Three quarters down, one to go in 2009 and we are that much closer to a healthy housing market in Tucson. The October housing market reports for Tucson are in and they clearly illustrate positive signs towards stabilization. Thanks to increased buyer activity, great interest rates and first-time homebuyers tax credit, the housing inventory has decreased almost 22% since January 2009. The reports depict the inventory hovering around 6,000 units and the months of inventory sitting close to 6 months! A general rule of thumb used in the real estate industry to gauge market health is the months of inventory. A market is considered “balanced” when the months of inventory is at 6.

A few notable factors from the Tucson Multiple Listing System are:

• Number of closed transactions is up 6.2% over September 2008 and up 39% since January 2009.
• Pending contracts are up 59% over September 2008 and 4.6% over August 2009
• Average sales price was $196,755, down 9% from September 2008

Feel free to view the following housing reports for Tucson and/or surrounding areas. If you have any questions about these reports or would like additional information about Tucson, just let me know and I will be in touch.

Click here for Tucson Housing Report

Click Here for North Tucson Housing Report

Click here for Northwest Tucson Housing Report

Click here for Central Tucson Housing Report

Until next time . . .

Bookmark this Article

Hide Sites

• Number of closed transactions are up 6.2% over August 2008
• Pending contracts are up 45.1% over August 2008 and 3.8% over July 2009
• Average sales price was $199,626, down 5.3% over July 2009
• Average median sales price was $162,595, down 3.1% over July 2009

The overall Tucson MLS active listing inventory at the end of August 2009 is 6,062 which is 21.9% less than August 2008!

Another strong indicator, Months of Inventory, depicts a trend towards a balanced market.  In general, the Tucson market has 6.4 months of inventory versus 9 months of inventory in August 2008. A rule of thumb, a market is considered “balanced” when “Months of Inventory” is around 6.

Tucson is experiencing an increase in buyer activity especially in the price bands up to $300,000 which comprises of approximately 86% of the market sales activity. See below:

Now is the time if you have been thinking about relocating to Tucson or wanting a second home.  If you would like more detailed reports or have a Virtual Home Finder search set up for you, just send me an email and I will follow up with you right away.

Until next time,

Bookmark this Article

Hide Sites

The multi-talented Human Relations Executive for a Chicago corporation, Susan began her bed and breakfast journey by planning a vacation around a seminar “So, You Think You Want To Be An Innkeeper”, conducted by Susan Brown and Nancy Donaldson in Santa Barbara, CA.  After completing the seminar, Susan knew said had the desire now she had to figure out the course. 

With her son, Michael, living in Tucson gave her a perfect reason to explore there.  She soon realized there weren’t very many b&b’s near the university and thought this just might work.  Trusting her instincts, she embarked to find the perfect house to fit her plans.  As fate would have it, in just two short days into her search, Susan found a beautiful 1930’s inspired Spanish Colonial home located in the historic Sam Hughes District.  Located just east of the University of Arizona and less than a mile from medical and urgent care centers, she knew this was it!

Sam Hughes Inn

Next Susan hired architects and contractors to convert this historical home into a bed and breakfast inn.  Yes, there were setbacks, i.e., zoning variances, code issues, construction delays, a medical emergency but the ever persistent Susan kept her eye on her goal.  To hone her skills as an innkeeper, Susan worked for the Lodge on the Desert to get invaluable hands on experience.   As Susan was gaining invaluable innkeeper experience her new house was being converted into a bed and breakfast. 

Through perseverance and incredible enthusiastic support from her neighbors, the Sam Hughes Inn opening day arrived just in time to host her first paying guest a few days before Christmas in 1999.  Yes, Susan had much more work to do such as setting up her marketing campaigns which included a website designed by her daughter, brochures and networking.  Renovations continued by adding more bedrooms, landscaping changes and much more. 

Susan’s business has blossomed through repeat guests, internet exposure and referrals.  Her great location is perfect for parents visiting their sons or daughters attending the University of Arizona, job seeking professionals, and winter visitors who plan to attend the Annual Gem Show, Spring Training or just to get out a break from their winter
climates. So how do you find the Sam Hughes Inn?  This quaint bed and breakfast is located at 2020 E. 7th Ave in Tucson or you can click this link to Sam’s Hughes Inn.  If you are planning to visit Tucson during the winter months, you may want to make your reservation a few months in advance.   Don’t take just my word on how great the Sam Hughes Inn is, here are a couple of testimonials.

A recent guest from Alabama, wrote “Susan, the owner, is a joy to get to know.  She prepares wonderful breakfasts, provides lots of local information and goes the extra mile to provide for her guest’s needs. The rooms are very comfortable and decorated in very good taste.  We will most certainly visit Sam Hughes again”. 
 
An Illinois guest visiting this summer wrote “I could not have asked for a better place to stay in Tucson. The owner is gracious, flexible and a great cook. The breakfast is inspired and is so hearty that it lasts all day. All the rooms and the enclosed garden are inviting places to sit and relax.”

Congratulations Susan on your 10th anniversary and here’s wishing you much success for many years to come!

Bookmark this Article

Hide Sites