Category Archives: Tucson

Tucson MLS Statistics October 2010

Posted by on November 15, 2010 No comments

Well the other shoe dropped and things are still going down. Most all categories I list have gone in the wrong direction.The only positive item is the Listings under contract which continues to go up since July when we had a big drop.The number of 1899 shows contracts still in escrow at the end of the month. This is probably due to Short Sales and possibly REO listings that are taking time to close and continue to push the number higher as they do not close for a longer time. Over all we really had a down month.

May
2010		 Jun.
2010		 Jul.
2010		 Aug.
2010		 Sep.
2010		 Oct.
2010
Average Sales Price
 $194,834 $189,231 $192,072 $186,562 $181,612 $177,133
Median Sales Price
 $151,000 $149,450 $150,000 $150,750 $145,855 $140,000
Total Units Sold*
 1270 1170 792 882 873 752
Active Listings
 6742 6852 6668 7170 7217 7412
Days On Market
 66 81 87 91 93 97
Listings Under Contract**
 963 1154 990 1378 1515 1899

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.

* Closed during the month.
** For the current month (not the total listing under contract)

We did see a large slowing in foreclosure filings, but on November 9th they starting hitting again. I keep running into owners that move out of their homes as soon as they get the Notice of Sale. Why??? There are so many better ways to save their credit, while trying to get a Loan Modification and then a Short Sale if the Mod will not work. Some times they can be in their home for many months before the problem is resolved. The Lenders really do not want the homes back, when the owner could help get it sold and not have to wait a longer time before they might qualify for a new FHA loan.

I can help with your up coming foreclosure or your Notice of Sale which gives you at least 91 days from the date of the filing.

If you are a buyer, prices are at, or near, the bottom and interest rates are at Historical lows. Let me help you get your loan qualification going and find that great home for you.

Call me at 520-240-7130 or our office at 520-296-7143 with your request for help or start that home buying process.

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Tucson MLS Statistics June 2010

Posted by on July 12, 2010 No comments

Before I get into the Statistics I want to do a late update on the Tax Credit Extension. The closing time was extended to September 30, 2010. This will give more time to close for the contracts that were written by April 30th, 2010. I had two Buyers that this has helped.

Now for the June Statistics. I was wrong on the Listings under Contract going down, but it will. It went up by 182 units to 1145 placed in escrow during June. Everything else was as I expected with all the numbers going in the wrong direction. I still think Tucson is going to see another downward slide in prices. Not sure how low, but not where we are right now. As soon as the Economy shows real improvement it will get better.

Jan.
2010		 Feb.
2010		 Mar.
2010		 Apr.
2010		 May
2010		 Jun.
2010
Average Sales Price
 201,219 $195,996 $201,710 $199,986 $194,834 $189,231
Median Sales Price
 $160,000 $150,000 $157,680 $159,000 $151,000 $149,450
Total Units Sold*
 712 741 1169 1227 1270 1170
Active Listings
 6618 6739 6799 6603 6742 6852
Days On Market
 73 68 69 87 66 81
Listings Under Contract**
 1155 1417 1549 1568 963 1145

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.

* Closed during the month.
** For the current month (not the total listing under contract)

Rates are at an all time low and this could bring a few more Buyers into the market. They will have to balance price and interest. A few thousand dollars in price will not overcome a more expensive interest rate if the Buyer plans to live in the home more than five years. So give this some thought if you are a Buyer you may be able to get a price on a home that is a little bit lower and a great rate. Stay away from Short Sales if you want a good rate as it is taking around 5 months to get approval.

If you are or were in the military and have been overseas for at least 90 days from January 1, 2009 to April 30th, 2010 you are still eligible for the Tax Credit. See my May 18th Blog.

Call me if you want to buy or need to sell. I can help you if you need to do a Short Sale also.

Call me at my office 296-7143 or my cell at 240-7130

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Tucson MLS Statistics April 2010

Posted by on May 18, 2010 No comments
Well here we are at mid May and the Federal Tax Credit Program was not extended. Those that had contracts in escrow by April 30th have until June 30th to get them closed. If you were in the Military Service and the proper amount of time overseas, you may have another year to make that purchase. Any service member who is or has been on extended duty for 90 days or more between January 1, 2009 to April 30, 2010, has until April 30, 2011 to sign a sales contract and until June 30, 2011, to close on the property. Both the $8000 first-time and $6500 repeat home buyer tax credits are included in the extension.
The April statistics are pretty much what I expected. The Jump in Days on Market was a shock. I expected it to go up but not so sharply. Everything else seemed to be in line with what I felt would happen with the Tax Credit ending. With that said I suspect we will see negative statistics for possibly the next two months or so. The only item that will have some positive to it will be total units sold which will come down but not drastically for the next two months.
Nov.

2009

 Dec.

2009

 Jan.

2010

 Feb.

2010

 Mar.

2010

 Apr.

2010
Average Sales Price
 $188,384 $201,216 201,219 $195,996 $201,710 $199,986
Median Sales Price
 $162,500 $154,000 $160,000 $150,000 $157,680 $159,000
Total Units Sold*
 1011 919 712 741 1169 1227
Active Listings
 6350 6130 6618 6739 6799 6603
Days On Market
 73 73 73 68 69 87
Listings Under Contract**
 947 847 1155 1417 1549 1568

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.

* Closed during the month.

** For the current month (not the total listing under contract)

The one really positive factor is we are still hovering around 5% for FHA loans. With that, and still dropping home prices, NOW is really the time to find a nice home. Short Sales will dominate the market, but offer some nice homes. You will have a few months to wait to see if the Sellers Lender will approve your offer. A suggestion is to offer just a little under the fair market value so you are still in the ball park when the Lender gives their approval. Not many of the Lenders are willing to really cut their prices. You take a chance of losing it if you are not willing to accept their counteroffer bringing the price back to market with a low offer and you may have lost 3-5 months of time.
If you are short on closing funds, increase the interest rate so you do not have to pay the origination fee (1% of the loan). If you have a credit score average of 720 look at Conventional financing with 1.5% more down payment, you can have payments of less than an FHA Loan and owe less on the home. Start talking with a lender soon as you will need a Loan Status Report (LSR) to write a contract. From my stand point I do not want to show you properties until you have an LSR so we all know what you can qualify for. This does not mean we have to go with the top price, but you will know what you can do. Ask the Lender what you can purchase for a certain monthly payment.
If you are a Buyer, Seller or a Seller that thinks they need to do a Short Sale contact me for help. I have 30 years of experience selling Homes in Tucson and have a lot of knowledge in my head. My son David and I work together as a team with Mom helping us in the office. Call me on my cell at 520-240-7130 with questions.
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