Tucson MLS Statistics for February 2010
March 8, 2010
January was off to a slow start for the year. The overall economy of the nation had a lot to do with it. The old saying “all real estate is local” is true, but the “national psyche” took a nose dive again in January. Consumers pulled back after the holidays. Couple the hesitance of the financial markets, unemployment figures and holiday credit card bills and the nation took a collective sigh and holding of the breath.
We were out showing a lot of homes in January and February, but showing was all we were doing. March is seeing more activity both on line and in real life. It seems no matter how long people are given to use a credit they wait till time is almost up. I know I do that with coupons. But with a tax credit worth thousands . . .
The Tucson Real Estate Market is in a slow state of recovery. But I use the word recovery in a different way than you might think. The market was a run-away stampede 5 years ago. That stampede was halted by what seemed at the time as the whole herd running headlong off a cliff. To some extent it did. The mortgage meltdown was the cliff.
But it had been headed toward that cliff for a few years. I guess the best of this analogy is the cliff wasn’t 1000 feet down. It was about a 20 foot drop. Enough of a drop to really hurt.
The recovery now is to a sense of stability and normality. (If there is such a thing in any market these days.) I know one thing, I wish gas prices would quit rising so sharply. (But that to is another story).
Month over Month
The numbers pretty much speak for themselves. I am glad to see the number of new listings drop. I wish it were under the 2000 mark. But with a fresh crop of buyers in the market it is nice to have more homes from which to pick. Forty Five percent of the sales in February were Short Sales and REO properties. The good thing is these are being cleared off the market. The bad thing in this for sellers, those properties are lowering comparable home values.
The one number I am really glad to see is the number of pending contracts for February. It mean there were quite a few buyers making offers and getting them accepted during the month. The general press and media are still reporting (and the stock market reacting to the January number) the February numbers are better.
Year over Year
Price, Price, Price. Yes, location does determine price, Landscaping fees for a mountain range to look at out your window are HUGE. But Price is what sells, not location. And those sale prices for both Average and Median stats are down over last year.
A positive sign for buyers. Couple this to the fact that a 30 year fixed interest mortgage is still available at the 5% or under mark is really amazing. I do remember when everyone was saying “It will never, ever, go below 7%. Most people were thrilled to get a loan at 8. Now . . .
The first quarter is 2/3 over and in three weeks we will have put the first quarter of 2010 behind us. Didn’t we just celebrate the New Year?
Post Tags: Tucson MLS Statistics for February 2010
Arizona Short Sale Seller Advisory
March 1, 2010
This announcement came out today:
“The Arizona Association of REALTORS® (AAR) is pleased to provide the Arizona Department of Real Estate (ADRE) Short Sale Seller (SSS) Advisory. The SSS Advisory was developed to provide reliable sources of information to potential short sale sellers about the issues and risks involved in a short sale situation. The SSS Advisory explains why certain issues may be important and directs potential sellers via hyperlink to sources of additional information and resources. The SSS Advisory is divided into three general sections: (1) Before Proceeding with a Short Sale; (2) Options other than Short Sale; and (3) Short Sale Considerations.”
If you or anyone you know is considering a Short Sale they should read this document.
Post Tags: Arizona Short Seller Advisory
