Tucson Real Estate Absorption Rates October 2007

calendar November 18, 2007

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You were expecting a Duck?

I know you were expecting to find a picture of a rubber duck with a raincoat, umbrella and boots. But, it turns out the absorption rate overall dropped for the month of October. There were a few areas that saw a decrease in absorption but most areas saw a nice improvement over September. There are buyers in the market and the mortgage industry is starting to function a little more like normal. (Meaning like it was before deregulation.) So absorption improved, but has a lot of room for improvement. Maybe we can put a little more absorption power in this picture next month and hold the duck for a rainy day.

TP holderTucson Real Estate Absorption Rates
Sept 07 to Oct 07

Area

Oct Listed
Oct
Sold
Oct
AR

Sept Listed
Sept
Sold
Sept
AR
Sold YTD
N 762 52 14.65 739 60 12.31 943
NE 420 38 11.05 428 44 9.72 587
NW 2460 219 11.23 2409 181 13.3 2799
XNW 128 5 25.60 138 6 23.00 132
C 1159 114 10.16 1171 105 11.15 1808
E 522 55 9.49 522 52 10.03 787
S 623 61 10.20 601 39 15.41 806
SE 789 91 8.67 813 68 11.95 1078
SW 776 57 13.61 749 39 19.20 630
XSW 378 17 16.67 350 24 15.90 264
XS 667 40 22.23 650 26 25.00 673
W 546 37 14.75 539 34 15.85 573
XW 70 4 17.50 71 5 14.20 75
  9,313 830 11.22 9,190 683 13.45  

The drop in time on market for the average went from 13.45 to 11.22 months. This is good to see, but honestly it was expected. Some would wonder why this was expected. Two reasons. First as mentioned above the mortgage industry is slowly getting it’s act together. There were qualified buyers on the market in September who had their loans delayed into October. Second, there are more buyers in the market in October and especially in November. I know this to be a fact. We are very busy and you can see that in the limited number of posts on the blogs lately.

The drop in the value of the US dollar against foreign currencies has made real estate in Tucson more affordable. We expect to see more Canadians in the market in the next few months. Now is a good time for them to buy in Tucson. Their dollar against the US dollar is the highest it has been since 1957 and as of this writing could even break that record.

Check out the areas you are interested in. Some are better, some quite a bit worse. As stated above the overall picture is a move to more absorption of properties in the Tucson Real Estate Market.

By Dave Smith in Tucson Real Estate Market

No Responses to “Tucson Real Estate Absorption Rates October 2007”

  1. concerned Says:
    November 18th, 2007 at 7:05 pm

    Well, at least it’s going down somewhat… I personally still see a duck ;-) , but it must be a matter of perception.;-) Get some of those Viva towels next time!;-)

    At least in my area of interest my own observations certainly coincide with the data.

  2. David Smith Says:
    November 18th, 2007 at 8:07 pm

    Concerned,

    The duck only makes his appearance if the overall absorption rate decreases. But some area on their own, certainly have a duck.

  3. concerned Says:
    November 24th, 2007 at 5:25 pm

    Boy, Dave, I was curious to see how the condo market is going. I swear those folks must’ve not gotten the memo it’s ‘07… There are some amazing jokes out there!

    Until I saw this one, I thought El Dorado Pl was taking the cake (well, short of the Foothills; actually, some there are more reasonable and nicer) – btw, still at $202/sq.ft.

    That flood ain’t going anywhere until they come to their senses…

    I know, I know… you can’t comment on that… but I can! ;-)

  4. David Smith Says:
    November 24th, 2007 at 6:17 pm

    Concerned,

    I’m working on a post about El Dorado Place right now. I like it a lot. There are not basic package then upgrades. Everything is top of the line.

    My Favorite is still Skyline Villas behind the La Encantada Shopping Center.

  5. concerned Says:
    November 24th, 2007 at 7:13 pm

    The upgrades are top of the line, all right (I saw them in person). The problem is they’re the same dingy little old apartments they’ve always been, with the same tiny patios/balconies, and the same carports – just like all the conversions. The location alone can’t sell this stuff. I like them OK myself, for 2/3 to half the price let’s say. ;-) I’ll bet my bottom dollar they’re never gonna sell at these prices. They haven’t for months… and there’s no reason to in the future.

    Anyway, what a coincidence… enjoy your writing! :-)

  6. Paul Says:
    December 3rd, 2007 at 3:43 pm

    I know this is a little off subject, but have you heard about the amusement park that they are or trying to build in Elloy?

  7. Concerned Says:
    December 3rd, 2007 at 3:46 pm

    I have:

    http://www.decadesusa.com/

  8. David Smith Says:
    December 3rd, 2007 at 3:46 pm

    Paul,

    I don’t know water parks and absorption rates might go together. Yeah, I’ve been following it, but it isn’t a water park, It is a rock and roll park called Decades which is proposed for Eloy. The water park is proposed for up in the Phx. area.

    And both parks have a lot of hurdles before even coming close to reality. Some have suggested if there were to be a theme park in Eloy it should be a water park.

  9. Concerned Says:
    December 3rd, 2007 at 3:47 pm

    Ha-ha, what a coincidence, Dave! We wrote the very same second!;-)

  10. David Smith Says:
    December 3rd, 2007 at 4:05 pm

    Concerned,

    LOL! Thanks for the link to their site. This should be an interesting project to follow.

  11. concerned Says:
    December 3rd, 2007 at 5:31 pm

    There was a discussion about it and somebody involved in the development participated as well:

    http://www.city-data.com/forum/arizona/189989-how-about-theme-park-eloy-arizona.html

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