Tucson Market Statistics - March 2007
Email a Friend
| Average Sale Price: | |||||
| Existing Homes | $262,790 |  5.9% from Feb | |||
| New Homes | $282,470 |  2% from Feb | |||
| Median Sale Price: | |||||
| Existing Homes | $215,000 | 2.4% from Feb | |||
| New Homes | $241,213 | 2.4% from Feb | |||
| Total Sales: | |||||
| Existing Homes | 2,219 | ||||
| New Homes | 1,559 | ||||
| Active Listings | 10,185 | Record High!! | |||
| New Listings | 2,710 | ||||
| Under Contract | 1,192 | ||||
| Average Days on Market | 67 | up 2 from Feb | |||
| *Information provided by Tucson Association of Realtors Multiple Listing Service and The Arizona Daily Star | |||||
| ARCHIVED STATISTICS | |||||
| |||||
Market Recap: By Michael Oliver
The Tucson Real Estate marketplace is experiencing a record high level of active listings. This level of active listings will put pressure on prices throughout the year. With current sales levels it will take roughly 8.1 months to burn through the excess inventory now available in the marketplace. Opportunities in the marketplace do exist for buyers that are willing to purchase property in the next 90 days due to the pressure that sellers will be facing from increased competition from home builders and other sellers anxious to unload their properties as well.
Buying Opportunities
For buyers, the market is wide open and there are many good deals available. All price ranges seem to be offering many options to potential buyers (with the exception of the very highest, which do not seem to experience as much volatility in the marketplace). Buyers today should be looking into the new home builders since they are able to offer much lower prices than personal sellers due to the fact that they build on such a high volume and can discount heavily to keep moving their homes. With such a high number of listings available sellers should be very willing to negotiate with buyers, although homes that are priced correctly or just under-priced should still sell quickly, especially in built out areas with little new construction available to buyers.
Investment Opportunities
Investors that can find pre-foreclosures and foreclosures alike, and are willing to wait for the market to run its course, should stand to profit. Another technique that many are using is purchasing new homes from the builders for the purposes of turning them into rentals once completed. This allows the investor two things: time to wait for the homes to be completed, and also once finished. a brand new home which typically will command a higher rent than an existing home. With many builders offering an extensive amount of incentives to sell homes, this is starting to attract many sophisticated investors.
Want more information?
