Brenda's 2010 Year End
Tucson Housing Market Report
Brenda finishes 2010 as Long Realty's Top Tucson Realtor!
We sold 70 Homes in 2010
, just 3 more than 2009. The year started off very strong and we averaged 2 home sales per week for the first 6 months. But then it slowed down and we averaged slightly less than 1 a week for the rest of the year. However, December was very strong & we had 9 sales in a holiday month that usually averages 2 or 3.
2010 was a year of turmoil in the country and in the housing markets with statistics showing economic improvement taking hold but the public not quite seeing it on main street yet. The underlying economic statics are showing steady (albeit slow) improvement. The turmoil came with several faces, the lack of positive visible economic improvement, continued high unemployment, midterm congressional elections, year end congressional wrangling regarding the Bush tax cuts and the continuing log jam in bank lending.
A year ago we thought 2010 would show slow steady improvement but that turned out not to be the case. The market basically just wallowed around, drifted slightly lower and was overall just anemic. The lack of significant economic improvement and the above mentioned turmoil contributed to this market malaise.
Being eternal optimists, we do however believe 2011 will be a turning point and that we will see significant improvements in the local Tucson housing market. The steadily improving economic fundamentals, the rising stock market and the end of the cycle being past due all portend a good year ahead in 2011.
The Tucson Multiple Listing Service has released their Year End Report for 2010
and the statistics it presents show steadily improving market conditions here in Tucson.
Key year end statistics show 2010 as a "Mixed Bag
" with total units sold increasing slightly over 2009, Average Sales Price Decreasing from $21,155 in 2009 to $189,352 in 2010. Inventory & Days on Market both increased slightly. Even as prices declined sellers were obtaining 94.4% of the asking price at the end of 2010.
Tucson Home Sales Volume:
The Volume (total dollars) of sales did decrease slightly from $2.345 Billion in 2009 to $2.234 Billion in 2010. We expect to see 2011 be about the same and possibly show a slight increase. We expect slightly higher unit sales in the coming year.
Tucson Home Sales Units:
Total units sold for 2010 were 11,802 an increase of 141 more homes sold than in 2009.
Tucson Average Sale Price (all residential types):
Decreased by $11,803 in 2010 compared to a decrease of $40,851 in 2009 so the rate of decrease is definitely slowing. We expect to see improvement in this statistic in 2011. Our affordability index is looking better & better all the time and we are now being noted in some national media such as this CNN Money - Tucson
article citing Tucson as one of the country's "Best Recovery Bets".
Tucson Average Days on Market:
Increased slightly from 113 days in 2009 to 121 days in 2010. We expect this number to trend lower in calendar 2011.
As we review this data from the Tucson Multiple Listing service we can draw some quick conclusions from these Tucson home sales statistics:
Prices were down across the board in 2010.
While prices are down from 2009 the rate of decline has decreased. The economy is slowly improving, the midterm elections are over and we are beginning to see many signs of improving Public Confidence. We are also seeing more and more positive Media Reporting on the end of the recession. 2011 should be the year we truly start the recovery in housing here in Tucson.
Inventory has started to normalize
. While inventory levels have remained slightly high, they have stabilized around 7,000 units. That will probably remain fairly constant in 2011 as lenders continue to feed foreclosures into the market. At some point most of the foreclosures will be absorbed and inventory will begin declining again.
INTEREST RATES TO CLIMB IN 2011. We predict that interest rates will experience a slow steady climb this year to the mid 5% range, possibly approaching 6%
on the 30 fixed rate loan by year end.
The 2010 Year End Tucson Market Report below will give you a detailed look inside the 2010 Tucson Housing Market.
2009 Tucson Housing Report
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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