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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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"Dropping Interest Rates!, Lots of Inventory! Now is the time to Buy!"
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The Snowbirds have arrived, Welcome! January is starting off very busy, with lots of inventory to choose from and lots of new inventory coming back on the market after the holidays. January is always a busy month as the season heats up. We do expect a big jump in active listings in January as many people that took their homes off the market for the holidays put them back on. New sellers also often wait till the first of the year to list their home. We are in a little bit of a confusing time right now with all the negative media about the housing market and the national economy but for those with foresight and a little bit of faith, this is a great time to buy real estate. The majority of our leading indicators are pointing to a gradually improving market with shrinking inventory. There is a tremendous amount of buying pressure building on the sidelines as many potential buyers are just kinda hanging out there waiting to see what's going to happen. One thing is for sure, once the majority decide to buy, the best deals will all be gone! We are starting to climb out of a rounding bottom in this market. If we look back from 2010 we'll sure wish we had bought in 07 or 08. I read an interesting quote the other day, I wish I could remember where, I'd certainly give the author credit. It went something like this "The Tucson market is up about 50% over the last few years and down about 2% this year. That's kinda like taking 50 steps forward and 2 steps back" That just about exactly describes our market. Doesn't sound so bad to us! Time to Buy? You Bet! Interest rates are at almost historic lows, bargains are still available and we are approaching the end of this market cycle. Key current month statistics from the Tucson Association of Realtor’s November 2007 Report show: Tucson Home Sales Units: Decreased 30.48% from 981 in December of 2006 to 682 in December 2007. (Down 77 units from November - seasonal trend) Tucson Average Sale Price (all residential types): Decreased 0.4% from $261,348 in December 2006 to $260,196 in December 2007. Tucson Median Sale Price (all residential types): Decreased 2.33% from $215,000 in December 2006 to $210,000 in December 2007. Tucson Active Listings: Increased 2.23% from 8,518 in December 2006 to 8,708 in December 2007. Tucson New Listings: Decreased 11.17% from the 1,790 listings added in December 2006 to the 1,590 listings added in December 2007. (Down 634 units from November) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Current Inventory continues to Decline, Pending contracts are up (17.84%) and New Listings are down. These are all positive signs of an improving market. Negative Market Indicators this month. Median sales price is down slightly (2.33%). Total units sold are down, again following the normal seasonal trend. Still some Bargains out there. The Snowbirds are here, we are seeing lots of out of state plates and it is good to see old friends back in town for a few months. Only 2 weeks into January and we are seeing the normal pick up in activity. Lots of people out there looking at homes. We expect January to be a very busy month for sales. Busy Spring Season is almost here. We are seeing activity pick up in all price points. Interest rates have just dropped back below 6%! This is a golden opportunity for buyers, Lots of inventory and historically low interest rates. The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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Long Realty 2007 Year (thank you Byron) End Market Report
December 2007 Tucson Multiple Listing Service Report Brenda's 2006 Year End Tucson Housing Report 2006 (Year in Review) Tucson Multiple Listing Service Report Tucson Housing Market Report Archives | |
