Tucson East, Southeast, Vail, and Corona De Tucson, Arizona Market Report for October 2008

October 2008 closed sales are just slightly down from a year ago, however most other categories that define local real estate activity are down significantly. The constant force in the value of all local residences is the presence of bank owned or foreclosure homes in nearly all neighborhoods. One of every seven homes for sale is bank owned. This reality proves great for first time home buyers, but sellers who purchased just three years ago are taking losses of 25% and in some cases even more. So, if you don't have to move, stay put. If you've ever considered adding real estate investing to your portfolio by buying another home to use as a rental, now is the time to enter the market.

Here's a few important numbers to check out that show how the past month compared to the same month last year.

Home sales volume for October 2008 was $186, 356, 109 compared to $229, 448, 467 a year ago.

Average Sales price for October 2008 was $226,435 compared to $259,557 for 2007.

Pending contracts for October 2008 are 755 compared to 993 for 2007.

Active Listings for October 2008 are 7,988 compared to 9,313 for 2007.

Home Sales Units for October 2008 were 823 compared to 884 for 2007.

Are you thinking of Buying or Selling a home in Tucson.... find even more detailed local info about Vail and other popular Tucson, Arizona housing communities by reaching Kevin Wood, Realty Executive, at Kevin@HomesInfoTucson.com 520.260.3123, or HomesInfoTucson.com.