December 2008 Tucson Market Report

"AFFORDABLE" IS RETURNING TO THE TUCSON HOUSING
MARKET....according to the Tucson Association of Realtors Multiple Listing
December 2008 Statistical Report. In comparing December 2008 stats with the
past data we find: * The Median Sales Price of $167,900 is the lowest Median
since August 2004; *The December Average Sales Price of $200,055
is the lowest Average since February 2004; *The December 31, 2008 Listing
Inventory Count of 7,627 was the lowest since March 2006; *The December 2008 New Listings entering the market were the least since February 2005.

Arizona's foreclosures slowed in November and December as we saw Fannie Mae and Freddie Mac suspend foreclosure proceedings and evictions from single family homes. This suspension has been extended through the end of January to allow homeowners facing foreclosure to stay in their homes as they work with mortgage servicers under the Streamlined Modification Program. I have been assisting Fannie Mae also in developing a Short Sale "preapproval" program focused on those listings that may qualify for a short sale. This program is initially being tested in Phoenix and Orlando, where the foreclosure threat is much worse than Tucson. Many are predicting that Tucson's real estate market will show improvement in 2009!!

Home Sales Volume: Declined 19.93% from $193,643,336 in Dec. '07 to $155,042,902 in Dec. '08

Home Sales Units: Increased 2.92% from 753 in Dec. '07 to 775 in Dec. '08.

Average Sales Price (all res. types):
Decreased 22.21% from $257,162 in Dec. '07 to $200,055 in Dec.. '08

Median Sales Price (price at which half the homes were sold above and half below):
Decreased 20.05% from $210,000 in Dec. '07 to $167,900 in Dec. '08

Pending Contracts (New Sales Opening Escrow in Month):
Decreased 23.40% from 799 Units in Dec. '07 to 612 Units in Dec. '08

Active Listing Inventory:
Declined 12.41% from 8,708 in Dec. '07 to7,627 in Dec. '08

New Listings: Declined 5.6% from 1,590 in Dec. '07 to 1,501 in Dec. '08