Brenda's Tucson Housing Market Report
September 2012

Fall Is Here - Wonderful Weather For The Next Several Months

Mortgage Rates Remain at Historic Lows - Buy or Refi Now!

Average Days On Market = 65 ~ Sales Price as a % of List Price = 96.72%

Fall has arrived in Southern Arizona and we're loving it. The weather is starting to cool and we have a few glorious months ahead of us. The Snowbirds will be on their way soon and the golf courses will begin filling up. October and November in Tucson are fantastic months to visit if you've never been here, so come on down and take a look.

It remains a Sellers Market in Tucson now with low inventories. However, it's also a Buyers Market because of the historic Low Interest Rates, and the annual increase in inventory this time of year is presenting lots of great new homes to choose from. Get out there and take a look at what's new on the market.

The big news is of course, the upcoming elections in November. Whoever wins still needs to deal with the economy. This recovery is taking way too long and we need to get this solved so the country can move forward.

As the economy moves forward and more jobs are created the real estate market will improve. It sure would be nice to have everybody working again. Unemployment rates still above 8% are just unacceptable.

Tucson Active Listings: Active listings now stand at 3,564, a slight increase over last month.

New Listings Up: There were 1,615 New Listings in August, an Increase of 17 units from July. We did see a slight listing increase as expected last month and this trend should continue heading into the fall.

Average Sales Price: The August average sales price was $180,193, up a whopping 16.3% from $154,944 in August 2011. Another month of year over year price increases. We have now had 6 months in a row of year over year price increases. This trend should continue.

Days on Market: Now sits at 65, down from 67 last month. We expect to stay in this range for awhile now.

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 September 2012 Report show:

Total Tucson Home Sales Units: 1,179, Increased 6.60% from August of 2011. Increased 3.69% from last month.

Total Tucson Homes Under Contract: 2,525, Increased 19.05% from August of 2011. Decreased 2.70% from last month.

Tucson Average Sale Price: $180,193 Up 16.30% from $154,944 in 2011.
Northwest Tucson Average Listing Price: $215,714 Down from $226,007 last month.
Catalina Foothills Average Listing Price: $362,143 Down from $439,900 last month.

Total Tucson Active Listings: 3,564 Down 35.75% from 5,167 in August of 2011.
Northwest Tucson Active Listings: 932 Down 12 units from last month.
Catalina Foothills Active Listings: 390, Up 7 units from last month.

Total Tucson New Listings: 1,615, Up from 1,206 in August of 2011.
Northwest Tucson New Listings: 385, Down 9 units from last month.
Catalina Foothills New Listings: 135, Same as last month.

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

Positive Market Indicators this month: Units Sold up month over month & year over year, Average Sales Prices are up year over year, Median Sales Price up year over year & month over month and Units Under Contract are still Up year over year.

Negative Market Indicators this month: There are still no real negatives in this market. All indicators are positive. Yes there is an increase in listings this month but that's normal this time of year as sellers begin to get their homes on the market in anticipation of the fall arrival of the snowbirds.

Market Outlook: August capped of a very good summer season. Prices have slowly risen throughout the summer and that trend should continue. We expect a nice busy fall season with higher average prices. We are now confident that the year will end with prices up from last year.

Inventory remains at multi-year lows. Interest rates continue to bounce along at historic lows. With the recent concern over the economy not performing as well as expected, this low interest rate environment may continue for a few more months. This still remains an unprecedented buying opportunity. Here's the September Heat Map.

Getting a loan is a real pain these days. At some point this will change, but for now it's still tough. This article helps explain why: Forbes Magazine presents the best article we've seen yet about the process of getting your loan approved in today's market; "The Perfect Loan File"

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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