July 2008 Residential Housing Report
KEY INDICATORS CONTINUE TO SHOW IMPROVEMENT IN THE
TUCSON REAL ESTATE MARKET... according to the Tucson Association of
Realtors Multiple Listing Service July '08 Monthly Statistical Digest. The consistent
strength in the year to date sold and closed units, plus fewer listings coming on the
market (1,000+ fewer tjam July '07) are reflected in the July Tucson listing inventory
number that dipped below 8,000 units for the first time since March 2006 (28 months
ago).
The Tucson July Median Sales Price continues to hover around $200,000, with the
largest number of reported Solds in the Northwest area (241 sales), and the Central
Home Sales Volume: Decreased 23.92% from $316,549,145 in July 2007 to $240,837,426 in July 2008.
Home Sales Units: Decreased 20.04% from 1,182 in July 2007 to 945 in July 2008.
Average Sales Price (all residential types): Decreased 4.84% from $267,808 in July 2007 to $254,854 in July 2008.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 7.88% from $217,000 in July 2007 to $199,900 in July 2008.
Pending Contracts (new transactions subject to contract in the month): Decreased 45.98% from 1,777 in July 2007 to 960 in July 2008.
Active Listings: Decreased 9.39% from 8,692 in July 2007 to 7,876
in July 2008.
New Listings: Decreased 39.30% from 2,766 in July 2007 to 1,679
in July 2008.
The July Median Sales Price for Single Family Residences was $210,000, for Condos was
$137,000, for Townhomes was $169,000 and for Manufactured Homes was $105,000.
Even though we are seeing the Active Listing Inventory shrinking, it is still a Buyer's Market.
First Time Homebuyers may qualify for the $7500 Tax Credit under the recently passed Federal Housing Stimulus Bill, and remember a First Time Homebuyer is someone who has not owned a home in the past three years.
Buyers can certainly benefit in this quickly changing market by working with a knowledgeable Realtor who knows the local market, including the values of our neighborhoods, and the availability of low interest rate home loans.
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-990-8477 or visit www.tucsonhouses4you.com
Friday, August 22, 2008
Thursday, August 14, 2008
Why Buy Right Now?
It is a great time to buy! Buy before these changes to FHA financing take effect October 1st:
*Minimum downpayment is increasing from 3% to 3.5%
*Many sources of down-payment assistance will no longer be available
*Long Companies’ Home Closing Guarantee:
On Time Closing & Closing Costs Guaranteed
Your Home Closing Guarantee Includes:
On Time Closing Guarantee 1 - If your loan from Long Mortgage doesn’t close on your new home by the initial close date stated in your purchase contract due solely to Long Mortgage or Long Title delay, we will at closing either (1) reimburse you one monthly principal and interest payment OR (2) credit you $1,000 toward closing costs, whichever is greater.
Closing Cost Guarantee 2 - Should your actual closing costs be OVER the amount quoted in the Good Faith Estimate, we will credit you the difference at closing.
A full title search & commitment on lot and block property that you are purchasing within 48 hours after receipt of the order from escrow.
Sufficient time to approve your title commitment during the inspection period.
A LSR (Loan Status Report / Conditional Loan Approval) will be in your hands at no additional cost prior to your property search.
No charge for your appraisal should your contract fall through during the inspection period.
To put Long Companies’ Home Closing Guarantee to work for you, please contact a Long Mortgage Consultant, Tony Poe, at 520-918-1651 or email at tonyp@longmortgage.com
*Minimum downpayment is increasing from 3% to 3.5%
*Many sources of down-payment assistance will no longer be available
*Long Companies’ Home Closing Guarantee:
On Time Closing & Closing Costs Guaranteed
Your Home Closing Guarantee Includes:
On Time Closing Guarantee 1 - If your loan from Long Mortgage doesn’t close on your new home by the initial close date stated in your purchase contract due solely to Long Mortgage or Long Title delay, we will at closing either (1) reimburse you one monthly principal and interest payment OR (2) credit you $1,000 toward closing costs, whichever is greater.
Closing Cost Guarantee 2 - Should your actual closing costs be OVER the amount quoted in the Good Faith Estimate, we will credit you the difference at closing.
A full title search & commitment on lot and block property that you are purchasing within 48 hours after receipt of the order from escrow.
Sufficient time to approve your title commitment during the inspection period.
A LSR (Loan Status Report / Conditional Loan Approval) will be in your hands at no additional cost prior to your property search.
No charge for your appraisal should your contract fall through during the inspection period.
To put Long Companies’ Home Closing Guarantee to work for you, please contact a Long Mortgage Consultant, Tony Poe, at 520-918-1651 or email at tonyp@longmortgage.com
July 2008 Tucson Housing Report
July was a very good month for our industry in many ways! Our listing inventory has dropped below the 8,000 mark for active listings. We have not been below 8,000 listings since March of 2006.
New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement. July has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%.
I am happy to report that the decrease in sales for June 2008 over July 2008 is 9.53%. There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900.
New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement. July has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%.
I am happy to report that the decrease in sales for June 2008 over July 2008 is 9.53%. There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900.
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