September 2009 Tucson MLS Statistics

Active listings continue to go down, a trend we’ve been experiencing all year.  We anticipate this trend to continue into October and November as first time home buyers take advantage of the tax credit.

Here are the highlights from the 3^rd Quarter Summary:

• Total unit sales up 39.48% over 1^st Qtr
• Average median sales price down 1.71% over 1^st Qtr
• Average sales price down 3.80% over 1^st Qtr
• Average active listings down 19.99$% over 1^st Qtr
• Average days on market slightly down with YTD average 80 days
• Pending contracts up 4.63% over last month
• Pending contracts increased 9/08 to 9/08 59.45%

Click here for the full report, including comprehensive charts and graphs.  If you are considering selling your home at this time, I’d suggest looking at the Active/Sold by Zip Code chart at the bottom of page 2.  This is telling, in that you can calculate months of inventory by dividing #Active by #Sold.  For example, in the 85712 zip code there were 158 active listings and only 19 sold in September.  19 into 158 equals a little over 8 months of inventory.  19 divided by 158 equals 12 (%) of the inventory sold in a month.  If you want your home to sell quickly, you will need to price, market and stage it so that it will beat the competition.  How can you position your home to be in the small percentage of homes sold versus the larger group of unsold properties?

Denise McCreary

July 2009 Tucson MLS Statistics

July’s Tucson real estate statistics reveal a continued uptick in the market with with unit sales up, 3.9% over last month, 23.46% increase over July 2008 and 90.05% over January 2009 numbers.    Although average sales prices are down 17.3% over last year, it remains consistent with the average list price being down by 17.44% and the average median price being down by 16.04% over July 2008.

Pending contracts are down 14.32% over last month but, up over July 2008 counts by 27.81%.We continue to see a decrease in inventory with total active listings (6,075) being down 21.04% since January 2009, and at the lowest since December 2005 (5,457 units) and January 2006 (6,499 units).

The northwest continues to have the largest inventory with over 1500 active listings compared to the second largest central area with 738.  Average days on market are still at 80 with the north area’s highest at 102.  You can study the full report here.

I’m seeing increased inquiries from buyers and sellers alike.  I’ve received two calls in the past week from buyers wanting to find a good deal in Tucson Country Club.  Move up buyers especially need to realize the advantages in today’s real estate market.  Although you may not realize the returns of the past on the sale of your current residence, if you are moving up in price range, your net savings will be worth it!

The time to buy real estate in Tucson is definitely now.

 Denise McCreary

 

 

 

 

 

 

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

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

May 2009 Tucson MLS Statistics

The Tucson real estate market seems to show continued improvement with inventories dropping once more to around 6,500—down 23% from the staggering 8,500 active listings of May 2008.  The median sale price increased 3.72% from April.  The average days on market is still around 85, a number we’d like to see come down.  Lastly, a quick look at a new statistical chart which compares the new listings to net pending sales is encouraging—since January, the former has been coming down while the latter is going up.  According to MLS president Kimberly Clifton, there are economists who say that 6 months  equals a trend.  For the entire MLS report, click here.

 Real estate is an attractive antidote to the venom of our present economic downturn.  Buyers should be encouraged to believe that if they are managing their present housing needs but want to make a move, they should not hesitate to do so.  Even if sellers are unable to realize the wonderful proceeds of yesteryear sales, there are compensating bargains in the market.  (No gain, maybe, but no pain either—and no real loss!)  Move up buyers have everything to gain in this market.  Although you may take a hit on your existing home, the savings you’ll gain in the purchase of a more expensive home is well worth it!  There are unbelievable bargains out there.

 And if you’re a first time homebuyer with good credit (which, by the way, is one who’s never owned a home OR someone who has not owned a home in the past 3 years) the best investment for you right now is real estate.  Take advantage of the $8,000 tax credit currently being offered by the Federal Government.  Watch this video for more information.  Pairing this opportunity with historically low interest rates makes right now an incredibly good (possibly the best!) time to invest in real estate.

I would be happy to help you or anyone you know to enjoy the benefits of home ownership.  I can help your friends buy and sell real estate in any state of the United States.  Call me today at 520-256-6731,  or visit my website.

Denise McCreary

Why I Love Tucson- The Beauty of Spring Part 2

Springtime in the desert is so spectacular!  Wildflowers burst forth with color, including several varieties of penstemon, lupine, and african daisy.  Acacia and palo verde trees are heavy with yellow flowers.  Last  week  I enjoyed a trail ride in Bear Canyon with a friend.  Skies were blue, the air was clear, and the streams were running.  We remarked over and over to each other how beautiful the scenery was and how grateful we are to live in such an awe-inspiring place.

