TUCSON HOUSING MARKET, according to the Tucson Association of
Realtors Multiple Listing Service Statistical Report for November 2008.
The Active Listing invetory of 7,996 units remains much lower than the
9,234 units in Nov. 2007 and the New Listings coming on the market
continues the downward trend.
November's Median Sales Price of $178,000 is the lowest Median for any month since January
2005, when it was $177,000. Of course, this is good news for homebuyers and for the affordability issues which have plagued Tucson in the past. As of the end of November there were 4,429 residential homes on the market below $250,000. In quoting a local lender, "A buyer, buying a $200,000 home, with 3.5% down payment, using a 30 year, 6% fixed rate FHA loan could have a principal & interest payment of $1157". A first time homebuyer, or someone who hasn't owned in 3 years could also qualify for the $7500 Federal Tax Credit. "More Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume: Declined 36.56% from $216,102,902 in Nov. '07 to $137,104,43 in Nov. '08
Home Sales Units Closed: Decreased 21.60% from 810 in Nov. '07 to 635 in Nov. '08
Average Sales Price (all res. types): Decreased 19.07% from $266,794 in Nov, '07 to
$215,913 in Nov. '08
Median Sales Price (price at which half the homes were sold above and half below):
Decreased 16.04% from $212,000 in Nov. '07 to $178,000 in Nov. '08
Average Days on Market for Month: Days on Market for Nov. '08 were 76 days
Pending Contracts (New Sales Opening Escrow in Month): Decreased 25.60% from
910 Units in Nov. '07 to 677 Units in Nov. '08
Active Listing Inventory: Declined 13.41% from 9,234 in Nov. '07 to
7,996 in Nov. '08
New Listings: Declined 27.38% from 2,224 in Nov. '07 to 1,615 in Nov. '08
Showing posts with label tucson real estate market report. Show all posts
Showing posts with label tucson real estate market report. Show all posts
Saturday, December 13, 2008
Thursday, October 16, 2008
September 2008 Tucson Housing Report
SEPTEMBER OF 2008 HAS SET A RECORD INCREASE IN SALES OVER AUGUST SINCE 1996!
Historically September is a slower month than August which has been the case since 1996. This year there was an increase in sales by 3.43% over August which affirms that the Tucson market is continuing to stabilize.
Now is a good time to buy a home.
- Conditions are ideal for buyers. Prices have moderated, and interest rates are hovering near 40-year lows.
- Current market conditions won't last long. NAR research shows that prices are beginning to stabilize and interest rates are creeping up. A modest increase in property values is expected in 2009.
- The new first-time homebuyer tax credit and the availability of a number of attractive and safe mortgage products provide additional reasons for buyers to get off the fence and into the market.
The market is strong and getting stronger.
- The new homebuyer tax credit contained in the new Housing and Economic Recovery Act of 2008 likely will bring about 2.5
million first-time buyers into the market between now and the middle of next year.
- The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets, and NAR predicts that as a result home prices will pick up in 2009.
- Home ownership continues to be a wise investment. FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009
Contact Julie Nellis for more information on Tucson's Real Estate Market. 520-918-3843 or visit my website at www.tucsonhouses4you.com
Historically September is a slower month than August which has been the case since 1996. This year there was an increase in sales by 3.43% over August which affirms that the Tucson market is continuing to stabilize.
Now is a good time to buy a home.
- Conditions are ideal for buyers. Prices have moderated, and interest rates are hovering near 40-year lows.
- Current market conditions won't last long. NAR research shows that prices are beginning to stabilize and interest rates are creeping up. A modest increase in property values is expected in 2009.
- The new first-time homebuyer tax credit and the availability of a number of attractive and safe mortgage products provide additional reasons for buyers to get off the fence and into the market.
The market is strong and getting stronger.
- The new homebuyer tax credit contained in the new Housing and Economic Recovery Act of 2008 likely will bring about 2.5
million first-time buyers into the market between now and the middle of next year.
- The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets, and NAR predicts that as a result home prices will pick up in 2009.
- Home ownership continues to be a wise investment. FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009
Contact Julie Nellis for more information on Tucson's Real Estate Market. 520-918-3843 or visit my website at www.tucsonhouses4you.com
Saturday, September 20, 2008
August 2008 Tucson Housing Market Report
THE TUCSON REAL ESTATE MARKET OFFERS THE SMALLEST
INVENTORY OF RESIDENTIAL PROPERTIES SINCE MARCH OF 2006..
according to the Tucson Association of Realtors Multiple Listing Service
Monthly Statistical Digest for August 2008. One of the first signs that a real
estate market is improving is a decline in the listing supply. It appears the
decline in the August '08 listing suppply for Tucson is being caused by more
acceptable contracts opening escrow, fewer homes coming new to the
inventory, as well as many Sellers removing their homes from the market
when the reality of the pricing in the current market does not match their
expectations. The trend to a declining inventory has been consistent each
month this year.
The decline in the Median Sales Price could be being caused by a high concentration of closings occuring after or under the threat of foreclosure. This is very neighborhood cerntric, thus having a strong Realtor who is skilled in mining the MLS data for a particular neighborhood, should be the requirement of every buyer and seller. Many believe the decline in Median Sales Price is a "good thing", as it allows our marketplace to become more affordable, thus incresing the buyer opportunities, and we all know that "more Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume:
Declined 27.97% from $299,005,952 in August 2007 to $215,369,442 in August 2008.
