Tucson Market Statistics - July 2007
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| Average Sale Price: | ||||||
| Existing Homes | $262,492 |  -4.8% from June | ||||
| New Homes | $305,846 |  4.8% from June | ||||
| Median Sale Price: | ||||||
| Existing Homes | $215,000 | UNCH | ||||
| New Homes | $247,187 | 2.3% from June | ||||
| Total Sales: | ||||||
| Existing Homes | 1,240 | 10.9% from June | ||||
| New Homes | 395 | 24.5% from June | ||||
| Active Listings | 8,692 | 0.3% from June | ||||
| New Listings | 2,766 | 1.9% from June | ||||
| Under Contract | 1,777 | 13% from June | ||||
| Ave. Days on Market | 65 | 1 from June | ||||
| *Information provided by Tucson Association of Realtors Multiple Listing Service and The Arizona Daily Star | ||||||
If you would like more detailed statistics, a comprehensive PDF document produced by the Tucson Association of Realtors/MLS is available for viewing HERE. | ||||||
| ARCHIVED STATISTICS | ||||||
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Market Recap: By Michael Oliver
The Tucson real estate market, with the exception of the very high end, is in a very weak state. The bankruptcy of giant First Magnus has shaken the local market place significantly, combined with very high inventory and the unavailability of sub-prime and ALT-A loans (which have been very limited recently due to the problems banks are having selling them in the secondary marketplace). However, Tucson is still experiencing very high population growth, which will help tremendously to alleviate the inventory issues. Also, in the short term, interest rates have been coming down, which will help with the affordability of homes. In response to the current market conditions, home builders have been trying to slow their businesses to keep from having too many spec homes sitting with no buyers willing to buy them.
The current marketplace will correct and go back to a healthy market with time. As mentioned, there are many reasons for the market to stabilize sooner rather than later. How long will this trend continue? No one knows for sure, but 24-36 months looks like a reasonable time for the market to make its rebound and to go back to the steady appreciation rates that Tucson is accustomed too (historically 5.9%yr). If you are looking to purchase a home, you will most likely not find better prices and sellers more willing to work with you to buy their property. Most builders, individual sellers, and even investors are very willing to make a deal to sell a property.
Many areas that were the very high growth areas of 2-3 years ago — Sahuarita, Marana, Catalina, even parts of Oro Valley — are now where the best deals can be found. New home builders are in many situations looking to just unload their spec homes. Communities such as Rancho Vistoso, Rancho Sahuarita, Continental Reserve, Starr Valley, and others are offering incredible deals. Buyers, take notice! This is a great time to look into making a purchase that will take advantage of the current market. In addition, interest rates are very attractive, and can also be taken advantage of.
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