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10445 N. Oracle, Suite 121
Tucson, AZ 85737 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-989-6114 email: Brenda@BrendaOBrienTeam.com |
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Brenda's Tucson Housing Market Report
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"Still a Buyers Market, but that may be starting to change" |
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The March MLS Statistical report shows normal seasonal pick up in the market. Generally behind 2007 but improving conditions in recent months. We were very busy in March and had a great month. We have lots of interest going into April and expect it to be a very busy month also. We are seeing lots of activity in most price points and expect that to continue as the buyers appear to be spread across the financial spectrum. We are also starting to see some relocation type buyers, folks moving to town as opposed to snowbirds or 2nd home buyers. As the national economy improves approaching and after the November elections we should see more buyer interest. This market continues to show signs that it is getting ready to change and slowly head back up. The most important indicators are Active Invetory for sale, Actual Sales and Pending Contracts. Key current month statistics from the Tucson Association of Realtor’s March 2008 Report show: Tucson Home Sales Units: Decreased 32.78% from 1,339 in March of 2007 to 900 in March 2008. (Up 190 units from February) Tucson Average Sale Price (all residential types): Decreased 4.25% from $270,648 in March 2007 to $259,120 in March 2008. Tucson Median Sale Price (all residential types): Decreased 9.42% from $220,815 in March 2007 to $200,000 in March 2008. Tucson Active Listings: Decreased 11.41% from 10,185 in March 2007 to 9,022 in March 2008. (This is Huge!) Tucson New Listings: Decreased 9.81% from the 2,710 listings added in March 2007 to the 2,444 listings added in March 2008. (Trend turned back down again as expected.) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. The Big News this month is the large decrease in Active Listings. We expect that number to drop below 9,000 in the next month or so. Another very positive figure is New Listings which dropped almost 10% over this same month last year. We are slowly nibbling away at the excess inventory and the flood of new listings appears to be ebbing. Another huge indicator is Pending Contracts which is up almost 20% from last year. These are all Very positive indicators! Negative Market Indicators this month. Home Sales Units sold, average price and median price are all down this month. While these are negative indicators they are far out shadowed by the decline in inventory, the decline in new listings and the huge increase in Pending Contracts. Buyers are definitely coming back into this market! Buyers are looking for deals!, They're back, but they want a deal! The buyers we are taking out are looking at lots of homes and only considering those that show best! Make your home shine if you are a seller. With so much to choose from buyers are only selecting the best. And they are negotiating Hard! The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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March 2008 Tucson Multiple Listing Service Report 2007 (Year in Review) Tucson Multiple Listing Service Report Brenda's 2007 Year End Tucson Housing Report Long Realty 2007 Year End Market Report Tucson Housing Market Report Archives |
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