Tucson Housing Market - A bit of info (Phoenix, Tortolita: for sale, homes)

[LordBalfor]

I've a friend who's a realtor in Tucson and he sends me monthly newsletter. I thought this info from the newsletter was a bit encouraging:

"Our listing inventory has dropped below the 8,000 mark for active listings. We have not been below 8,000 listings since March of 2006!

New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement.

There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900"

For what it's worth.

Ken

[sierraAZ]

Originally Posted by LordBalfor

I've a friend who's a realtor in Tucson and he sends me monthly newsletter. I thought this info from the newsletter was a bit encouraging:

"Our listing inventory has dropped below the 8,000 mark for active listings. We have not been below 8,000 listings since March of 2006!

New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement.

There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900"

For what it's worth.

Ken

Well, that's public info, Ken... Gimme me more!

[LordBalfor]

Sorry, that's all I got.
No secrets here to spill.

Just thought I'd spread a bit of good news among all the bad out there.



Ken

[tucsondesertdweller]

In my humble opinion the listings for sale are down because many people
won't sell their homes now because of the prices going down so low.
If you are in the market to buy in the Tucson area you can get a really nice deal. But if you are thinking of selling, not too good.

[Bummer]

Originally Posted by LordBalfor

I've a friend who's a realtor in Tucson and he sends me monthly newsletter. I thought this info from the newsletter was a bit encouraging:

"Our listing inventory has dropped below the 8,000 mark for active listings. We have not been below 8,000 listings since March of 2006!

New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement.

There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900"

For what it's worth.

Ken

Interesting post, Ken . . .

Has the market stabilized and/or improved or have most sellers decided to "hang on" until there is solid improvement?

[LordBalfor]

Originally Posted by Bummer

Interesting post, Ken . . .

Has the market stabilized and/or improved or have most sellers decided to "hang on" until there is solid improvement?

Don't know - maybe it's the bottom finally, or maybe just a temporary lull. It's possible that tucsondesertdweller's comment about folks refusing to list their homes may be playing a part. If so, then that would (I would think) indicate the bottom (ie when it gets to the point that no one wants to list anymore then the inventory is almost certain to drop and prices begin to rise) has perhaps been reached.

From what I understand, Tucson has not dropped as far as Phoenix (if I'm wrong someone correct me) because the prices in Tucson never got quite as high as the ones in Phoenix and there was a bit less speculative building. If this is indeed true then I would expect that Tucson might lead the recovery (as I expect Arizona in general to do (at SOME POINT) - simply because of us Babyboomer heading south).

In the final analysis I guess we'll just have to wait and see. I have noticed that prices out in J-6 Ranchettes (where we bought our land 18 months or so back) don't seem to have fallen AT ALL (if anything they have gone up a bit) - though admittedly things are not moving much.

Ken

[sierraAZ]

Originally Posted by LordBalfor

From what I understand, Tucson has not dropped as far as Phoenix (if I'm wrong someone correct me) because the prices in Tucson never got quite as high as the ones in Phoenix and there was a bit less speculative building.

That's true. Actually, Phoenix is doing surprising well lately, too. I was reading the Phx forum the other day and Captain Bill had posted some numbers. Of course, I'm talking about the older and established suburbs. In both places it's the outskirts that took the biggest hit. Pinal County is in pretty bad shape.

There are areas of Tucson with 6 to 7 months of inventory now.

Tucson Market Stats | The Housechick Blog

[LordBalfor]

SierraAZ -

Yeah I know what you mean about the outskirts. Those areas are probably going to be very resistant to recovery - in part because the reality of higher gas prices make them less desirable for commuters. Here in Seattle (nationwide actually from what I understand) the last few years have already seen a rebirth of downtown cores - with more folks moving into areas within walking distance of stores and restaurants. Higher gas prices are only going to speed that process up.

Ken

[sierraAZ]

Originally Posted by LordBalfor

SierraAZ -

Yeah I know what you mean about the outskirts. Those areas are probably going to be very resistant to recovery - in part because the reality of higher gas prices make them less desirable for commuters. Here in Seattle (nationwide actually from what I understand) the last few years have already seen a rebirth of downtown cores - with more folks moving into areas within walking distance of stores and restaurants. Higher gas prices are only going to speed that process up.

Ken

I know... Jumping on the wrong train at the wrong time is the story of my life...

[sierraAZ]

Michael, did you see the map in the paper this morning? You're fine in Gladden Farms! Yey! I don't know about this "future" Tortolita Village (or something like that)... It's funny how both maps were in the same paper - seeing the overlap won't be particularly helpful for the sales there.