As of August 2009 active inventory was 219, a 6% decrease from August 2008. There were 38 closings in August 2009, 73%above August 2008. Months of Inventory was 5.8, down from 10.6 in August 2008. Median price of sold homes was $162,084 for the month of August 2009, down 16% from August 2008. Sahuarita is experiencing a significant increase in buyer activity, with new properties under contract up 63% from August 2008.
As of August 2009 active inventory was 6,095, a 25% decrease from August 2008. There were 957 closings in August 2009, a 6% increase from August 2008. Months of Inventory was 6.4, down from 9.0 in August 2008. Median price of sold homes was $162,500 for the month of August 2009, down 12% from August 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 52% from August 2008.
The hottest buyers housing markets are places you may find comfort in the worst housing crash since at least the Great Depression. The top 10 buyers markets listed by Housing Predictor at mid-year are markets that aren't necessarily big arts and entertainment centers, mostly found in smaller communities.
Amarillo, Texas takes the first position as the nation's top buyers market in 2009 with the highest likelihood of housing inflation over the next few years. Austin, Texas and Tucson, Arizona are the largest metro areas to be named to the list possessing the highest probability of growing through the recessionary economy over the next few years. As a high-tech hub, Austin will have what it takes to not only sustain the downturn but see home values inflate.
All 10 markets hold the promise of prosperity in the near future. In the current economic environment there are few areas of the country that will see appreciation this year. The markets named here represent cities that are the most likely to experience housing inflation over the next few years, despite the downward economy and are the best places forecast to buy real estate to make a profit.
The financial crisis dealt a severe blow to the national economy that will take many years to overcome. Unlike any other downturn in real estate since the Great Depression, markets have seen home values decline at record levels. Times have changed as a result, and real estate inflation will take years to return in most areas. Investing for the long term, considered to be 10 years or longer is the best protection for those who choose to take the risk.
The following list of high potential real estate markets may not appreciate in the short term, but have the highest likelihood of long term appreciation making them ideal for purchasing investment property.
Listed from the highest forecast appreciation to the lowest:
#1
Amarillo, TX
#2
Sioux Falls, SD
#3
Biloxi, MS
#4
Logan, UT
#5
Bismarck, ND
#6
Bozeman, MT
#7
Baton Rouge, LA
#8
Austin, TX
#9
Casper, WY
#10
Tucson, AZ
This body of this article has been republished from Housing Predictor
Long Realty Launches New Social Media Platform to Help Agents Connect
Long Realty has launched a revolutionary new agent-to-agent social media networking platform called Long Connects that enables their agents to connect to other Long Realty professionals in a safe, online environment. This is yet another way Long Realty is taking the industry lead to help their real estate professionals work smarter and more efficiently to provide the highest level of service.
Long Realty is one of the first real estate companies in the country to implement this type of internal social media platform. It is an entirely new way for their agents to interact, network, and get business done. By implementing this new online agent community, Long Realty is setting the technological standard to help further extend the reach of their agents. Agents can network with each other and share information more efficiently to help match buyers and sellers. Long Realty agents can also use this new platform to learn from each other and from the company by keeping one another up to date with the latest industry developments, newest marketing and technology trends, and best business practices. "Long Realty is constantly investing in our over 1,200 sales associates by providing them the tools and systems to grow their business and save time," says Rosey Koberlein, CEO of the Long Companies. "Long Connects uses the latest Web 2.0 technology to empower our team of real estate professionals to provide the best service possible while increasing their knowledge and level of productivity." "Long Connects uses a powerful social media technology suite in a secure intranet environment to connect our sales associates, Core Services teams and employees," states Kevin Kaplan, Vice President of Marketing and Technology for Long Companies. "Online forums, media galleries, micro blogging and community groups are just a few of the features that connect our professionals with each other in an online community focused on real estate business dialogue. While much of the real estate industry is still trying to understand social media, Long has made the progressive leap to integrate social media into our everyday business practice." Long Connects will enable Long Realty agents to develop their professional relationships, hone their real estate skills and grow their businesses into a highly efficient and effective business model that could help change the future of real estate.
