30 Year Fixed 6.00%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6. 125%
15 Year Fixed 5.75%
Jumbo Fixed 7.00%
Contact me for more on the Tucson Real Estate market, nellisja@aol.com or www.tucsonhouses4you.com
Tuesday, November 27, 2007
Wednesday, November 21, 2007
October 2007 Active vs Closed Properties
Active properties on the market increased for the 4th straight month to 9,313 units available. This increase was small each month and would reflect typical seasonality. This number is actually 23 units lower than October 2006 which is not statistically a significant difference. These do reflect high numbers when compared to 2005 numbers where October had just 5,330 units available. The large inventory does present a pretty compelling story to buyers to take advantage of a market slanted to their favor.
Closed units are not as strong as prior years and reflects the lowest October in recent history at 790 units. This is 305 units less than October of 2006 which is a 28% drop. The good news is that there is an increase from September closings which suggests that irregularity in the significant drop in closings that month could have been more isolated to delays in closing as a result of the turmoil in the lender market. Regardless this does show that sellers must be extremely competitive in order to get buyer attention.
To search the current active Tucson area Real Estate listings, visit www.tucsonhouses4you.com
Closed units are not as strong as prior years and reflects the lowest October in recent history at 790 units. This is 305 units less than October of 2006 which is a 28% drop. The good news is that there is an increase from September closings which suggests that irregularity in the significant drop in closings that month could have been more isolated to delays in closing as a result of the turmoil in the lender market. Regardless this does show that sellers must be extremely competitive in order to get buyer attention.
To search the current active Tucson area Real Estate listings, visit www.tucsonhouses4you.com
October 2007 Days of Inventory
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transaction in the preceding month provided no new product becomes available. This is an excellent benchmark to show the velocity of transaction in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.
October numbers improved from September DOI and dropped to 12 months inventory. There are some seasonally market functions which generally show increasing days of inventory as we move into the fall but we are still way beyond the last few years. October of 2006 showed just 8.8 months available so that shows DOI increased by 38% from that point.
This is a particularly opportune time for buyers in the market place and a particularly difficult market for sellers. Only properties that are generally in good condition and competitively priced are seeing much activity. Home sellers in the under $400,000 range are particularly impacted by the homebuilder competition who have sliced their pricing by more than 10% in some cases for inventory/spec homes.
To search for active Tucson area Real Estate, visit my website at www.tucsonhouses4you.com
October numbers improved from September DOI and dropped to 12 months inventory. There are some seasonally market functions which generally show increasing days of inventory as we move into the fall but we are still way beyond the last few years. October of 2006 showed just 8.8 months available so that shows DOI increased by 38% from that point.
This is a particularly opportune time for buyers in the market place and a particularly difficult market for sellers. Only properties that are generally in good condition and competitively priced are seeing much activity. Home sellers in the under $400,000 range are particularly impacted by the homebuilder competition who have sliced their pricing by more than 10% in some cases for inventory/spec homes.
To search for active Tucson area Real Estate, visit my website at www.tucsonhouses4you.com
October 2007 Monthly Sales Statistics
Home Sales Volume:
Decreased 29.10% from $292,204,700 in October 2006 to $207,178,347 in October 2007.
Home Sales Units:
Decreased 27.85% from 1,095 in October 2006 to 790 in October 2007.
Average Sales Price:
Decreased 1.72% from $266,854 in October 2006 to $262,251 in October 2007.
Pending Contracts:
Increased 26.98% from 782 in October 2006 to 993 in October 2007.
Active Listings:
Decreased .25% from 9,336 in October 2006 to 9,313 in October 2007.
New Listings:
Decreased 16.97% from 2,886 in October 2006 to 2,399 in October 2007.
To search for Tucson Real Estate, visit my website at www.tucsonhouses4you.com
Decreased 29.10% from $292,204,700 in October 2006 to $207,178,347 in October 2007.
Home Sales Units:
Decreased 27.85% from 1,095 in October 2006 to 790 in October 2007.
Average Sales Price:
Decreased 1.72% from $266,854 in October 2006 to $262,251 in October 2007.
Pending Contracts:
Increased 26.98% from 782 in October 2006 to 993 in October 2007.
Active Listings:
Decreased .25% from 9,336 in October 2006 to 9,313 in October 2007.
New Listings:
Decreased 16.97% from 2,886 in October 2006 to 2,399 in October 2007.
To search for Tucson Real Estate, visit my website at www.tucsonhouses4you.com
October 2007 Tucson Market Report
For the fifth consecutive month, new contracts opening escrow in '07 exceeded the same month in 2006. The October 2007 shows 993 new pending contracts, and the October 2006 shows 782. This indicates there are more buyers in the market finding their dream home and making offers and sellers are more receptive to these offers.
This consistent monthly increase in new contracts pending is reflected in the increase in the October 2007 total closed units of 790 units, an increase of 107 units over Septembers numbers.
Additional good news indicates the active listing inventory has declined for the fifth consecutive month, with October '07 showing an inventory of 9,313, a decline even when compared to October '06. The 2,399 new listings coming into the market are less than the September number, as well as the same month last year.
The year to date average sales price is $274,480. The year to date median sales price remains at $220,000, the same median as 2006 for the same period.
Regardless of the national media, we must remember Real Estate is local. I heard someone tell a group "there is no national weather forecast....same with real estate....it's all local."
Judy Lowe-MLS President
This consistent monthly increase in new contracts pending is reflected in the increase in the October 2007 total closed units of 790 units, an increase of 107 units over Septembers numbers.
Additional good news indicates the active listing inventory has declined for the fifth consecutive month, with October '07 showing an inventory of 9,313, a decline even when compared to October '06. The 2,399 new listings coming into the market are less than the September number, as well as the same month last year.
The year to date average sales price is $274,480. The year to date median sales price remains at $220,000, the same median as 2006 for the same period.
Regardless of the national media, we must remember Real Estate is local. I heard someone tell a group "there is no national weather forecast....same with real estate....it's all local."
Judy Lowe-MLS President
Saturday, November 17, 2007
Current Interest Rates for November 16, 2007
30 Year Fixed 6.25%
30 Year Fixed VA 6.25%
30 Year Fixed FHA 6.25%
15 Year Fixed 5.87%
Jumbo Fixed 7.00%
Call me with all your Tucson area Real Estate needs.
Visit www.tucsonhouses4you.com for more information on Tucson Real Estate
30 Year Fixed VA 6.25%
30 Year Fixed FHA 6.25%
15 Year Fixed 5.87%
Jumbo Fixed 7.00%
Call me with all your Tucson area Real Estate needs.
Visit www.tucsonhouses4you.com for more information on Tucson Real Estate
Subscribe to:
Posts (Atom)
