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Tucson Real Estate Market News

December 11, 2008 By Administrator

Tucson Real Estate Market Update

 

We are almost a the end of 2008 and how is the Tucson Real Estate Market doing?

November has duly followed seasonal trends,  and December is expected to follow the same pattern.

Tucson New listings are currently  at 1615 which is around 20.5% less inventory than last year. this  is also a good sign for the Tucson Real Estate Market.

However, the average sales price is slightly down at $215,913.

A recent quote from the National Association of Realtors about the real estate market states

"Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past

year, holding in a generally narrow range," says Lawrence Yun, NAR chief economist. "We did see a spike in August when

mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to

safe, affordable mortgages will bring more buyers into the market."

 

 

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Tucson Real Estate Market Report

January 17, 2008 By Administrator Leave a Comment

 

According the Tucson Association of Realtors Multiple Listing Service December 2007 Housing Report the Tucson Market appears to be stabilizing.
Considering that this is the Winter Season, and also comparing December ’07 with the same month ’06, we see a consistent improvement in the number of New Contracts opening escrow (799 Nov. ’07), which, when coupled with the fact that we have fewer new listings coming on the market, creates a shrinking listing inventory of 8708 residential units. In fact the 1590 new listings entering the market was the lowest number since early 2005.
At the Tucson Association of Realtors’ Annual Forecasting Summit on 1-15-07, Dr. Lawrence Yun who is the National Association of Realtors Chief Economist, shared his predictions for the 2008 Tucson real estate market which included the following information.
1.Most declines have already happened.
2, Any further declines will be neighborhood specific and minor.
3. The Buyer pool has been  growing with a demand from  the Baby Boomers, the retirees, and the international buyer.
4. Tucson benefits from being a “Work Class Recreational” region commanding a high premium.
5. Tucson has a job growth rate that should support home price appreciation in the future besides the fact that we hit over a million in population last year.
 
The Leader’s Panel who recently met to discuss Tucson’s Future also commented on “What makes Tucson’s Market Different” included:
 
1.High population and job growth, income growth. Tucson was rated as one of the top technically expanding cites by Fast Company Magazine last year. Only two cities made the list in the USA….. Austin Tx, and Tucson Az.
2. Tucson has a relatively low cost of living, and also a lower than national unemployment rate.
3. Loans are still available, even if you are to believe the current media. Many are FHA loans with little to no downpayment.
4. Tucson has around 4500 residential homes available under $250,000.
5. A declining new construction inventory starts. This actually may mean a shortage in New Home Inventory in 2009.
6. Tucson has a  foreclosure rate on “non sub prime” mortgages that is  lower than the national average.
7. Tucson housing has always been affordable for a desirable place to live.
 
We still have very affordable housing when compared to other western cities, and over 250 days of sunshine a year!
 
2008 is a great time to Buy your Tucson Home!
 
 
Home Sales Volume: Decreased 30.79% from $256,382,100 in December 2006 to $177,453,788 in December 2007.
Home Sales Units: Decreased 30.48% from 981 in December 2006 to 682 in December 2007.
Average Sales Price (all residential types): Decreased .4% from $261,348 in December 2006 to $260,196 in December 2007.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.33% from $215,000 in December 2006 to $210,000 in December 2007.
Pending Contracts (transactions subject to contract but not yet closed escrow): Increased 17.84% from 678 in December 2006 to 799 in December 2007.
Active Listings: Increased 2.23% from 8,518 in December 2006 to 8,708 in December 2007.
New Listings: Decreased 11.17% from 1,790 in December 2006 to 1,590 in December 2007.

 

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