Tucson Real Estate Market update for March 2008

Tucson Real Estate Market Update News…….

Spring is here and we are all reminded why we live in the Desert Southwest. How beautiful it is!

Today, we are sending out  the latest Tucson Real Estate trends for the month of March 2008.
National trends talk about real estate in general terms, and it is always good to take this in the context of "area."
Tucson appears to be fairing better than other areas of the country or state.
Remember that Real Estate statistcs are Local and not National, and that you should consult a local area Realtor who can help you with  local sales statistics in your area of the country. 
However, sales statistics can vary from neighborhood to neighborhood especially in Tucson.
 

March has fallen right in line with the annual trend when we usually start to see things pick up. The Sales Snapshot continues to show that our market is down from 2007, and while that is not "new news", on a high note, the statistics from Februaury 2008 to March 2008 indicate that we are a recovery phase.

The following  information shows us where our market conditions are currently.

As you can see, our market is starting to turn the corner in a small but positive way.

Many people are looking for the "bottom of the market", however, sometimes the bottom is as hard to predict as buying in an opposite market to the one we have now. Many economists believe that Tucson is close to its bottom if not already passed that point and that the in the second half of this year we will see strong sales.
As lenders tighten up their loan criteria, and  if you are looking for great interest rates, a good selection of homes on the market, then now is a great time to buy a home in Tucson ranked by CNN Money last month as one of the top 7 retirement ciites in the US.

2008 IS the time to buy a home!

 

Home Sales Volume: Increased 25.29%

 

2/08 $186,129,758

3/08 $233,207,940

Average Sales Price: Decreased 1.15%

2/08 $262,155

3/08 $259,120

Pending Contracts: Increased 30.67%

2/08 1,079

3/08 1,410

Active Listings: Decreased 1.59%

2/08 9,168

3/08 9,022

New Listings: Increased 0.49%

2/08 2,432

3/08 2,444

Home Sales Units: Increased: 26.76%

2/08 710

3/08 900

Median Sales Price: Increased 0.05%

2/08 $199,900

3/08 $200,000