The 2008 Southern Arizona Real Estate market is slowly improving! Remember that Real Estate is local and we have excellent news from HUD that the limits for an FHA loan in Pima County have been raised from $239,850 to $316,250 on a 1 unit single family residence with a 3% down payment. This is a better increase than we anticipated and with 6,534 homes currently on the market priced under $327,000 this will open up a new level of opportunity for buyers and sellers.
Even though home sales volume and unit sales are down from February '07 the numbers are up from January '08 by +17.60% for Home Sales Volume and +19.52% for Home Sale Units. The average sales price for a home increased +1.01% over February '07 from $259,516 to $262,155 in February '08. The median sales price has decreased from February '07 from $219,500 to $199,900 for February '08. This is slightly down from January '08 which was $205,450.
Pending contracts increased to 1,317 February '08 an increase of 20.38% over the February '07 count of 1,094. Our active listings decreased 6.89% from 9,847 in '07 to 9,168 in '08. Active listing numbers are ironically the same as January 2008 at 9,168 but differ in price range categories. New listings in '08 increased from 2,376 in '07 to 2,432 in '08, an increase of 2.35%
February has started to pave the way for a positive 2008. We can look forward to spring and all of the new opportunities that have become available with the new limits for FHA financing.
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