Tucson Market Statistics: April 2008

On paper, the real estate market in Tucson looks bad. Well, on paper, it is! However, activity is way up, listings are down, and new listings are down. These are the telltale signs of a market bottoming out. There is no guarantee the Tucson area will see strength in prices for a while, but the number of listings on a steady downtrend tells me the bottom is being found. (We still need this number to be around the 5000’s and pending contracts up over 27%.) I have seen quite an increase in activity on my own listings since the beginning of April over what it has been for a while. There are more phone calls coming in regarding my listings. It’s taking less time for them to go under contract. There is now more general interest from buyers than in months past. In my opinion, buyers may be seeing the lowest prices they are going to see in Tucson for a while. That “bottom” may not be today, but I do expect Tucson to touch it over the next 2-3 months. In 6-8 months from that point, most people will realize that the real estate market in Tucson is gaining strength and is not as soft as it had been for the previous two and a half years. So, what opportunities are there now?

This article, including charts, links to previous reports, and a link to this month’s full MLS report, is continued on Michael’s website. Please click here to continue.

This entry was posted on Monday, May 12th, 2008 at 4:08 pm and is filed under Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.