Housing Up!

Media sources report today that new home sales rose an historic 11%–the largest increase in 8 years.  Buyers took advantage of  low interest rates, bargain prices, and the first time homebuyer tax credits.  Some economists are saying that the worst of the recession is behind us.  Is it possible that these two bits of good news could cause the public to finally rally the housing market?  Although shares of big builders soared with the news, continued falling prices may prevent big profits to these companies in the near future. 

Reporting on the existing home market, the National Association of Realtors reports that sales are up again 3.6% in June.  Lawrence Yun, NAR chief economist is hopeful about the gain.  This trend mirrors ours here in the Tucson Real Estate Market, with inventories dropping and prices declining less sharply.  Read my post here for the full market report.

What does this mean for Tucsonans?  Buyers, you are on top!  In the Luxury market, I’ve found many great deals to be found in the Foothills areas.  I conducted a search for Short Sales in the Foothills and found more than a dozen good listings between $500,000 and $700,000.  If  you are in a position to move up there has NEVER been a better time to purchase your dream home than right now. 

Denise McCreary

Summer in the Desert

Summers in Tucson offer a different experience than what our visitors normally  find in the winter and spring.  Tourist  and winter visitor traffic falls off, making getting around town much quicker and easier.  Our resorts have been advertising “Staycations”, with bargain rates targeted at getting the locals to enjoy an easy weekend getaway.  The pace slows down and everything happens with regard to the heat of the day.  It’s sort of like the cabin fever you northerners experience in the dead of winter.  We tend to do our outside chores at sun up, wearing big hats and long sleeves for sun protection.

But in the midst of oppressive heat come  the monsoons–that glorious time of year when the clouds gather late in the day and the heavens bless us with spectacular rain storms and the fragrant smell of creosote bushes.  The creosote bush, or larrea tridentata, is native to the southern third of Arizona.  It’s a great example of a plant’s ability to adapt to tough conditions.  The creosote has small waxy resinous leaves which emit a wonderful pungeant aroma after a rain.  When I came to Tucson in the summer of 1986 I had never experienced the desert.  The smell of creosote in the rain became something that triggered that “ahhh” feeling in my brain.  It makes me happy;  it reminds me how much I love living in Tucson.  My friend Pam who spends the winters in Tucson sometimes sends creosote cuttings to friends with a note saying, “This is what the desert smells like.”

Come to Tucson– enjoy the summer monsoons and that fragrant freshness the rain brings!

Denise McCreary

June 2009 Tucson MLS Statistics

June closed out the first half of 2009 breaking records for the year!  Home sales volume was up over May by 14.63%, average sales price was up by 3.06%, pending contracts were up by 9.98%, and home sale units were up by 11.23%.

 With the first 6 months of 2009 behind us we can now take a realistic view of the absorption of inventory which has moved in a positive direction with June pushing that number up to 22.9%. Even though we have a long way to go, these numbers show a positive sign.

 Activity by zip codes shows us that 85718 continues to have the highest number of active listings at 415 with 85750 taking second at 323.  There are many good deals to be had in these areas.

 All in all, we’re looking forward to the second half of 2009 with high hopes of the continued trend of recovery in Tucson’s Real Estate Market.

 First time home buyers have an unprecedented opportunity for three reasons:

• The $8,000 Federal Tax Credit for First Time Home Buyers (including those who have not owned a home for 3 years)
• Historically low interest rates
• An abundance of relatively low priced listings (the Tucson Real Estate Market currently has over 2,700 active listings priced under $200,000!)

There are opportunities for Luxury Home buyers as well in that there are over 1,000 active listings priced at $500,000 and above.

You can read the full report here.  Make the decision to participate in the American Dream and enjoy the benefits of home ownership.

Denise McCreary