Patricia Paul Properties

     For those of you who are curious about the current status of the housing market in Tucson, the latest statistics from October 2011 have been released.    
 
     As of October 2011 active inventory was 5,353, a 28% decrease from October 2010. There were 962 closings in October 2011, 28% above October 2010. Months of Inventory was 5.6, down from 9.8 in October 2010. Median price of sold homes was $120,000 for the month of October 2011, down 14% from October 2010. The Tucson Market had 1,351 new properties under contract in October 2011, up 58% from October 2010.   
 
     What do all these statistics mean?  
 
     *Inventory being down from previous year means there are fewer homes on the market, and the ones for sale should sell quicker than if there were a larger supply of them.    
 
     *Closings being significantly higher than last year means a lot more homes have sold in the past 12 months.  It's a sign of the increased market activity. 
  
     *Months of inventory decreasing is a positive development.  It is said a market is stable if there are 6 or fewer months of inventory available.  Our newest number of 5.6 is very encouraging. 

     *Median price of sold homes being down illustrates the fact that home prices are still eroding, and that the lower tier of the market is seeing the most activity.  This includes first-time home buyers as well as investors. 
 
     *The 58% of new properties under contract is a huge increase and predicts that the number of closings will also be way up in the next 30 to 60 days. 
 
     Contact me if you'd like additional information.  The above numbers are for the overall Tucson market, and I am also able to get data specific to areas of town.  For example, would you like to know how many months of inventory are available in your zip code?  Just ask!
 
Patricia Paul, GRI  ***  www.PatriciaPaulProperties.com  ***  (520) 548-2078

The Tucson housing statistics for February have been published by Tucson Association of Realtors Multiple Listing Service for February 2011, and the news is positive.

   *  The total sales volume increased 23.08% over January's sales volume

   *  Total number of homes under contract increased 12.87% over January
  
   *  The average sales price is up 9.22% over January

   *  The average list price was up 8.43% over January (Currently $191,957)

   *  The median sales price was up 2.05% over January (Currently $137,000)

   *  The total number of units sold (879) increased 12.69% over January, and that is 18.62% more than January of 2010.

I've been saying for the last couple months that the market appears to be picking up.  These numbers support my own observations.
 
It is still a great time to buy a home.  There are outstanding values, and incredibly low interest rates.  
 
Please contact me if I can help you find a great home at a fabulous deal!

Patricia Paul, GRI ***  www.PatriciaPaulProperties.com  ***  (520) 548-2078

The Tucson Association of REALTORS recently published its reports on the Tucson Housing Market for the month of August and the results somewhat surprised me.  I could tell from my own personal experiences with buyers that homes were moving, but here's what the statistics showed:
 
     *  The number of homes sold are up 11.36% from last month

     *  The median sales price is right around $150,000 (and has been since May 2010)
 
     *  New listings have decreased 21.82% over July
 
     *  Active listings are the highest to date this year at 7,170, an increase of 7.53% over July
 
     *  Total sales volume of $164,547,474 is an increase of 8.17% over July's sales volume
 
     *  Total listings under contract increased by 39.19% over July
 
So, in my interpretation of these statistics, I would say there is still a lot of inventory out there, but there are fewer new listings hitting the market.  Buyers are definitely out there, more homes are being sold, and lots more are currently under contract, so the sales statistics for September and October should also reflect considerably higher sales numbers.
 
Buyers are aware that homes are priced low and that the current interest rates are just too low to ignore.  If you have thought of buying a home anytime in the near future, perhaps you might want to think about taking advantage of these record low mortgage rates now.  In time, these rates will definitely increase, and when they do, your buying power will decrease.
 
We're not out of the woods yet, but I'd say these statistics show a healthy recovery in our Tucson market.
 
Patricia Paul, GRI ** www.PatriciaPaulProperties.com ** (520) 548-2078

Please contact me if you'd like to receive a copy of Tucson's November Housing Report.  It's full of information and statistics.   Some of the statistics include months worth of inventory, number of listings and closings, median and average sale prices, price banded sales information, and months of inventory by zip code.

Did you know there is a big difference by the area of the city?  For example, in zip code 85714, there are only 2.6 months worth of inventory.  But in zip code 85749, there are 12.4 months worth.  Homeowners wanting to sell their homes in those areas will have different experiences because of that.

It's no surprise that the most number of homes that sold were in the $150,000 - $175,000 price range.  There were 567 listings in that range, and in October 135 sold and closed.  Next, in the $125,000 - $150,000 range, there were 594 listings, and in October 132 of them sold.  In the $100,000 - $125,000 range, 111 of the 389 listings sold. 

Now might not be the best time to be selling your $1,000,000+ home;  in October, only 3 out of 292 listings sold.  But, it is a great time if you're looking for a bargain to purchase!

Please let me know if I can help you with any of your real estate needs.  

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078

There has been a huge increase in the number of Tucson properties going under contract in past several weeks (1,317 properties in the last four weeks).   Some of this might be attributed to first time home buyers rushing to get in under the tax credit deadline.

There are also a lot fewer home on the market right now (active inventory):  A 23% decrease in inventory in September 2009 compared to September 2008.

With the market showing signs of improvement for the last several months, now might be a good time to put your property on the market, if you've been thinking about it.

Call me if you'd like to discuss the possibility of selling or buying.   I'd be happy to meet with you and answer any of your questions.

For more details, visit:   http://azhousingstats.longrealtyblogs.com

Patricia Paul, GRI ** www.PatriciaPaulProperties.com ** (520) 548-2078