Tucson Real Estate Blog

April Statistics

Well my crystal ball was off in some areas but it was better than I thought. Units Sold was up to 973 from 900. Active listings down to 8808 from 9022. Days on market went up by 3 days and not down as I thought, but that is OK. What I really liked was the number of Listings under contract which went from 1410 in March to 1547 in April. We have had a steady climb in that statistic since last December. I really feel at this point that we are starting out of our slump. Will prices still go down? Some will, but homes under $225,000 will get harder to find. I am already seeing this as I show property. Yes they are still there, but the nicer ones are starting to sell. The ones that are not that nice will take a hit or the owners will finally realize they need to do more to get their property sold.

Are prices going to go up? Not yet but we will see things starting to steady out. The Average and Median Sales price both went down in April but I look for them to come back to the March level in May.

If you are thinking of buying please talk to a lender soon. You will need to have the Loan Status Report (LSR) that the Lender will supply to your agent as it must go with your contract. No LSR, you will get a refusal from the seller because they do not know you are qualified to buy their home. This is very important!!  Call Elaine DeTour-Spronken at Countrywide  731-8382  Ext 235 for a very honest, service oriented Loan Consultant. Then call me at 240-7130

My crystal ball for April Statistics…

Next week we should get the new April MLS Statistics. I felt very good about the February and March Statistics. I felt we hit a plateau and things might start reversing themselves. With everything I have been seeing, I expect sales to be around 1000 units for April.  Under contract will be very close and maybe just under the March figure of 1410. We should also see a small reduction in the number of Active listings from last months 9022. With all of that, the Days on Market will come down a day or two. Now it is just wait and see how close I am.

I am working with a lot of buyers right now and I am sure other agents are doing the same. Have we hit the corner? I think we have. Call me at 240-7130 if you need my experience and help.

Remember to slow down and save gas. 65mph is not really that slow and really saves Gas and Money.

Federal Funds Rate cut again

The Federal Reserve cut the Federal Funds Rate by 1/4%. This will cause a small change in your credit card interest rate and anything that adjusts to that rate. Don’t expect much in the fixed Mortgage Rates. We are presently flirting with 6% and have seen 5.75% a week or so ago.  It is still a GREAT rate at 6% and a good inventory of homes to look at.

Foreclosures are still showing up in Tucson but they are being absorbed by buyers who have decided now is the time to buy. Arizona is third ranked for foreclosures, following Nevada at #1 and California #2. This ranking is based on filings compared to households in that State.

Now here is what I think shows Tucson is not really Arizona statistics. Phoenix ranks #7 out of 100 in the nation for foreclosures. Tucson is #54. We are not Arizona or Phoenix but we are paying the price because of that. My point is that I think we are leveling out in Tucson on Sales and Price. February and March MLS Statistics show this. I am waiting for the April Stats that should be available around May 10th before I predict we are on the mend. If you read some of my earlier Blogs, I said I thought we would level out in March. I sure hope I am right and the market gets back to a normal flow.

I still want to help anyone who is looking to buy. I can also recommend a lender who is very service minded. Call me at 240-7130 and lets get things started.