Brenda's 2009 Year End
Tucson Housing Market Report
2009 was a Year of Slow Steady Improvement
We sold 67 Homes in 2009
, just 2 more than 2008, but Oh what a difference. 2008 showed a strong 1st half and a really really bad 2nd half while 2009 was steady throughout the year. While Sellers struggled in 2009 we saw a definite positive change in the mood of Buyers across the board.
2009 was a Year of Change as the mood of the Nation shifted from negative to positive across the country and especially here in Southern Arizona. As we began to crawl up out of the worst recession in decades Americans began to see the light at the end of the tunnel and realized the worst was past.
The Tucson Multliple Listing Service has released their Year End Report for 2009
and the statistics it presents show steadily improving market conditions here in Tucson.
Key year end statistics show that 2009 was a "Turning Point Year
" with total units sold increasing 10.24% over 2008. There were almost 1,100 more homes sold in 2009 than 2008. According to the 2009 Year End Report the Average Sales Price Decreased from $242,066 in 2008 to $201,155 in 2009. This was directly attributable to the flood of foreclosures and short sales that occurred primarily in late 2008 due to the recession. Even as prices did decline sellers were obtaining an average of 95.10% of the asking price in 2009.
Tucson Home Sales Volume:
The Volume (total dollars) of sales did decrease slightly from $2.560 Billion in 2008 to $2.345 Billion in 2009, but the rate of decrease slowed dramatically. We expect to see 2010 reverse this trend and have both higher unit sales and higher dollar volume. Even so, with sales of just over $2.3 Billion, 2009 ranked as the 7th best year for real estate sales in Tucson's history.
Tucson Home Sales Units:
Total units sold for 2009 were 11,661 an increase of 1,083 more homes sold than in 2008.
Tucson Average Sale Price (all residential types):
Decreased by $40,851 from 2008, improving our affordability index dramatically and making home ownership available to a much larger segment of our population. Even at this lower Average Sales price of $201,155, prices of residential units at the end of 2009 were the 6th highest on record.
Tucson Average Days on Market:
Decreased from 123 days in 2008 to 113 days in 2009. This number is trending lower as we predicted last year and we expect it to continue lower in calendar 2010 as inventory continues to decline.
Total Tucson Units listed:
Decreased Significantly from 26,592 units listed in 2008 to 22,170 units listed in 2009.
As a Top Tucson Realtor Brenda O'Brien draws some quick conclusions from these Tucson home sales statistics:
Prices were down across the board in 2009.
We believe that we reached the bottom in mid 2009 and have been seeing prices starting to trend higher in the second half. While the economy is still somewhat shaky coming out of the recession we believe we are now on the road to recovery.
Inventory has started to normalize
. At the end of 2009 there were 6,130 Homes Listed in Tucson compared with 7,627 at the end of 2008. This graphic image shows the steady decline in inventory over the last 3 years.
In this report last year we predicted "Overall inventory should trend lower during 2009".
and so it has. At this time we predict that inventory will continue to trend lower in calendar 2010, but at a slower rate than 2009.
The 2009 Year End Tucson Market Report below will give you a detailed look inside the 2009 Tucson Housing Market.
2008 Tucson Housing Report
2007 Tucson Housing Report
2006 Tucson Housing Report
Questions about current Tucson Housing Market Conditions?
Email Brenda or call her Today at 520-918-5968
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