Home Sales Units:
Decreased 17.31% from 1,092 in August 2007 to 903 in August 2008.
Average Sales Price (all residential types)
Decreased 12.90% from $273,815 in August 2007 to $238,504 in August 2008.
Median Sales Price (the price at which half the homes were sold above and half below)
Decreased 16.25% from $220,900 in August 2007 to $185,000 in August 2008.
Average Days on Market:
Days on Market for August 2008 was 77 days average.
Pending Contracts:
Decreased 14.26% from1,024 in August 2007 to 878 in August 2008.
Active Listings:
Decreased 13.30% from 8,954 in August 2007 to 7,763 in August 2008.
New Listings:
Decreased 16.47% from 2,337 in August 2007 to 1,952 in August 2008.
INVENTORY OF RESIDENTIAL PROPERTIES SINCE MARCH OF 2006..
according to the Tucson Association of Realtors Multiple Listing Service
Monthly Statistical Digest for August 2008. One of the first signs that a real
estate market is improving is a decline in the listing supply. It appears the
decline in the August '08 listing suppply for Tucson is being caused by more
acceptable contracts opening escrow, fewer homes coming new to the
inventory, as well as many Sellers removing their homes from the market
when the reality of the pricing in the current market does not match their
expectations. The trend to a declining inventory has been consistent each
month this year.
The decline in the Median Sales Price could be being caused by a high concentration of closings occuring after or under the threat of foreclosure. This is very neighborhood cerntric, thus having a strong Realtor who is skilled in mining the MLS data for a particular neighborhood, should be the requirement of every buyer and seller. Many believe the decline in Median Sales Price is a "good thing", as it allows our marketplace to become more affordable, thus incresing the buyer opportunities, and we all know that "more Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume:
Declined 27.97% from $299,005,952 in August 2007 to $215,369,442 in August 2008.
Home Sales Units:
Decreased 17.31% from 1,092 in August 2007 to 903 in August 2008.
Average Sales Price (all residential types)
Decreased 12.90% from $273,815 in August 2007 to $238,504 in August 2008.
Median Sales Price (the price at which half the homes were sold above and half below)
Decreased 16.25% from $220,900 in August 2007 to $185,000 in August 2008.
Average Days on Market:
Days on Market for August 2008 was 77 days average.
Pending Contracts:
Decreased 14.26% from1,024 in August 2007 to 878 in August 2008.
Active Listings:
Decreased 13.30% from 8,954 in August 2007 to 7,763 in August 2008.
New Listings:
Decreased 16.47% from 2,337 in August 2007 to 1,952 in August 2008.
Friday, July 18, 2008
KEY MARKET INDICATORS FOR TUCSON REAL ESTATE
DAYS OF INVENTORY
DOI dropped yet again and as of June 2008 stands at 236 days or slightly under 8 months of available product. This represents a 8% decline from the prior month and within 11% of 212 DOI in June 2007.
The downward trend in DOI continues, each month a step closer to a balanced market. In some localized areas of Tucson DOI is a low as 3 months, so it is possible that in some market segments a bottom may have already been reached. In fact median pricing has held relatively steady in Tucson in 2008 – an important sign to potential stabilization.
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.
ACTIVE INVENTORY LEVELS
Active inventory levels in the Tucson MLS continue to trend lower. June 2008 saw 8,140 residential properties available. This represents a 6% decline from June 2007 and a 5% decline from May 2008.
Closings in June 2008 were at 1,034, up slightly from the prior month and 16% lower than June 2007.
This is the fifth month in a row Tucson has seen a reduction in active inventory along with an
increase in closings. There are some well priced properties on the market, and buyers would serve themselves well to work with a professional real estate agent who is knowledgeable in the local market to navigate to the best opportunities. Market conditions can vary greatly by geographic area and price – real estate is in fact very localized.
For more on the Tucson Real Estate Market, call Julie Nellis, Long Realty, 520-990-8477 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home to follow your dreams.
DOI dropped yet again and as of June 2008 stands at 236 days or slightly under 8 months of available product. This represents a 8% decline from the prior month and within 11% of 212 DOI in June 2007.
The downward trend in DOI continues, each month a step closer to a balanced market. In some localized areas of Tucson DOI is a low as 3 months, so it is possible that in some market segments a bottom may have already been reached. In fact median pricing has held relatively steady in Tucson in 2008 – an important sign to potential stabilization.
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.
ACTIVE INVENTORY LEVELS
Active inventory levels in the Tucson MLS continue to trend lower. June 2008 saw 8,140 residential properties available. This represents a 6% decline from June 2007 and a 5% decline from May 2008.
Closings in June 2008 were at 1,034, up slightly from the prior month and 16% lower than June 2007.
This is the fifth month in a row Tucson has seen a reduction in active inventory along with an
increase in closings. There are some well priced properties on the market, and buyers would serve themselves well to work with a professional real estate agent who is knowledgeable in the local market to navigate to the best opportunities. Market conditions can vary greatly by geographic area and price – real estate is in fact very localized.
For more on the Tucson Real Estate Market, call Julie Nellis, Long Realty, 520-990-8477 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home to follow your dreams.
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