“Home ownership is the cornerstone of a strong community” Rick Renzi
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 . . .
