96.40%
October was Rough: We may see a little spurt of buying activity prior to the Christmas break but we don't expect too much until January. The elections are over thank goodness and there are lots of new faces in Washington. They are all promising change but we'll have to wait and see. We expect the congress to be pretty much two blocked for the next 2 years but anything is better than what we were going thru.
Election Results May Help: Regardless of which side of the aisle you're on we're all pretty frustrated with how the economy has been going. The message to the President and the Congress seems to be loud and clear. Concentrate on the Economy!
It's like that old campaign slogan from a few years ago "It's the Economy, Stupid". Well, hopefully Washington got the message and will concentrate on fixing the economy first instead of messing around with all the other issues out there. Honestly, most people would rather have a Job instead of some kind of health plan nobody understands!
Time to Buy:There's lots of deals out there for those willing to take that first big step. Prices are better than they've been for years and interest rates are at lifetime lows. Have faith, the market will recover, in the meantime you can get a beautiful home at a huge discount from where prices were just a few short years ago.
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 November 2010 Report show:
Total Tucson Home Sales Units: 752, Decreased 26.35% from October 2009. Decreased 13.86% from last month.
Total Tucson Homes Under Contract: 1,899, Increased 151.52% from October 2009. Increased 25.35% from last month. (this apparent contradiction to the above stats is because it's taking longer to process sales with all the new mortgage regulations so the transactions are in the system longer)
Tucson Average Sale Price: $177,133, Down 9.5% from $195,733 in 2009.
Northwest Tucson Average Listing Price: $228,916 Down from $242,673 last month.
Catalina Foothills Average Listing Price: $368,723 Down from $403,757 last month.
Total Tucson Active Listings: 7,412, Down 7.21% from 7,988 in October of 2009.
Northwest Tucson Active Listings: 1,946, Up 70 units from last month.
Catalina Foothills Active Listings: 714, Up 44 units from last month.
Total Tucson New Listings: 1,702, Down 330 units from 2,032 in September of 2009.
Northwest Tucson New Listings: 407, Down 39 units from last month.
Catalina Foothills New Listings: 164, Up 34 units from last month.
Some quick conclusions we can draw from these Tucson home sales statistics are:
Positive Market Indicators this month: Units under Contract up again year over year & month over month. Total homes under contract up 151.52% over October 2009 and Up 25% over last month. New listings are down 330 units over same period last year & Total Listings are down 576 units from same period last year.
Negative Market Indicators this month: Active Listings Up remain over 7,000, New listings up slightly from last month as sellers start listing in anticipation of spring selling season. Average Sales Price down 9.5% from last year. Total home sales down 262% from same period last year.
Market Outlook: Last month we said "We expect October to be choppy", and it was. All in all a pretty negative month. We are still stalled here, waiting for somebody to turn on the switch. November has started off briskly for us with 4 sales in the first week, hopefully that's a sign the market is starting to pick up. We may have a few (3 or 4) good weeks here but December will be Slow!
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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