As of October 1, 2009 there are 384 condominiums for sale in Tucson. During the month of September 45 condos sold with a median price of $107,000. 384 condos with a monthly absorption rate of 45 condos per month gives us 8.5 months of inventory (amount of time it would take to sell our current inventory if no new properties became available). 6 months worth of inventory is what most experts believe is a balance market.
There are currently 9 condos Active Capa (Can Accept Purchase Agreement), 41 Active Contigent and 23 pending. Not all of these properties will close in October or at all, but based on the number of units currently under contract it is realistic to expect October's closings to beat the 45 we saw in September.
The condo market is fueled by winter visitors so as the weather cools sales will pickup and more properties will become available, 60 new condo listings in September.
If you would like additional information on Southern Arizona's condo market contact James Servoss at jservoss@longrealty.com.
Leadership Lunch with Sean Elliot @ Elle Wine Country Restaurant (Tucson, Arizona)
Sean Elliot, considered by many (including Steve Kerr) as the greatest Arizona Wildcat basketball player of all time.
Sean Elliot played high school basketball at Cholla High School, played for Lute Olson at Arizona where he was a consensus all American his Junior and Senior year and went onto a successful career in the NBA.
This great opportunity is open to both United Way Young Leaders Society members and nonmembers.
$20 for members and $30 for nonmembers.
Thursday, October 8, 2009 @ 11:30 am
Space is limited: RSVP to Krissy King (520) 903-3934 or youngleaders@unitedwaytucson.org
The United Way Young Leaders Society is an organization of passionate young professionals who are actively seeking ways to Connect, Serve & Lead to make a positive and lasting impact throughout our community.
CONNECT with other "up and coming" young professionals & experienced business leaders.
SERVE our community where we are needed the most.
LEAD by example, engaged in unique YLS leadership & service opportunities.
WHO IS IT FOR? Members of the United Way Young Leaders are: - Community-oriented individuals or couples. Most of our members are in their 20's, 30's, or 40's - Committed, compassionate and generous individuals who are dedicated to making a positive impact throughout our community by taking visible leadership roles in our community projects and serving on local committees and boards. - Valued supporters of the United Way, through the generous sharing of time, talents, and financial resources.
Long Realty is responding to the devastation that took place in Mexico over Labor Day weekend due to Hurricane Jimena. Long Realty branch locations throughout southern Arizona and Mexico are banning together to quickly gather donations of non-perishable food, household goods, clothes and money for the victims of Hurricane Jimena in Guaymas, Empalme and San Carlos, Mexico. Donations are being accepted at any Long Realty office now until September 21 at 9 am. After this time, the collective items will be delivered to The World Care Organization for distribute to relief stations in the affected area within Sonora, Mexico. "Our friends to the South have incurred many challenges this year. This natural disaster is beyond what our region is use to thinking about for storm damage. This is a major event in the day and hearts of our friends in Guaymas and San Carlos. It is time to reach out and offer our helping hands," said Long Companies' CEO, Rosey Koberlein. Those interested in giving monetary funds can drop-off a check made out to The Rotary Club - San Carlos Relief and write Long Realty Donation on the memo line. The cancelled check will be the donor's receipt. For more information about this project, please contact Jim Larkin at 520-918-3807. A detailed list of needed items and photos of the area can be found at www.worldcare.org.
As of August 2009 active inventory was 6,095, a 25% decrease from August 2008. There were 957 closings in August 2009, a 6% increase from August 2008. Months of Inventory was 6.4, down from 9.0 in August 2008. Median price of sold homes was $162,500 for the month of August 2009, down 12% from August 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 52% from August 2008.
Tucson is Arizona's worst-kept second-home secret. Its population is less than a quarter of the Scottsdale/Phoenix metropolitan area, just two hours away, but to many, that's Tucson's appeal.
