Tag Archives: purchase

Tucson MLS Statistics April 2011

Posted by on May 19, 2011 No comments

What a difference a month makes. I hate to make too many predictions but I feel by the end of the 3rd Quarter, Tucson will be on its way to healing our local Housing Market. Will we be out of the woods? No, but I think we will see the market leveling and possibly a lower inventory that will cause prices to reverse the downward trend. So many home sellers would be upside down if they tried to sell right now so they will not put their home on the market for a while. At the same time I have seen a slowing of Foreclosure Notices being recorded.

The Foreclosure Notices have decreased, but is that due to fewer people in trouble or the Banks letting it slide while they extract themselves from Court actions that have happened all over the US. The inventory of REO’s has slowed, but I can attest that is due to the Banks not completing the Foreclosure after the 91st day. I have one that has been extended at least five times with no Contract, and the only reason I can see is the problems the Banks had with Robo signers. I am not sure why this should affect Tucson or Arizona as we are a Deed of Trust State which does not require a Court action as do many of the Eastern States who operate under Mortgages. What ever the reason, it has slowed the recordings of Notices. Fewer Notices, fewer REO’s from Foreclosure and fewer Short Sales. As this part of the inventory shrinks and the sellers that are upside down do not try to sell, the Inventory gets smaller and the number of buyers wanting to buy gets larger, we will see prices starting to increase.

 

Nov.
2010		 Dec.
2010		 Jan.
2011		 Feb.
2011		 Mar.
2011		 Apr.
2011
Average Sales Price
 $180,736 $186,399 $166,998 $182,388 $163,590 $173,981
Median Sales Price
 $139,900 $139,500 $134,250 $137,000 $125,000 $132,000
Total Units Sold*
 800 907 780 879 1169 1152
Active Listings
 7455 6859 7147 6947 6703 6269
Days On Market
 96 106 108 107 84 83
Listings Under Contract**
 1900 1760 2013 2272 2152 2610

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)

Our State, but mostly in the Phoenix area, has seen its more than fair share of Foreclosures. We are just one of a few States that really got in trouble. But what about those other States that they can sell today and move to Tucson. This too will increase that buyer pool that will help push our prices back up. What is back up? Do not expect large or fast increases, but we will start to dig our way back out of the hole. I hope to see a 3%-5% increase each year for the time coming. This was the norm for many years. Some areas of Tucson did better but this steady increase is much better for our community.

The other point, if you think you will wait, is interest rates. THEY will go back up, and I think sooner than later. I again expect by the end of the 3rd quarter rates will be above 5.5% and probably closer to 6%. Our National economy is really in the tank and there are some good signs, but as long as Congress spends more than is brought in, we are in trouble. With our divided government we will not make much headway to improve our lives. We need a change!!

I personally have been busy and I thank the good Lord for that, but I have time to do more. If I can help you, call me. Use my website www.BarryFotheringham.com to gain access to our MLS as much as you want. If you are a renter use www.AbilityRentalHomes.com to find that rental. If you are a renter, why not see what you can buy instead of renting. It is much closer than you think. Call Elaine DeTour-Spronken at NOVA Home Loans at 520-202-5343 to see what you can do. She is excellent and I have used her for years for my clients. She is very Service orientated and will give you straight answers.

Since I have not had time to really say what I feel and think I have kept my posts short, but this should help you see what is coming in the next six months to a year.

Why not call me and get ready to buy?

 

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Tucson MLS Statistics January 2011

Posted by on February 16, 2011 No comments

Wasn’t that cold snap a lot of fun for warm Tucson. I got caught at my office for a few hours until I could get the pipe thawed. I saw water everywhere around the East side. I was lucky and my gas did not go out as it did in many places including Rita Ranch. I guess we will all look to what happened and possibly get better prepared for a next time.

Well speaking of getting prepared I see prices having gone down in January and interest rates going up to just above 5%. The one good thing I saw is that 1648 contracts were written in January with a total of 2013 contracts still in Escrow at the end of January. I think this is a positive thing. The last high month for contracts written in that month was April 2010. Don’t forget December was a little slow and it may have caused January to show a pick up.

Aug.
2010		 Sep.
2010		 Oct.
2010		 Nov.
2010		 Dec.
2010		 Jan.
2011
Average Sales Price
 $186,562 $181,612 $177,133 $180,736 $186,399 $166,998
Median Sales Price
 $150,750 $145,855 $140,000 $139,900 $139,500 $134,250
Total Units Sold*
 882 873 752 800 907 780
Active Listings
 7170 7217 7412 7455 6859 7147
Days On Market
 91 93 97 96 106 108
Listings Under Contract**
 1378 1515 1899 1900 1760 2013

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 bad part of January was Average and Median Sales Price both went down, while Days on Market and Active listings went up. We are still getting a large number of Foreclosures and Short Sales and this is really hurting our market.

There are some good buys out there and I have four clients with contracts in progress, two Foreclosures (REO) and 2 Short Sales. I fully believe all four will close from March through May.

If I can help you purchase a home or Sell your home call me at 240-7130. Interest rates will start climbing soon from what I see.

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Tucson MLS Statistics November 2010

Posted by on December 20, 2010 No comments

Well this month we are close to, or better than last month, but at least we are holding steady. Still a lot of Short Sales and Foreclosures which are dictating our pricing. Interest rates have gone back up by about .5% to about 5% and I expect to see it go even higher.

Jun.
2010		 Jul.
2010		 Aug.
2010		 Sep.
2010		 Oct.
2010		 Nov.
2010
Average Sales Price
 $189,231 $192,072 $186,562 $181,612 $177,133 $180,736
Median Sales Price
 $149,450 $150,000 $150,750 $145,855 $140,000 $139,900
Total Units Sold*
 1170 792 882 873 752 800
Active Listings
 6852 6668 7170 7217 7412 7455
Days On Market
 81 87 91 93 97 96
Listings Under Contract**
 1154 990 1378 1515 1899 1900

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 will soon have a better balance in the House and Senate which I am praying will start healing our Economy. The public got shorted when this was not the highest priority back in 2009. The extension of the Bush Tax cuts for two years will help but it still does not let the job makers know where they will be at the end of the two years. We have got to pull in the reins on spending if we are ever going to get out of this debt we are establishing.

Here is a concept, why don’t we work for the public and not your re-election or party. Come to agreement on what’s good for the people who got you there. Stop the Pork add on, and let your request stand by it self, or how about letting the States decide what they want.

Well anyway I hope you all have a Merry Christmas and a Happier New Year than this last one.

If I can help you for any Real Estate reason call me at 520-240-7130

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