Tucson's stabilized Real Estate Market continues....According to the Tucson Association of Realtors Multiple Listing Service December 2007 Housing Report. Considering seasonality and 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 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 1/15/08, Dr Lawrence Yun, national Association of Realtors Chief Economist shared his predictions for the 2008 Tucson Real Estate Market, which included;
Most declines have already happened; Any further declines will be neighborhood specific and minor; the Buyer pool is growing with a pent-up demand, including the Baby Boomers, the retirees, and the international buyer; Tucson benefits from being a "Work Class Recreational" region commanding a high premium; a job growth rate that should support home price appreciation. Other comments from the Leader's Panel on "what makes Tucson's market different" included;
High population and job growth, income growth; Relatively low cost of living; Lower than nation unemployment rate, Availability of mortgage loans including FHA loans; Almost 4500 residential homes available under $250,000; A declining new construction inventory/ starts; A foreclosure rate on "non sub prime' mortgages lower than the national average. Yes, we still have very affordable housing when compared to other western cities.
There is no better time to buy a home than in 2008!
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.
Pending Contracts (transactions subject to contract buy 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.
Thursday, January 17, 2008
Saturday, January 5, 2008
November 2007 Residential Housing Report
The Real Estate market is local....and the Tucson Association of Realtors November 2007 housing report's indicators show a stable market continues when comparing November '07 to November '06.
For the sixth consecutive month new contracts opening escrow, listing inventory and new listings coming on the market all supported the positive trend when compared to November 2006;
The 910 new contracts opening escrow compare with 891 in November 2006.
The active listing inventory of 9234 is slightly fewer than the 9238 in November of 2006.
New Listings coming on the market of 2224 were also fewer than the 2380 in November 2006.
The National Association of Realtors has projected that the existing-home sales will trend up in 2008, with this same trend that we see in Tucson, being seen less dramatically in other cities. Lawrence Yun, NAR chief economist has said, "Now that mortgage conditions have improved, some postponed activity should turn up in existing home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."
Home Sales Volume: Decreased 22.10% from $262,678,000 in November 2006 to $204,906,024 in November 2007.
Home Sales Units: Decreased 23% from 982 in November 2006 to 759 in November 2007.
Average Sales Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.30% from $218,000 in November 2006 to $213,000 in November 2007.
Pending Contracts: Increased 2.13% from 891 in November 2006 to 910 in November 2007.
Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.
New Listings: Decreased 7.65% from 2,380 in November 2006 to 2,224 in November 2007.
For the sixth consecutive month new contracts opening escrow, listing inventory and new listings coming on the market all supported the positive trend when compared to November 2006;
The 910 new contracts opening escrow compare with 891 in November 2006.
The active listing inventory of 9234 is slightly fewer than the 9238 in November of 2006.
New Listings coming on the market of 2224 were also fewer than the 2380 in November 2006.
The National Association of Realtors has projected that the existing-home sales will trend up in 2008, with this same trend that we see in Tucson, being seen less dramatically in other cities. Lawrence Yun, NAR chief economist has said, "Now that mortgage conditions have improved, some postponed activity should turn up in existing home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."
Home Sales Volume: Decreased 22.10% from $262,678,000 in November 2006 to $204,906,024 in November 2007.
Home Sales Units: Decreased 23% from 982 in November 2006 to 759 in November 2007.
Average Sales Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.30% from $218,000 in November 2006 to $213,000 in November 2007.
Pending Contracts: Increased 2.13% from 891 in November 2006 to 910 in November 2007.
Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.
New Listings: Decreased 7.65% from 2,380 in November 2006 to 2,224 in November 2007.
Interest Rates January 4, 2008
30 Year Fixed 5.750%
30 Year Fixed VA 5.875%
30 Year Fixed FHA 5. 875%
15 Year Fixed 5.250%
Jumbo 30 Year Fixed 6.625%
30 Year Fixed VA 5.875%
30 Year Fixed FHA 5. 875%
15 Year Fixed 5.250%
Jumbo 30 Year Fixed 6.625%
Wednesday, January 2, 2008
Catalina Foothills Home For Sale
1305 E. THUNDERHEAD CIRCLEMLS#20749276
$440,000
3 Bedroom 2 Bath 1951 Sq. Ft. Built 1973 .80 Acre 2.5 Car Garage
Formal Dining Room, Fireplace in Living Room, Swimming Pool, Wet Bar,
Breakfast Bar, Large Covered Back Patio, Newer Appliances, Family Room
Contact me for more information on this fantastic foothills home nellisja@aol.com or www.tucsonhouses4you.com 520-918-3843
Home Loan Interest Rates 12/31/07
30 Year Fixed 6.000%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.500%
Jumbo 30 Year Fixed 6.875%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.500%
Jumbo 30 Year Fixed 6.875%
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