Tucson Market Statistics - Nov/Dec 2007
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| Average Sale Price: | ||||||
| Existing Homes | $267,493 |  3.5% from Oct | ||||
| New Homes | N/A | Data Unavailable* | ||||
| Median Sale Price: | ||||||
| Existing Homes | $213,000 | 5.4% from Oct | ||||
| New Homes | N/A | Data Unavailable* | ||||
| Total Sales: | ||||||
| Existing Homes | N/A | Data Unavailable* | ||||
| New Homes | N/A | Data Unavailable* | ||||
| Active Listings | 9,234 |  0.8% from Oct | ||||
| New Listings | 2,224 | 7.3% from Oct | ||||
| Under Contract | 910 | 9.1% from Oct | ||||
| Ave. Days on Market | N/A | Data Unavailable* | ||||
| *New stats were not available for some data. Michael uses stats from several sources to give the most complete statistics in the marketplace and also to keep ahead of the market. This month's stats are only from the MLS. As a result, numbers are higher than for prior months. Realtors sell homes for far more money than FSBO's, and these numbers reflect ONLY the Realtors' MLS statistics. In most of our previous reports, the statistics for Tucson were compiled factoring FSBO's and other private sales, but those stats were unavailable this month. If you have any questions about these statistics or want to know which way the Tucson market seems to be trending, feel free to contact Michael via our contact form or by phone and he will be happy to assist you. | ||||||
If you would like more detailed statistics, comprehensive PDF documents produced
by the Tucson Association of Realtors/MLS are available for viewing. Nov 07 Dec 07
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| ARCHIVED STATISTICS | ||||||
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Market Recap: By Michael Oliver
November/December is always a tough period in the real estate market. Sales plummet and everything gets basically placed on hold until after New Years Day. With that being said, the same buying opportunities remain as in October. One note worth mentioning is that the banks are starting to become very worried about the foreclosure situation unraveling and are letting some properties go for what seem like extremely attractive prices for buyers. I have personally seen some homes sell for 10-20% UNDER what what I would perceive as "market value."
CALLING ALL INVESTORS!
If you are looking to buy, the banks are very willing and able to write off large losses currently. Will they change course and try to modify these loans with borrowers even if it means the borrowers benefit considerably (some lender's already are!) instead of foreclosing on the home and having to then resell it in the current market? My guess is "No," for the simple reason that most of the investors who actually own the loans and collect the interest payments will not allow that to happen. Of course, this situation is not going to get any better until at least July of 2008. If these lenders do start working out the majority of the loans with borrowers, these short sale opportunities will go by the wayside. This would improve overall real estate conditions as fewer foreclosures and distressed sellers equate to a better chance that prices will stabilize and the market will get better quickly vs. prolonging the real issue which is that many buyers bought properties that they could not afford without the "teaser rates" and other incentives that lenders dangled in front of them.
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