The first two months of 2010 - in a nutshell

I have just pulled the sales information for the first two months of this year from the Tucson Multiple Listing Service. It's not all that bad, but it's not great - yet. During this time, there were 9 sales: 3 land sales and 6 home sales. The land sales were all in Elgin and ranged from $60,000 to $135,000. The 7 home sales ranged form $170,000 to $464,500. Total volume was $2,068,400.
This is a nice start to the year, but with over 100 homes for sale, we have a three year supply at this rate. We should be working with about a year and a half based on a "normal" year. 

Looking ahead

As stated previously, there are 101 homes for sale as of today. These range in price from $79,500 to $3,375,000. There are 188 lots for sale as of today and they range in price from $22,520 to $3,350,000. Considering the size of our inventory and the fact that it matches the historic requirements of our buyers, I anticipate a very strong market once the buyers return; and that is the big question: When? My own best guess, based upon information from the National Association of REALTORS®, is that our market will become vibrant in the late summer or early fall. Nationally, markets are improving, even in hard hit Phoenix and Tucson. Inventory levels have readjusted and prices are very low. Not good news for sellers, but great news for buyers.

For more information, please email or call me. 

Charlie