Brenda's Tucson Housing Market Report
August 2012

The Dog Days of Summer - Buy Now Before The Fall Run-up

Mortgage Rates at Historic Lows - Buy or Refi Now, Before It's Too Late

Average Days On Market = 67 ~ Sales Price as a % of List Price = 96.63%

The Dog Days of Summer are upon us. It's Hot, we're all looking forward to the cooler days of fall. The kids are back in school and all is well in Southern Arizona.

It's a Sellers Market in Tucson now with low inventories. However, it's also a Buyers Market because of the historic Low Interest Rates. This unique situation almost never happens but here it is and it's presenting a unique opportunity for both Buyers and Sellers.

The big news is the upcoming elections in November. Historically we have looked forward to the elections as a time of excitement and enthusiasm, an opportunity for change and improvement.

This time around it just feels different, lower expectations, doubt in the system and lingering concerns about the economy. This time we just don't know, but however it works out we don't expect much change in the real estate market. We think the market will just shrug off the winner and keep slowly improving over time.

Tucson Active Listings: Active listings now stand at 3,477.

New Listings Up: There were 1,598 New Listings in July, an Increase of 61 units from June. We did see a slight listing increase as we predicted last month and this trend should continue into the fall.

Average Sales Price: The July average sales price was $181,978, up 5.1% from $173,141 in July 2011. Another month of year over year price increases. We have now had 5 months in a row of year over year price increases. This trend should continue.

Days on Market: Now sits at 67, down from 68 last month. We expect to stay in this range for awhile now, possibly dropping a little bit more thru the summer.

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 August 2012 Report show:

Total Tucson Home Sales Units: 1,137, Increased 1.16% from July of 2011. Decreased 10.40% from last month.

Total Tucson Homes Under Contract: 2,595, Increased 29.17% from July of 2011. Decreased 2.66% from last month.

Tucson Average Sale Price: $181,978 Up 5.10% from $173,141 in 2011.
Northwest Tucson Average Listing Price: $226,007 Up from $212,565 last month.
Catalina Foothills Average Listing Price: $439,900 Up from $402,781 last month.

Total Tucson Active Listings: 3,477 Down 35.75% from 5,412 in July of 2011.
Northwest Tucson Active Listings: 944 Down 43 units from last month.
Catalina Foothills Active Listings: 383, Down 6 units from last month.

Total Tucson New Listings: 1,598, Up from 1,101 in July of 2011.
Northwest Tucson New Listings: 394, Down 23 units from last month.
Catalina Foothills New Listings: 135, Down 9 units from last month.

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

Positive Market Indicators this month: Virtually all indices are positive, active listings virtually flat again this month & there is still a shortage of listings. Average sales prices are up Year over Year & Month over Month, Average list prices are up, Median sales price up Year over Year and Units under contract Up Year over Year.

Negative Market Indicators this month: There are no negatives in this market at this time! We remain in a Sellers Market with no indication of change. If current conditions continue prices will continue a slow steady climb to higher levels.

Market Outlook: July was a good strong month. Prices are now up 5.10% from this time last year. We expect more of the same thru August with good steady sales and prices increasing slightly.

Inventory remains at multi-year lows. Interest rates are at historic lows. We don't know how long this unprecedented situation will last, but are convinced it is the buying opportunity of a lifetime. If you're still on the fence about buying, you are missing the boat! It ain't gonna get any better than this for buyers. Here's the August Heat Map.

Getting a loan is a real pain these days. 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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