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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 2008 Year End
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"2008 was a Bottoming Year. Thank Goodness we're past that!"
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2008 was Tough! We had a very good year but it was really challenging putting transactions together. We ended up Selling 65 Homes and I want to thank all our loyal clients for their trust and faith in us. The Tucson MLS has released their Year End Report for 2008 Key year end statistics show that 2008 was an "Bottoming Year" with total units sold and prices both down. According to the 2008 Year End Report the Average Sales Price Decreased from $272,273 in 2007 to $242,066 in 2008. A common misconception that sellers are desperate and giving away their homes is refuted in the fact that Homes in Tucson Sold for 95.21% of asking price in 2008. Tucson Home Sales Volume: The Volume (total dollars) of sales did decrease from $3.522 Billion in 2007 to $2.560 Billion in 2008. Even so, with sales of just over $2.5 Billion, 2008 ranked as the 6th best year for real estate sales in Tucson's history. Tucson Home Sales Units: Total units sold for 2008 were 10,578 which was 2,361 fewer than in 2007 which is very similar to the number of homes sold in 2000 (10,988). Tucson Average Sale Price (all residential types): Decreased by $30,207 from 2007. Average Sales prices of residential units at the end of 2008 were the 4th highest on record, with only the prior 3 years being higher. Tucson Average Days on Market: Increased from 104 days in 2007 to 123 days in 2008. The local Multiple Listing Service made a change in their reporting of Days on Market for 2008 which now reflects Cumulative Days on Market which is a much more accurate representation than the prior current listing days on market. We do expect this number to begin trending lower as inventory has declined significantly in the last year. Tucson Units listed: Decreased Significantly from 33,022 units listed in 2007 to 26,592 units listed in 2008. As a Top Tucson Realtor Brenda O'Brien draws some quick conclusions from these Tucson home sales statistics: Prices were down across the board. Even with prices down, Tucson fared very well compared to many area's of the country. Other popular retirement destinations in Arizona, Florida, Nevada and California finished the year much worse off. To have such a small decline in prices when other competing area's of the country experienced severe declines speaks well for this market. This is a strong indication that we will probably recover much faster than other areas that had large declines and still carry a huge oversupply of inventory. We still had an excess of inventory at the end of 2008, However, we have burned through a significant portion of that excess in the last year. At the end of 2008 there were 7,627 Homes Listed in Tucson compared with 8,708 at the end of 2007. In this report last year we predicted "Overall inventory should trend lower during 2008". and so it has. At this time we will also predict that inventory will again trend lower in calendar 2009. The 2008 Year End Tucson Market Report below will give you a detailed look inside the 2008 Tucson Housing Market. |
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2008 (Year in Review) Tucson Multiple Listing Service Report
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