Once again, according to the Tucson Association of Realtors Multiple Listing Service September 2007 housing report, we see an increase in new contracts opening escrow (989 units) compared to the same month in 2006. This is the fourth month this has occurred-thus supporting the belief the local Tucson real estate market has stabilized.
There is still a surplus of listing inventory (9,190) especially in specific areas of the community, which may require particular attention of the Sellers and the Listing Agents to the "up to the minute" values and the condition of the property.
The average sales price continues to climb, with September average being $279,025. However, as we see with seasonality, the median sales price showed a decline to $215,000, which should not impact the 2007 year to date median average of $220,290.
It's impossible to time any market. Right now, interest rates are very favorable, buyers have lots of options, and there are many mortgage programs available to meet the needs of today's buyers.
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