Brenda's Tucson Housing Market Report
October 2010

The Weather is Beautiful, Welcome Back Snowbirds

Average Days On Market = 93 ~ Sales Price as a % of List Price = 94.66%

Fall Selling Season Begins: We typically see sales begin picking up this time of year as the early snowbirds start arriving. We expect October to show some improvement over September. Only time will tell, October can be up or down, it's kind of a swing month but we are hoping for the best.

Consumer Confidence: We are still mired in a "Lack of Consumer Confidence" mindset across most of the nation. Folks just don't see things getting better yet and they're frustrated. Maybe the mid-term elections will change this somewhat, we hope so. Consumer confidence has to improve before this recovery will actually take hold and people will start buying again in earnest.

When it comes: At some point it will be like somebody turned on the light switch. We expect that there will be a dramatic pick up in sales and a steady improvement in home prices when the mood of the public changes. There will be a belief that "it's over" and I better buy now before the prices take off again. If they "flip the switch" in 2011 or as some believe 2012, it will happen, that's for sure.

The folks that are buying now are getting the best pricing combined with the best interest rates that they will probably see in their lifetimes. If you are even considering a new home purchase, now is the time. INTEREST RATES ARE BELOW 4%!

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 October 2010 Report show:

Total Tucson Home Sales Units: 873, Decreased 7.62% from September 2009. Decreased 1% from last month.

Total Tucson Homes Under Contract: 1,515, Increased 13.74% from September 2009. Increased 9.94% from last month.

Tucson Average Sale Price: $181,612, Down 7.7% from $196,755 in 2009.
Northwest Tucson Average Listing Price: $242,673 Up from $234,821 last month.
Catalina Foothills Average Listing Price: $403,757 Down from $441,668 last month.

Total Tucson Active Listings: 7,217, Up 20.12% from 6,008 in September of 2009.
Northwest Tucson Active Listings: 1,876, Up 50 units from last month.
Catalina Foothills Active Listings: 670, Down 6 units from last month.

Total Tucson New Listings: 1,680, Down 177 units from 1,857 in September of 2009.
Northwest Tucson New Listings: 446, Up 93 units from last month.
Catalina Foothills New Listings: 130, Up 24 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 13.74% over September 2009 and Up 10% over last month indicating that buyers were busy during the last month. New listings are down 177 units over same period last year.

Negative Market Indicators this month: Active Listings Up remain over 7,000, Average Sales Price down 7.7% from last year. Total home sales down 7.62% from September of 2009.

Market Outlook: We expect October to be choppy, could be pretty good or could just be flat. The market seems to have just stalled recently. Hopefully things will improve as we head into the last half of the month.

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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