November Tucson Market Update!

By
Real Estate Broker/Owner with RE/MAX DWELL

I wanted to provide you with a market update, from a couple different sources. Generally the holiday season, which some would say we are already in ( it seems to sneak up earlier every year) shows a slow down in the real estate market.  As most of my family is in the Tucson Area, I will be in town till the end of the Year, to answer any real estate questions you may have and to help you buy a property if that is what you want for Christmas or whatever winter holiday your family celebrates. Actually part of my family has been in the Tucson area since around the time Arizona became a state, so if you have any historical Tucson questions go ahead and shoot those over to me as well.  

Anyway, back to our topic of the Tucson Real Estate Market. One report that I love reading monthly is from Clear Capital, a premium provider of data for real estate asset valuation, investment and risk assesment.  In Last month's report, Tucson was near the top of the list of Lowest Performing Major Markets in the U.S. This month ( reportng data from October), Tucson has moved down to 13th lowest perfoming market, which is good. Our year to date decrease has been 16.9 percent.  Each specific neighborhood is different, and this -16.9% is an average of the whole Tucson area. Our foreclosure saturation is 35.3%. The good news is that over the last quarter, Tucson has seen a 1.8% increase, meaning that the bottom is a little behind us.  To understand these numbers let me also share with you the numbers for Las Vegas, which is currently the Lowest performing market in the country. Their year to date decease is 34.9%, with an foreclosure saturation of 60.3%, and in the last quarter they still had a decrease of 1.8% ( while we had a quarterly increase of that same amount).  Kind of interesting, as this does show that Real Estate is local, and each city is really different.
 

Just a couple little morsels from the Tucson Association of Realtors Mutiple Listing Service report for last month released 11/05. 40% of the solds were gone in less than 30 days, which means that there are still a lot of deals that buyers are snatching up fast. The average days on market is  71 days. The 3 most active zipcodes are all on the South side. Generally, the areas that have lower prices are seeing more action, thanks to investors and first time home buyers.

  And finally a WOHOO moment! The tax credit was extended and expanded!! President Obama signed into law at the end of last week a law that extends the  $8,000 first time home buyer tax credit till June of 2010, as long as the buyers are in contract by the end of April. Plus for move up buyers that have owned their last home for at least 5 years, they are now included and will get $6500!

Best Wishes,   Jennie James RealEstate.com 520-440-0357

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Jennie L. James

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