I thought I’d mix it up a bit this month and add a screen cast to the report. It is a video, but not one made with a camera. To view full screen, just click on that square in the lower right hand corner to the left of where it says “SCREENR”.
For those that would rather see the chart page I usually put up and read a quick summary, just scroll past the screen cast and read away.
Read On There’s More
The Days Are Shorter 
I heard one report this week on the September stats saying the reason the totals sales dropped from August was due to the days being shorter in September and buyer’s didn’t have as many hours in the day to look at homes. I had to laugh. I never ceased to be amazed at the reasons given by real estate agents for a decline in sales.
September sales are usually less than August because it is a month that falls between the buyers that are looking for homes for their college age students, people that have had a job change during the summer and need to find a place as school starts and the arrival of the snowbirds that plan on buying because they have rented in the past and now are ready to move here. If not permanently they are ready to purchase a home for continued winter months or the prospect of making the move in a few years.
The Building Shadow Inventory in the Media
The total inventory dropped again slightly in September. New listings were also down from the previous month and year. I know there is a lot of talk in the media about the building shadow inventory in Tucson. If it is true it is another case of the Banks being behind the curve and the market.
There is no reason for Banks to be holding large amounts of inventory off the market. Especially inventory that will fall in the sweet spot between $100,000 and $120,000. This is where most sales are being recorded and where the greatest demand for inventory lies.
The total inventory for residential properties in Tucson is just over 5,000 homes. We are actually facing a shortage of homes at certain price points. One reason for sales dropping this September is a lack of properties that meet buyer criteria.
It is time the banks did some more homework on the market and began strategically releasing properties in areas and at price points where demand is highest.
Thirty year Mortgage rates took a big jump this week going from sub 4% to over 4.3% in one week. When buying a home that amounts to thousands of dollars over the course of the loan. Buyers in the market need to be balancing their search by looking at purchase price and interest rates if they are going to have a mortgage in order to purchase. Of course, cash buyers can continue to leverage their buying power by looking for the best bang for the buck and knowing they can quick close on any sale over a buyer competing for the property using a lender.
The Debt Ceiling Debate had little final impact
Considering the melt down in Washington over the Debt Ceiling, I’d say the number of closings in September here in Tucson was strong. Even though it now seems like that debate was a long time ago, in real estate time it was just over the time needed to find, offer, inspect and close on a home.
We are in the final quarter of the year. The snowbirds will be arriving this month (no elections to speak of in November back home, so come to Tucson early). The second semester transfer students will also be arriving in December with some of those parents looking to purchase a place where their student and some others can live. With prices at the low point for a decade, there could be some new buyers in the market this year.
That said, I haven’t seen a home in Tucson as the WOOT! Daily Deal yet.
So . . .
Here’s the link to the Tucson MLS September 2011 Statistics Report Those that want to do some digging in specific areas of town or types of homes. There is a lot of data in the 13 pages included in each months report.
Let me know if you like the screen cast, the usual statistics report or the combination of the two as is the case this month.
Follow Me on Pinterest ?
