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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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"Market Slowly Improving" Says Tucson MLS President |
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February's report shows signs of a slowly improving market. Sales activity is picking up in a normal seasonal trend and town is full of visitors. There has been so much negative media both locally and nationally about the real estate market being in the tank that folks are confused. Yes, there are trouble spots around the nation, but Tucson is faring better than many area's of the country. Real Estate Markets are Local in nature each community or region of the country has very different conditions driving their particular market. Tucson, as opposed to some area's of the country is a destination market. Our community is growing rapidly as folks flood into the desert southwest to retire or relocate to a warmer climate. Because we have a strong diversified economy and are growing, our market has not suffered the dramatic declines we have seen on other markets. Where are we now? Well, we're in the doldrums right now. But just like the sailors of old, we are starting to see little cats paws of breeze ripple across the surface, a sure indication that the wind is getting ready to change. Key current month statistics from the Tucson Association of Realtor’s January 2008 Report show: Tucson Home Sales Units: Decreased 28.92% from 999 in February of 2007 to 710 in February 2008. (Up 116 units from January) Tucson Average Sale Price (all residential types): Increased 1.01% from $259,516 in February 2007 to $262,155 in February 2008. Tucson Median Sale Price (all residential types): Decreased 8.92% from $219,500 in February 2007 to $199,900 in February 2008. Tucson Active Listings: Decreased 6.89% from 9,847 in February 2007 to 9,168 in February 2008. Tucson New Listings: Increased 2.35% from the 2,376 listings added in February 2007 to the 2,432 listings added in February 2008. (After 8 months of declining new listings January & February have shown small increases year over year) Some quick conclusions we draw from these Tucson home sales statistics are: Positive Market Indicators this month. Average Sales Price increased slightly by 1.01% and Pending contracts are up (20.38%) from this time last year. These are positive signs of slowly increasing prices of desirable property's (ones that are selling) and continued increases in purchasing activity occurring in our market. Buyers are slowly coming back into the market! In addition Active Listings are 679 units fewer than this time last year. Negative Market Indicators this month. Home Sales Dollar Volume & Home Sales Units sold are both down again this month. Declines in these two categories indicate that buyers are being very picky and only snapping up homes that are priced to sell and show well. A minor increase in new listings appears to be an aberration and should resolve itself over the next couple months. We expect to see inventories to slowly decline going forward. Buyers are being very picky, The buyers we are taking out are looking at lots of properties and only selecting the ones that show well and are priced to sell. If you are a seller, your home must be spotless and aggressively priced in this market. If you don't have to sell right now, Wait! Lots of Lookers. Lots of activity now as expected. Interest rates are still GREAT! Our calendar for the next couple months looks very busy and we expect sales to increase and inventory to decline as we move into the busy spring season. The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market. |
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February 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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