Tucson Housing Statistics For: July 2010

Tucson Real Estate in A Minute
The overall market isn't really that bad.  Yes, we did see a decline in the number of homes sold for the month of July.  However, pending contracts are up 47.57% over last month's sales statistics.  And, the Tucson median home price has continued to hover around $150,000.  So, are things bad?  Well, they aren't good, but we are seeing some signs of stabilization... which is good. 
 
Although sales were slow in July, the overall US economic statistis show that our recovery is improving.  Locally, this indicates a lack of overall consumer confidence in real estate.  It would be lovely to see Tucson real estate buyers catch up with the overall US economic recovery.  Maybe Fall?  Guess we will have to wait and see how what the local sales statistics show.


How Are We Doing?
We don't share many other agents ho-hum attitude about the Tucson real estate market.  In fact, despite other agents clumsy sales during the summer, we continue to be a strong force in the market.  In fact, our business has seen a 70% increase over last year at this time, and we SOLD 4 of our listings in 2 days!  So, no.  July was not a bad month for us.  Without your continued business and referrals, we would not have seen this increase in our personal real estate business.  We thank you so, so much for your continues support and appreciate you passing our name along to your friends, family, and co-workers. 

A Note To Sellers...
Remember what your mother taught you... "Patience is a virtue."  Nothing could ring more true than right now.  But, if your home is correctly price from the starting line, then your home will most likely not go stale on the market and you won't have to be overly patient.  Taking a professional Realtors advice is going to be the absolute key to selling your home in a timely fashion.  And remember,  "Your home is only worth what a buyer is willing to pay for it."

KEY CURRENT MONTHLY STATISTICS
Key Prior Month Statistics: AUGUST 2010 Statistics 

Total Tucson Home Sales Units: 792
 Decreased 33.11% from July 2009
Decreased 32.31% from last month.

Total Tucson  Pending Sales: 1,703
 Increased 38.79% from July 2009
Increased 47.57% from last month.

Tucson Average Sale Price: $192,072
Down 8.87% from $210,767 in June 2009

Total Tucson Active Listings: 6,668
Up 9.76% from 6,075 in June of 2009

Total Tucson New Listings: 1,861 
Up 19 units from 1,842 in June of 2009
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Northwest Tucson Average Sale Price: $238,101
Down from $ 265,124 last month

Northwest Tucson Active Listings: 1,674
Down 71 units from last month

Northwest Tucson New Listings:  419
 Up 41 units from last month

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Catalina Foothills Average Sale Price:  $472,803
Up from $424,172 last month

Catalina Foothills Active Listings: 672
 Down 44 units from last month 

Catalina Foothills New Listings: 151
 Up 19 units from last month


CONCLUSIONS

Positive Market Indicators this month   Pending contacts are up 47.57% over last month.  So, there are plenty of sales in the pipeline.  We should see an increase in unit sales then for next month.  Active listings are also down 2.69% over last month.  

Negative Market Indicators this month Unit sales are down about 32.31% from last month.  New listings are also way up... in fact, 23.65% to be exact.  Although we would love to see less inventory, the overall feeling is that we still have a ways to go.
 
QUESTIONS ABOUT TUCSON HOUSING MARKET CONDITIONS?
Email John or call him today at (520) 247-4459

Thanks for Your Real Estate Business

THANK YOU, THANK YOU… for your business and referrals over the past 8 months. Our real estate business has increased 70% over last year at this time. In fact, we SOLD 4 of our listings just this past weekend! We appreciate you telling your friends, family, and co-workers about our trust worthy business practices in real estate. Tucson real estate was hit fairly hard with foreclosures and many people assumed this would deter people from buying and moving to the Tucson area. Boy, were they wrong! So, thanks again for keeping us in mind and sharing our name so that our business continues growing.

Mortgage Rates Drop Yet Again!

Mortgages tracked by Freddie Mac have dropped yet again, causing excitement with investors. This is a new low in records dating to 1971. Rates on 30-year fixed-rate mortgage averaged 4.49 percent with an average 0.7 point for the week (ending August 5^th). This week's rate was down from 4.54 percent last week and 5.22 percent a year ago. You can read what Freddie Mac had to say in the results of its weekly Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages averaged 3.95 percent with an average 0.6 point, down from 4 percent last week and 4.63 percent a year ago. That's a new low in records dating back to 1991, Freddie Mac said.

As far as ARMs are concerned (Treasury-indexed hybrid adjustable-rate mortgage) a 5 year averaged 3.63 percent with an average 0.6 point, down from 3.76 percent last week and 4.73 percent a year ago. That's a new low in records dating back to 2005.

One loan NOT setting records are 1 year ARMs (Treasury-indexed ARMs). These loans averaged 3.55 percent with an average 0.7 point, down from 3.64 percent last week and 4.78 percent a year ago.

These rates are for prime borrowers who are taking out loans with 20 percent down payments. Borrowers putting less than that down or borrowers who are taking out large or risky loans can expect to pay more.

INFORMATION WAS OBTAINED FROM INMAN NEWS. www.inman.com