Brenda's Tucson Housing Market Report
September 2011

Sales Increasing, Inventory Declining, Prices still Declining

President Obama unveils "Jobs Bill" - Will anything really happen?

We really try to be positive, but wonder if this administration can actually accomplish anything on the jobs front. But the good thing is: Washington finally has their eye on the ball again. Jobs are what this country needs to get the economy going again.

Average Days On Market = 73 ~ Sales Price as a % of List Price = 95.33%

Sales Volume Increasing Year over Year: Sales Volume increased 4% over August of last year. Although prices are down, the number of units sold is way up. What this means is that basically there's lots more homes selling (at lower prices than last year) which brings the total dollars sold up.

Days on Market: Dropped again this month to 73. This is an improvement of 3 days over last month. This indicator is improving rapidly as inventory continues to decline. It now takes a month or so less to sell a home here than it did just last winter!

Active Listings Approaching 5,000: Active listings have now declined to the point where they are approaching 5,000 units. These are numbers we haven't seen in 5 or 6 years. We don't believe we'll be able to drop below 5,000 units this year however. We expect an increase in new listings over the next few months as we head into our fall and winter selling season.

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 September 2011 Report show:

Total Tucson Home Sales Units: 1,106, Increased 25.40% from August 2010. Decreased 1.60% from last month.

Total Tucson Homes Under Contract: 2,121, Increased 63.92% from August 2010. Increased 5.57% from last month.

Tucson Average Sale Price: $154,944 Down 16.95% from $186,562 in 2010.
Northwest Tucson Average Listing Price: $200,298 Down from $228,378 last month.
Catalina Foothills Average Listing Price: $327,397 Down from $451,344 last month.

Total Tucson Active Listings: 5,167 Down 27.94% from 7,170 in August of 2010.
Northwest Tucson Active Listings: 1,307 Down 30 units from last month.
Catalina Foothills Active Listings: 517, Down 26 units from last month.

Total Tucson New Listings: 1,206, Down 249 units from 1,455 in August of 2010.
Northwest Tucson New Listings: 307, Up 64 units from last month.
Catalina Foothills New Listings: 104, Up 8 units from last month.

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

Positive Market Indicators this month: Sales volume continues up Year over Year, Units Sold increasing Year over Year, Days on market continues steady decline, Inventory Declining with Active listings now at 6 year lows.

Negative Market Indicators this month: The only negative in this market is that prices are still declining, The Banking System & a general wide spread lack of confidence by the public is the problem.

Market Outlook: August was another really good month, our best month this year! We keep expecting a slowdown but it has not materialized yet. This may be a year we just go strong all the way from summer to winter with no slump. The next couple months will tell.

Here's a great graphic that helps show why It Makes Sense to Buy a Home Now! Sometimes a picture is worth a thousand words and this might be one of those times.

Why It Makes Sense To Buy A Tucson Home Now

Questions about current Tucson Housing Market Conditions?
Email Brenda or call her Today at 520-918-5968
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