The Real Estate market in Southern Arizona has an interesting year ahead in 2008! As the markets begin to wake up from the holiday hibernation, there is nothing but better news for the months ahead.
Although both home sales volume and unit sales numbers were below what they were in January of 2007, the average sales price for a home decreased only 2.17% from $272,351 in January '07 to $266,450 in January '08. The median sales price decreased 7.65 from $220,365 in January '07 to $203,500 in January '08.
Pending contracts increased to 1,079 in January '08, an increase of 25.03% over the January '07 count of 863. Our active listings decreased by 5.89% from 9,742 on '07 to 9,168 on '08. New listings in '08 increased from 3,499 on '07 to 3,744 in '08, an increase of 7.00%
January has typically been one of the slower months in the Tucson real estate market, but in following sales trends of the past, the market should pick up in early spring.
With 2007 behind us we can look forward to all of the opportunities in our industry for 2008! Tucson and its surrounding communities are continuing to grow and prosper due to all of the amazing amenities that Southern Arizona has to offer new home owners from all around the country. Affordable housing, low interest rates and government backed financing will assist in the upswing in the real estate market for 2008! It is time to spread the word!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment