Brenda's Tucson Housing Market Report - October 2009
Market Takes a Little Rest this month. After several months of slowly improving numbers September appears to have been a bit of a consolidation month.
Total sales were down a couple of points from both last year & last month. Average prices were also down slightly month over month. Pending sales were up again large this month over same period last year and up 3.5% over last month.
Steady Buyer Activity was the watchword for September. Lots of buyers looking around, lower price points are moving well but higher levels are still slow. We are seeing lots of competition for the sub $200,000 price point as investors are jumping on board big time with distressed or bank owned properties receiving multiple offers and often selling for over asking price.
Higher Price Points: Your time will come! We are just heading into our fall selling season and will start seeing early snowbirds arriving soon. They always generate some sales, usually in the mid range price points. December will be slow but once we get past the holidays the busy winter and spring season will be upon us and we expect to see the higher priced homes moving more briskly.
Short Sales & Foreclosures: Many buyers still shunning short sales. Bank Owned Properties Moving Briskly as investors snap up those units. "Regular Folks", those buyers just looking for a nice home to actually live in are mostly looking in the resale market.
We are still looking for a strong fall season. We didn't get as good of September as we expected but October & November should be good. Expect December to be slow and the spring to be Great!
Key prior month statistics from the Tucson Association of Realtor's October 2009 Report show:
Total Tucson Home Sales Units: 945, Decreased 2.07% from September 2008. Decreased 3.57% from last month . Total Tucson Pending Sales: 1,333, Increased 59.45% from September 2008. Increased 4.63% from last month.
Tucson Average Sale Price: $196,755, Down 9.03% from $216,276 in 2008.
Northwest Tucson Average Sale Price: $239,429 Down from $249,032 last month.
Catalina Foothills Average Sale Price: $412,724 Down from $416,922 last month.
Total Tucson Active Listings: 6,008, Down 23.54% from 7,858 in September of 2008.
Northwest Tucson Active Listings: 1,532, Up 28 units from last month.
Catalina Foothills Active Listings: 650, Down 48 units from last month.
Total Tucson New Listings: 1,857, Down 182 units from 2,039 in September of 2008.
Northwest Tucson New Listings: 462, Up 47 units from last month.
Catalina Foothills New Listings: 131, Down 27 from last month.
Some quick conclusions we draw from these Tucson home sales statistics are:
Positive Market Indicators this month. Active Listings continue their steady decline, We're now down to 6,008 Actives. Pending Sales up strong again this month (Up 59% from September 2008!) New listings down over last year but up slightly over last month.
Negative Market Indicators this month. Total units sold down this month and there was a slight dip in average sale price.
We are starting to see sellers starting to feed inventory back into the system as prices have gradually improved and in anticipation of a strong selling season approaching. We expected to see this and it will probably continue for the next several months. This influx will probably slow down the reduction in inventory we've been seeing for the last year or so. We are approaching a "Balanced Market".
For more information please visit www.BrendaSellsTucson.com. ******************************************* Brenda O'Brien, ABR, CRS, GRI, e-PRO RealtorŪ, Associate Broker Long Realty Company #1 Agent 2005 Tucson's #1 Agent 2005 10445 N. Oracle Rd., Suite 121 Tucson, AZ 85737 Direct Phone: 520-918-5968 Toll Free: 888-825-8251 ext 5968 Email: Brenda@BrendaOBrien.com Web Site: www.BrendaSellsTucson.com
About Brenda OBrien, REALTOR:
Brenda provides that dynamic balance of incredible service and motivation with warmth, energy and understanding of your individual needs. Her years of experience as a Tucson Realtor are reflected in her success and passion for her work. Her personal energy and professional skill make her one of the best in her field. Nothing makes her happier than to see her clients total satisfaction with their new Tucson home.
Brenda O'Brien ABR, CRS, GRI, e-PRO brings years of real estate experience as a full-time Tucson Realtor to her clients. She offers Buyers and Sellers excellent communication and negotiation skills. She knows how to negotiate the best price in today's Tucson Real Estate market.
Being with Long Realty Company, the largest Tucson Real Estate firm in Tucson, she has immediate access to the greatest number of Tucson homes on the market. View Tucson Homes on her Tucson Realtor web page and you will find nearly every Tucson home listed in the Tucson Multiple Listing Service (MLS). She believes that taking advantage of the latest real estate technology and marketing strategies helps to minimize the impact on moving families.
Brenda is proud of the fact that most of her Tucson Real Estate business is repeat clients and referrals from past clients. She considers referrals from satisfied clients the highest compliment one can receive.
Brenda's success comes from her attention to detail and truly caring about her clients. She is committed to the highest level of customer service. To work with a great Tucson Realtor, contact Brenda O'Brien at Long Realty Company. 'Brenda sells Tucson.'
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