"Tucson is a larger version of Santa Fe, while Scottsdale is a smaller version of L.A.," Realtor Russell Long of Long Realty says. "We appeal to the well-educated, the artsy, golfers, and the athletic outdoorsy types." Home to the University of Arizona, Tucson is a college town, which offers buyers - many of whom come from the New York and Chicago areas - a dose of culture.
Tucson sits at a high elevation, and though summer is hot, the moderate season is longer than in other desert destinations. The Upper Sonoran desert is much greener and less barren, which fosters an active outdoor community and puts Tucson among the nation's best for road and mountain biking as well as hiking. The city is ringed by five mountain ranges and vast swaths of protected land, including Coronado National Forest.
"The desert is thick and lush, and skiing is just 45 minutes away," Long says. Less than 75 miles from the Mexican border, Tucson is also Southwestern in its food, art and culture, and its atmosphere appeals to many buyers from the East.
Most buyers choose resort communities in the mountain foothills north of the city center, which feature elevated views. "The foothills are most popular," Long says. "There are very nice new condos, villas and townhomes from $350,000 to $600,000." Typical for Tucson are large planned communities with developments at varied price points, along with golf courses and a resort hotel offering owners spa services and dining.
Buyers are divided about equally between those who split their year with a colder locale and those who come for weeks or weekends. Both will appreciate that median home prices have dropped 16% since last July.
A look at three Tucson neighborhoods
•Ventana Canyon: A 1,100-acre community in the foothills just north of the city, Ventana Canyon contains nearly 700 houses, three condo complexes, two golf courses, a tennis center, sports and dining facilities, and two hotels, the Lodge and the upscale Loews Ventana Canyon. "Buyers are usually golfers, but it abuts the National Forest, and once you go through the gates, you can bike, run and hike without ever going onto public streets," says Realtor Janell Jellison of Long Realty. "You can get a nice two-bedroom golf villa from under $500,000 and custom homes from $1 million" (ventanacanyonaz.com).
•La Paloma: One of Tucson's first second-home communities, La Paloma is close to Ventana Canyon and spans 790 acres with a 27-hole golf course and Westin hotel. The array of homes is very similar to Ventana Canyon. The turnkey golf villas are most popular with part-timers, Jellison says, but because there are fewer offerings, the prices are slightly lower, with villas from about $475,000.
•Dove Mountain: Tucson's hottest second-home enclave, this 6,200-acre development northwest of the city has 3,500 houses and condos. The most affordable section has townhouses and houses from $300,000 to $1 million. The Gallery is one of the nation's top golf communities, with two standout private courses and a limited number of golf cottages from $795,000 and houses at more than $1 million. Canyon Pass features houses on large sites from $1.7 million. The newest phase is The Residences at The Ritz-Carlton, a new luxury hotel with two golf courses opening in December (dovemountain.com).
Existing home sales surge 7% in July as prices continue to drop
By Alan Zibel, AP Real Estate Writer WASHINGTON - The U.S. housing market is rebounding quicker than expected, with home resales in July posting the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall.
The National Association of Realtors said Friday that home sales rose 7.2% to a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the highest level of sales since August 2007.
Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.
"The housing market, with today's strong rise in sales, has decisively turned for the better," said Lawrence Yun, the trade group's chief economist.
Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year. In places like San Diego and Orlando, buyers are snapping up foreclosed properties at deep discounts, and real estate agents are pressing banks to release more foreclosures onto the market.
Those sales helped drag down the median sales price by 15% to $178,400.
First-time buyers must complete their sales transactions by the end of November to take advantage of a tax credit of 10% of the purchase price, up to $8,000. The real estate industry is lobbying Congress to get the credit extended.
"It would be unfortunate to see the momentum halted," Yun said.
The inventory of unsold homes on the market rose to 4.1 million, from 3.8 million a month earlier. That's a 9.4-month supply at the current sales pace, unchanged from June.
Weekly blog from James Servoss an Associate Broker with Long Realty, Southern Arizona's leading real estate company. Check back often to get the latest news on Tucson's exciting real estate market.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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