PR Friend Press Releases

The Tucson Real Estate Market continues with its downward trend of available homes on the market for the month of July 2009.
The Total amount of active listings (6075) is down 21% since January of this year, and it is the lowest amount of inventory on the market since December of 2005.

Tucson is also seeing a steady climb in residential homes which has been fueled by the first time home buyers tax credit , and also the great home deals that can be seen in the marketplace  with foreclosures and builder incentives.

However, the current interest rates hovering around 5% has also helped make a home more affordable,  and one wonders if we are to see a steady climb in rates based on the last national job report, what will happen down the road. Many people have wondered if this current trend  a false positive as many Tucson home owners have ARM’s ( Adjustable Rate Mortgages) that are due to adjust in the next 12 months.

There are many people that are not putting their house on the market right now  based on the current amount of short sales and foreclosures that have been in the marketplace. One can hold a crustal ball and see if we will see an increase of homes coming on the market when epoeple feel that the market may have stabilized.

The average sales price is down by 17% over the last year, and this figure remains consistent with the average home sales and the average median home  price being down by 16.04% over July 2008. However, as mentioned, we have also seen a considerable reduction in inventory over last year too.
Pending Home Contracts are down from the month of June, but they are definitely up over this time last year by over 27%.
On a positive note, we have also seen a 3.9% unit increase over the last month, a 23% increase over July of last year, and a 90.05% increase over January of this year 2009.

All in all it appears that the Tucson Real Estate Market is steadily recovering.

http://www.thetucsonexperts.com/ is the most comprehensive informational site for Tucson az Real Estate, Oro Valley, Vail real estate and Marana real estate! Don’t miss our Featured Tucson Homes and be sure to search our free/no hassle Tucson MLS listings.

Call us today:

Coldwell Banker Residential Brokerage
2890 E Skyline Drive, Ste 250
Tucson, AZ 85718
Phone: 520.529.7507
Fax: 520.844.6626
Info@thetucsonexperts.com

http://www.thetucsonexperts.com/

The second half of 2009 should prove interesting in the Tucson Real Estate Market.

The month of June has closed out the first half of the year by breaking records for the year. As was mentioned last month, many economists were waiting for a six month trend in the market place to make a deduction on whether our real estate market was on the way to stabilizing.

Tucson Home sales volume increased from May by 14.63%, the Tucson home average sale price was also up 3.06%, Pending home contracts increased by 9.98%, and Tucson home sale units were up by 11.23%.

We are still seeing a reduction in the median sales price, which is down from May by 2.88%. A good positive sign of recovery was also a decrease in active listings by 3.77%.

With the first 6 months of 2009 gone, we are definitely able to see a more clear picture of the Tucson Real Estate market, and a trend that appears to be happening.

Tucson has moved again in a positive direction, and June has shown a realistic view of the absorption of inventory, which has moved in a positive direction by 22.9% since January of this year.

Although this is a positive trend, the market in some price brackets still has a quite way to go.

The Foothills still has the highest number of active listings with 85718 at 415 and 85750 with 323.

However overall MLS Statistics do not take into consideration price brackets. Homes in the 85718 and 85750 zip codes tend to be in a higher price bracket in general.

Some home price adjustments and a reduction in inventory will probably have to happen in order for this number to change significantly.

On a more positive note, the two top zip codes for the number of units sold in June were 85706/56 and 85746 at 59 units.

The top three zip codes that had the highest amount of homes sales to active listings were 85757 at 40.2% (77 Active 30 sold) 85711 at 36% (133 active 48 sold) and 85746 at 31.2% (189 active 59 sold).

Coupled by recent press news of Tucson being ranked by Business week as the top affordable place to retire in the US, we appear to be on the right track for the Tucson Az Home Market.

http://www.thetucsonexperts.com/ is the most comprehensive informational site for Tucson az Real Estate, Oro Valley, Vail real estate and Marana real estate! Don’t miss our Featured Tucson Homes and be sure to search our free/no hassle Tucson MLS listings.

