Brenda's Tucson Housing Market Report
November 2011

October was strong, unit sales up 30% over last year

This years shoulder season starts off very busy

October was a strong month. Political factors have not kicked in yet but the general sense of buyers seems more optimistic. We do expect improving national economic numbers to start kicking in after the 1st of the year. We're off to a good start on this years typically busy fall season and expect November and the first week or two of December to be good.

Average Days On Market = 74 ~ Sales Price as a % of List Price = 96.18%

Sales Volume Increasing Year over Year: Sales Volume increased 11.92% over October of last year. Prices still creeping down, Sales 30% stronger than same time last year. Lots of homes selling, Lots of buyers out there and they're starting to buy. We had our best month this year both in units sold and in dollar volume sold.

Days on Market: Big drop this month to 74. This time last year it took 97 days to sell a home here.

Active Listings Approaching 5,000: Active listings now stand at 5,290 units, a slight increase over last month as we expected. Sellers are getting their homes listed as we enter our prime selling season. As stated last month We don't believe we'll be able to drop below 5,000 units this year" We expect to hover right above right above 5,000 units for the next few months.

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 2011 Report show:

Total Tucson Home Sales Units: 982, Increased 30.59% from October 2010. Decreased 7.71% from last month.

Total Tucson Homes Under Contract: 2,070, Increased 9% from October 2010. Increased .58% from last month.

Tucson Average Sale Price: $151,812 Down 14.29% from $177,133 in 2010.
Northwest Tucson Average Listing Price: $194,318 Down from $205,082 last month.
Catalina Foothills Average Listing Price: $389,869 Up from $376,405 last month.

Total Tucson Active Listings: 5,290 Down 28.63% from 7,412 in October of 2010.
Northwest Tucson Active Listings: 1,425 Up 51 units from last month.
Catalina Foothills Active Listings: 548, Up 10 units from last month.

Total Tucson New Listings: 1,280, Down 422 units from 1,702 in October of 2010.
Northwest Tucson New Listings: 351, Up 24 units from last month.
Catalina Foothills New Listings: 112, Down 9 units from last month.

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

Positive Market Indicators this month: Sales volume continues up Year over Year (11.92% this month), Units Sold increasing Year over Year (30.59% this month), New Listings down year over year (down 24.79% this month) Inventory fairly flat at just over 5,000 units (down 28.63% from last year).

Negative Market Indicators this month: The only negative in this market is that prices are still creeping down, The Banking System & a general wide spread lack of confidence by the public is the problem. We are seeing more buying interest, but buyers are very cautious & hesitant.

Market Outlook: October was a great start to our annual selling season. We had a great month and expect November to be good also. We do expect a slump in December as thoughts turn to the holidays. January should pick up right after the holidays.

More Good News on the National Housing Front: Wall Street Journal says "It's Time to Buy That House" read full article

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

Questions about current Tucson Housing Market Conditions?
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