Tucson MLS 2007 Annual Statistics Report
February 21, 2008
Post Tags: Tucson-MLS-2007-Annual-Statistics-Report
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The annual statistics report is out for 2007. I’ve been working on the analysis for January 2008. But I keep finding issues with the numbers which isn’t making it easy to try and do analysis.
I haven’t had time to look over this 28 page report. The link to all the Stats reports in the past is
Tucson MLS Residential Sales Statistics
I’ve always like the additional information contained in this detailed year end summary. I hope to have some time soon to go over it.
I know there are a few that are wanting the January 2008 numbers. The link above also provides access to that report as well as the historical copies from years past.
I’ll try and have the January Stats report (at least what I can get out of it) posted later today or tomorrow.
February 22nd, 2008 at 1:10 pm
Nice post, and very nice looking blog. I think that the subprime part of this downturn is coming to a end, and at least in my part of the world the real estate market seems to be on a upswing.
February 22nd, 2008 at 1:13 pm
Jim,
The subprime market has been small in Tucson, but the fall out over it is the same as the national level.
Bad News travels fast. I heard the other day The United States is running out of toilet paper. I’m buying all I can get my hands on right now.
February 26th, 2008 at 8:44 am
It would seem to me that the housing market is still looking pretty bad, as far as coming back up goes. Yet, everyday I haer realtors and the like indicating that there will never be a better time than now. Looking at past realtor information.. these statements have been being made since October of last year and beyond. Personally, I feel like there must be something to cause the market to trun back up, at this point I see nothing (bad economy, over inflated prices in the area, high new hom inventory, AZ being amongst the top ten worst hit by the foreclosure stuff, low income to housing cost ration, etc etc etc). Having just sold my home, I feel that I sit with the majority of buyres that just are simply erfusing to pay anywhere near asking prices for fear of being immediately quite a ways underneath a home. What is your take on what it is thats out there to swing this market in the upward direction at this point?
That being said, cool blog!!!
February 26th, 2008 at 8:44 am
Doh… excuse the typos galore…
February 26th, 2008 at 2:14 pm
Rich,
Typos are free here : )
When you talk about the housing market it depends on which one. There is no single housing market. New construction is definitely in a slump. But that is good for residential resale.
In Tucson last year there were fewer homes sold than in a long time, but the average sale price rose by 1.1% over last year for those which sold.
“There will never be a better time to buy than now.” It is like the phrase “For all your real estate needs”.
There are some homes in the Tucson area I would definitely buy now. But other areas I would only buy in if it was where I needed to live.
At this point in time the lending guidelines have tightened up significantly. Appraisals are no longer just a given. If you have a good agent working with you they can run the numbers and see to it you don’t overpay.
We’ve seen a sharper decline in asking prices in the last 90 days than in the last two years. Sellers are still getting close to 95% of their asking price.
Along with this decrease in asking price we are seeing a rather rapid increase in 30 year fixed interest rates. A couple of weeks ago you could get 5.75% today it is 6.25% and headed toward 6.5% maybe by the end of the week.
You will only be underneath a home if “You pay too much and need to sell anytime soon.” If you know you will be moving in less than 2 years it is a tough call. If you are buying your home to live in for the next 5 to 10 years you should be fine.
Turning it around. Locally, it is slow and depressed in the number of sales, but every indicator is it will pick up by the end of this year slowly into 2010. Tucson’s weather (lots of sunshine) makes it a very desired place for retiring boomer to buy second homes or retirement homes.
Nationally, it is similar to the Savings and Loan meltdown in the 80’s. Remember right now the issue in real estate is more a mortgage industry issue than a pure real estate issue. This is often lost in the shuffle when talking about real estate in general.
Rich, I do have the final answer for you on what it will take to swing this market in the upward direction. “Time”. But the good thing is the issue is being addressed. The bad news is it should never have gotten to this place.
There is a big difference between deregulations and chaos. The deregulation of the mortgage industry is what drove the RE boom. The failures of that chaotic industry is also what brought it to a halt.
February 29th, 2008 at 11:13 am
More use I can use. I really appreciate the fact that your blog is filled with information and data that helps agents. Thank you for being such a go-to resource.
February 29th, 2008 at 11:53 am
Dave said:
“Tucson’s weather (lots of sunshine) makes it a very desired place for retiring boomer to buy second homes or retirement homes.”
Smart Money thinks there is even more reasons to retire in Tucson. I found this on Yahoo’s financial page today.
http://finance.yahoo.com/focus-retirement/article/104513/Seven-Places-to-Retire-During-an-Economic-Downturn;_ylt=AtyJ0pllkMgc39ZaWpxOiS.7YWsA?mod=retirement-lifestyle
Seven Places to Retire During an Economic Downturn
#7 Tucson
A warm, sunny climate and rich cultural heritage have long kept Tucson at the top of retirees’ list of winter vacation destinations. However, with a cost of living that’s 3% below the national average, a strong job market and steady home prices, there’s plenty to enjoy about this city all year-round.
“Tucson is a dynamic, growing retirement spot, so there are plenty of job opportunities — although the pay is often low,” says Bland. While it’s not quite a college town, Tucson relies heavily on the University of Arizona as its second-largest employer. Technology and tourism (mostly from snowbirds) also provide plenty of jobs.
Steady expansion and new developments have kept housing relatively affordable, with costs at about 20% below the national average. The average sale price for existing homes dropped just 0.01% in 2007, to $244,800. Expect real estate prices to remain solid, thanks to increasing interest in the area as a retirement destination. The most popular areas are planned communities (retirement-specific and otherwise) northwest of the city, including Oro Valley and other towns in the foothills of the Santa Catalina Mountains.
February 29th, 2008 at 3:19 pm
Margie,
Great find. Thanks for the link to the information on Tucson.
March 7th, 2008 at 7:19 am
I’ve just been reading the report over now. It really is a very good break down of pertinent information. Not exactly riveting reading, but surely lots of useful stuff.