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There's a Floor Under the Tucson Real Estate Market. How's By You?

Two UP arrows. Five DOWN arrows. That's the Tucson Association of Realtors Multiple Listing Service sales snapshot for the month of November, 2007.

Quick glance? "Boo! Hiss! See? I told you the sky was falling!" But that's not the real picture at all.

First: Look at the UP arrows.

The average sales price is up again.

Pending contracts are up as well.

Second: Look at the good DOWN arrows.

The median sales price is down. This is good for buyers coming into the market. What's good for buyers is good for real estate agents and lenders.

Active listings are flat. Existing inventory is beginning to shrink. We're not to the level of scarcity by a long shot, but this is a good trend.

New listings are down by more than 7.5%. This supports the flattening out and shrinkage of our overall inventory. That's good.

Third: Look at the real DOWN arrows.

Home sales volume and home sales units are down
by more than 20%.

The pie is only around 80% of what it used to be. Don't whine. Deal with it. It's your chosen profession, whether you're an agent, a lender, a title officer or a home stager.

When I'm shopping for something (real men DO shop) I want to deal with a salesperson who is competent, confident, knowledgable, and who will listen to me. I want a professional salesperson. That's a good term.
Say it again out loud. Professional salesperson!

You're a professional salesperson. Act like one! Look at that big pie. Go get your fork and some whipped cream. Let's celebrate 2008! It's going to be great if you make it so!

And that's the real estate opinion of this Tucson, Arizona mortgage lender,

Mike in Tucson

Posted by Mike Jones on 12/27/2007 10:36 PM

Comments (15)

Sales Snapshot in the Real Estate Market Channel

real estate opinion, real estate, tucson, arizona, mortgage, mortgage lender, mike in tucson

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15 Comments on There's a Floor Under the Tucson Real Estate Market. How's By You?

Mike- I like how you dissected the info, and showed buyers, sellers, and everyone how the information could be a blessing to people wanting to buy now.

12/27/2007 10:43 PM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

Kathy,

You have no idea how much I appreciate seeing you show up on my blog! Thanks for being the first to comment. You're a blessing in my life!

Mike in Tucson

12/27/2007 10:47 PM

by Mike Jones (Tucson Mortgage Company, LLC)

Don't whine. Deal with it. Amen.

It's always a 'bad' market for someone. There's money to be made in any market; it just means we have to adjust our game.

12/27/2007 10:51 PM

by Fairbanks Ak Real Estate Broker Jesse Clifton (Jesse & Kathy Clifton, REALTORS 907-699-6024)

Mike in Tucson- The arrow for how many active Realtors was missing. I suppose it would be down in your market like ours. 40-48% are gone since 2006. The pie looks a little different now doesn't it? Have a great 2008!

12/28/2007 12:49 AM

by Mark Horan P.A. "The Resident Chef" at Keller Williams (The Resident Team at Keller Williams At-The-Lakes)

Mark: 40-48%? Wow. Talk about dropping like flies.

12/28/2007 01:45 AM

by Fairbanks Ak Real Estate Broker Jesse Clifton (Jesse & Kathy Clifton, REALTORS 907-699-6024)

Great way of presenting - if you don't mind I think I will "loosely" use this format when presenting my market data.

12/28/2007 07:04 AM

by Kevin McGrath - Fredericksburg VA Real Estate (Coldwell Banker Elite - Fredericksburg/Spotsylvania)

Kevin,

Thanks. Have at it!

Jesse & Kathy,

That's a really big number, isn't it? There has been some shrinkage in Tucson, but nothing near 40% or more.

Resident Mark,

You've really lost a significant part of your "agent fleet." Where did you get those numbers?

Jesse & Kathy,

I'd love to real a post of yours entitled "How We're Adjusting Our Game."

Mike in Tucson

12/28/2007 07:16 AM

by Mike Jones (Tucson Mortgage Company, LLC)

Mike: Great layout and very interesting read. I do wonder how many Realtors have dropped out but that's ok, that just leaves those of us who are truly dedicated to the profession. I'm ready for 2008 and can't wait because it's going to be great!

12/28/2007 08:16 AM

by Donna Yates, Georgia Realtor North Georgia Blue Ridge Real Estate (Mountain Investments of North Georgia)

Wow, Mike! You have found the secret to making market reports interesting and fun to read! More of us should follow your lead.

12/28/2007 08:22 AM

by Patricia Kennedy (Evers & Company)

Mike, I really like the visual. And, your commentary is right on! Good interpretation.

12/28/2007 08:25 AM

by Dan Forbes (.)

Hi Mike, I hope you had a great Christmas and I wish you a Happy New Year. re your comment this morning, I wasn't up, just hadn't logged off AR.

12/28/2007 08:26 AM

by Jim Little, Your Sun City Arizona Realtor (Ken Meade Realty)

Seems to me you could do well with about 60% of the present agent population. Mmmmmm.

Same thing here.

12/28/2007 10:07 AM

by Lenn Harley Homefinders.com MD & VA Real Estate

Mike--The market is not that bad for professionals who chose to work in it...At least in Minnesota but real estate is local. Great positive message for us all to have a great 2008!

12/28/2007 10:17 AM

by Teri Eckholm, REALTOR® Anoka County Acreage & Lakeshore Homes (Keller Williams Premier Realty)

Mike- Our local Realtor Association. They didn't re up. We are about to lose more. Today is the last day of MLS dues due. In 2005 one in seven had a Real Estate License.

12/28/2007 11:29 AM

by Mark Horan P.A. "The Resident Chef" at Keller Williams (The Resident Team at Keller Williams At-The-Lakes)

Mike: I love your glass-half-full interpretation of the stats--exactly the same way that I interpret your data. As said before, the numbers are great for someone, now let's adjust our business plan accordingly to accomodate those someones!

Debe in Charlotte, NC

12/28/2007 08:47 PM

by Debe Maxwell (Helen Adams Realty)

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