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Yep, the duck is back.
And on his back besides a raincoat and umbrella over his head is the Mortgage and Insurance industries.
Tucson Real Estate Absorption Rates
Oct 07 to Nov 07
Area | Nov Listed | Nov Sold | Nov AR | Oct Listed | Oct Sold | Oct AR | Sold YTD |
| N | 758 | 73 | 10.38 | 762 | 52 | 14.65 | 1023 |
| NE | 449 | 43 | 10.44 | 420 | 38 | 11.05 | 632 |
| NW | 2474 | 175 | 14.12 | 2460 | 219 | 11.23 | 3003 |
| XNW | 123 | 6 | 20.50 | 128 | 5 | 25.60 | 140 |
| C | 1110 | 100 | 11.10 | 1159 | 114 | 10.16 | 1915 |
| E | 504 | 46 | 10.95 | 522 | 55 | 9.49 | 839 |
| S | 615 | 49 | 12.55 | 623 | 61 | 10.20 | 866 |
| SE | 790 | 77 | 10.25 | 789 | 91 | 8.67 | 1165 |
| SW | 751 | 55 | 13.65 | 776 | 57 | 13.61 | 692 |
| XSW | 372 | 20 | 18.60 | 378 | 17 | 16.67 | 285 |
| XS | 665 | 61 | 10.90 | 667 | 40 | 22.23 | 745 |
| W | 541 | 45 | 12.02 | 546 | 37 | 14.75 | 625 |
| XW | 68 | 9 | 7.55 | 70 | 4 | 17.50 | 84 |
| 9,238 | 770 | 11.99 | 9,313 | 830 | 11.22 |
Some things move slower than others. Yes, we do have the return of our little buddy the duck this month, but he barely made it on the scene. The difference in the overall was in days and not months. This was/is to be expected given the state of the credit industry at the moment.
This doesn’t mean there aren’t buyers, there are buyers and right now if I were a Canadian snowbird getting ready to make my annual trek south, I would seriously be getting things in order so I could buy a home in Tucson this winter.
From what I’m reading about real estate markets in the rest of the country we are doing very well. The increase over last year as of November is 1.06%. Considering the run up in Tucson Real Estate over the past 5 years to see an increase of even 1% this year is amazing. If you look back at the numbers for 2007 we were moving along very nicely till the August crunch in both the mortgage and financial markets. Since the buying of a home for most families relies on the ability to get a loan it isn’t any wonder our market has slowed since August.
Hey, you came up with the entry today, Dave! Thank you.:-) Guess this was to be expected… What the heck happened in XS…?! The trendiest spot ever…lol?!;-)
That was the surprise of the month. I had to double check the figures to make sure I didn’t get something wrong. : )
The market is still going okay in area’s were the market wasn’t super super hot in the past 4-5 years. The rates are looking much better.