Call us today:

Coldwell Banker Residential Brokerage
2890 E Skyline Drive, Ste 250
Tucson, AZ 85718
Phone: 520.529.7507
Fax: 520.844.6626
Info@thetucsonexperts.com

http://www.thetucsonexperts.com/

We get asked every week is it time to buy a home in the Tucson and surrounding areas of Oro Valley, Marana and Vail. We thought that we would give some insight into the current home sales statistics, the amount of homes for sale, and current real estate news that affects current home sales in the Tucson area.

Without a crystal ball it is very difficult to predict whether Tucson is actually at the bottom of the market. There are many factors that affect different aspects of the market including national economic news, and it is of note that some areas of the real estate market are performing better than others.

Undoubtedly the first time home buyer tax credit of $8,000 given by the current administration for sales recorded in November 2009, has helped with sales in the $100,000 and $200,000 prices range, together with a good amount of foreclosures and short sales in this price range in some areas of Tucson.

It has also been a while coming, but we are now seeing a decrease in pricing in the Tucson luxury home market, as builders, who had sat with spec homes notes became due, and homeowners who decided that they wanted to sell, reduced their home pricing. This has resulted in some activity in the market. Notably and recently, we have seen all but one of the Parade of Homes go back to the Bank. Bank of Oklahoma will probably sit on the investment until the market changes, so current news suggests. The new Ritz Carlton Resort in Marana is due to open in the Fall, and this will help bring the Luxury home buyer to the Tucson and Marana Real Estate market. There are however currently good deals to be had in the Tucson Luxury Home Market. We recently Listed and Sold a home that had originally been a Street of Dreams Home. It was advertised close to $2,000,000 and just sold for $1,250,000 It was the lowest priced sale in Stone Canyon, a Gated Luxury home Community in Oro Valley.

So if you are a Buyer then we feel that it is an excellent time to buy a home. Rates are on the rise, this may limit the Buyer’s ability to get financing for the home of their dreams in the long run. However, even with the slight raise in interest rates to around 5.5% the rates are still very low for a fixed rate mortgage, and one can buy a nice Tucson az Homes with with either FHA, VA or Conventional Financing options.

Some areas of Tucson have actually seen a slight increase in price as they bottomed early with many investors defaulting from the boom of 2005, and now multiple offers have been made on the foreclosure properties in the area. Two of these areas are Continental Ranch and the other Rita Ranch. Both areas benefit from their popularity with employers from Raytheon and also Davis Monthan Air Force Base, stable job areas that have always been popular with employees because of their proximity to the freeway and the shopping conveniences that are present there.

According to recent Tucson MLS May Statistics, it shows that the Tucson Listing inventory continues to drop, closings actually went up about 60 units from April, pending sales were down 42 units from April, and the median home sales price has increased 3.72%.

Tucson is not seeing the dramatic drops of last year 2009. Over a six month period, we will be able to show a quantitative graph that measures inventory against new sales. The numbers have been drawing closer since January of this year, which some Economists suggest equals a trend. We will be watching how this trend progresses into June.

As a final note you should consider a Tucson market analysis by Zip code as the story can be quite different by area.

Some areas have significantly higher sales percentages by area for example 85730 has 129 Active Listings with 44 sales in May, and 85713 200 Active Listed and 41 sales.

This can affect the sales price and also the appraisal on the home.

As Tucson Real Estate Agents, we can perform a detailed analysis of Tucson Zip Codes for a detailed report for Buyers and Sellers in the Tucson area, or for those relocating to Tucson who are unfamiliar with the market.

http://www.thetucsonexperts.com/ is the most comprehensive informational site for Tucson az Real Estate, Oro Valley, Vail real estate and Marana real estate! Don’t miss our Featured Tucson Homes and be sure to search our free/no hassle Tucson MLS listings.

Call us today:

Coldwell Banker Residential Brokerage
2890 E Skyline Drive, Ste 250
Tucson, AZ 85718
Phone: 520-529-7507
Fax: 520.844.6626
Info@thetucsonexperts.com

http://www.thetucsonexperts.com/