Tucson Market Statistics: May 2008

In my opinion, the Tucson market has touched bottom. It will take several months for the numbers to indicate this, but by all indications that I see and hear, the market is getting better instead of worse. (Believe me it’s slow progress, but progress, nevertheless!) These numbers indicate that buyers are starting to warm up again to buying (1485 contracts pending), and that sellers are holding tight where they can (active listings down to 8527). Both have a ways to go, though. I would like to see active listings around 5500 to indicate to me that there is a real balance. With the way the numbers are heading, we should be to this 5500 active listings number (again this is a guess) around May of 2010. It will take this long for the market to clear itself out and become balanced again. I predict that beginning in 2010, there will most likely be a small acceleration of prices because few new homes and projects will be coming on board, lessening the supply of homes available.

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 Wednesday, June 11th, 2008 at 1:43 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.