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
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