If you are fortunate enough to live here in Tucson, take advantage of this wonderful time of year and spend time in the great outdoors.  Temperatures are typically in the 70’s; perfect weather for walking, hiking, biking, golfing, tennis, or just gazing at a mountain view.

If you aren’t one of the lucky desert dwellers, make plans to visit, or better yet, purhase a home and relocate!  Tucson’s real estate market is full of opportunities right now, and spring is the perfect time of year.

Denise McCreary

Tucson MLS Stats for February 09

Steady is the word to describe the current Tucson Real Estate Market, meaning we aren’t seeing any remarkable changes either positively or negatively.

February pending sales and closings exceeded January’s, with pendings up 8.4% and closings up 12%.  Comparing this year to 08, we see only moderate declines.  January pending sales were down 22% from 08, but February was down only 12% from last year.  Closed sales comparitively were very much the same, with 659 this year to 664 in February 08.

It appears as if we are leveling off .  And the median sales price is currently $178,000,  11% lower than last year, but within sight of the ‘05 median sales price of $186,500.

Listing inventories have come down as well;  last February we saw a staggering 9,168.  As of last month we now have 7,532.  Kimberly Clifton, MLS President asserts that with the “mere .75 drop in sales you can see that we’re gaining ground.” This improved inventory vs. sales ration is encouraging.  You can view the full statistical report here.

Denise McCreary

First Time Homebuyer Tax Credit Co-Starring Jester

Enjoy my very first video: Real Estate Buzz #1, co-starring my old guy pug friend, Jester.

Did I mention that this is a great time to buy real estate in Tucson?

My view from my back patio–Loving life in Tucson, Arizona!

Denise McCreary

Denise’s Home Selling Tip #2

What NOT to do…

I have been in contact with an acquaintance who had acquired the job of acting as trustee in the sale of a friend’s home.  The friend had passed on and was survived by 2 adult children, one of whom was living in the home.  The home is in a decent central foothills neighborhood.  There are luxury neighborhoods within the vicinity.  It was adapted for the handicapped and has a pool.  The home has a mortgage, and the surviving children can’t afford to make the payments, so selling it is a necessity.  My friend had contacted me and asked me provide some comps, so naturally I began to assume that I would be hired as the agent to sell the home.  I provided the information and followed up.

The trustee decided, because it was necessary to net the most from the sale of the home, to list it with a discount brokerage and price it nearly $30,000 above market.  The firm it’s listed with is merely a website and MLS listing service.  It has a contractor’s lockbox instead of an MLS lockbox for entry, requiring any agent to show it to call the trustee for the code.   

As if this scenario weren’t bad enough, recent statistic reveal there are currently 33 months of inventory in the home’s zip code area.

This home has been on the market (so far) for 90 days

Denise

Realtors 4 Point Plan to Economic Stimulus

Tucson’s Vicki Cox Golder of Vicki L. Cox and Associates is the president-elect of the National Association of Realtors.  In an interview with Inside Tucson Business she weighs in on the plan NAR submitted to Congress:

• Making the $7,500 first-time home buyer tax credit permanent and extending it to all buyers.
• Making FHA, Fannie Mae and Freddie Mac Loan limits permanent.  They are currently at $729,000 but will fall down to $625,000 next year.
• Permanently bar banks from engageing in real estate brokerage and management.  There is currently a two-year moratorium on it but that expires next year also.
• Have the givernment spend $50 billion of the bailout package to buy down the interest rate to 4.5%.

This final item appears to have already been achieved; the Fed announced last week it would begin purchasing mortgage backed securities from banks in order to stabilize the housing market.

Golder also discussed the strengths in the Southern Arizona market where  we were recently one of the high points in the market, nationally.  Nationwide sales went down from August to September but Arizona was one of the markets that had the largest gains in the third quarter.

She also criticized Treasury Secretary Paulson for the way the bailout money is being handled.  The banks and financial institutions are getting money, but not lending it.  Golder says as Realtors we want to see this money hit Main Street, getting homes off the market and loans off the sheets.  Until that happens, Golder says we are going to continue to see a decline in home values.

Making the $729,000 loan limits permanent will definitely help the Tucson Luxury Home market, and the $7,500 tax credit along with 4.5% interest rates will encourage all buyers to get off the dime and buy Tucson Real Estate!

Denise McCreary