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Tucson Real Estate Decline
One question that keeps popping up: What is Tucson’s real estate decline?
This week we learned that in 2008 we have seen a decline in value of 5.9% since the beginning of the year.
We also note the increase in value is still 58% over what it was 5 years ago after taking into account this years decline.
If you bought in 06 or 07 even 05 you will see more of a decline in value at this time.
The Tucson Real Estate Market is far from being in free fall. It has seen some of the same issues the rest of the country has to a lesser degree. It will take some time to sort out yet. The economy is one of the driving and determining factors.
This year instead of some snowbirds making two trips to Tucson early to buy and then later to spend the winter, they will make just the one trip and look for a home while they are here. This might delay the up tick in sales we usually see in Sept and Oct. However, gas prices have dropped back about 50 cents over what they were, a little time will tell.
It has been quiet for the past 6 to 8 weeks. There is a lot going on in this country between the recent Olympics, both political parties conventions, the start of school and most important the start of the college football season. (I don’t follow sports : ) real estate is taking a back seat.
And till this weekend we have been in the 100′s most days. We are now closing in on the end of what I call Summer Fever. It is the reverse of Cabin Fever. The main difference we are hiding from the heat and trying to stay cool. It is almost the time of the year here in Tucson where we all emerge from our homes even before the sun sets and enjoy the weather.
We are about a week away from where you walk the extra 100 feet because you can park in some shade.
Finally, the Tucson real estate market is experiencing a slow period right now. It is following the same pattern it has for the past two years.
If you want to see this trend yourself take a look at page 4 of the Tucson MLS Statistics for July, Look at the Total Units sold and the pattern over the past few years when we get to August.
