Monday Morning Moment 900 Closed Transaction Tucson MLS
April 7, 2008
Post Tags: 30-year-fixed-interest-rates , fixed-interest-rates , loan-qualifications , Tucson Real Estate , Tucson Real Estate Market , Tucson-Single-Family-Residence
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Just a brief update on this Tucson Monday morning.
First, the correction has been made to the GIGO post. The numbers are back showing good averages for the online statistics.
Second, late last night I ran a check on March 2008 closed transactions and we finally hit the 900 mark. I don’t think it is going to go much higher. The $250 a pop fine seems to be having an effect this month. GOOD!
Third, 30 year fixed interest rates keep fluctuating but staying around 5.88%. But they could easily go above 6% and higher rather quickly.
Forth, Sales prices continue to be at about 95% of asking price. The average sale price for a Single Family Residence in February was $299,884 which averages out to $149 sq. ft.
March was $287,170 which averages out to $143 sq. ft.
The average sale price for SFR in March being down $725. Anyone playing with numbers knows that is insignificant and could be the difference of a couple high sales prices on the books for February. The result. Sales prices seem to be holding about the same place as February.
For those needing to purchase a home in Tucson or wanting to purchase a home in Tucson and you are waiting to call bottom. Remember, we only call bottom after it has happened and prices have rebounded. It would not be wise to wait till you know bottom has been hit and while waiting, see interest rates and loan qualifications (possible 25% down payments required) take you out of the market.
Sometimes stepping back to wait a while longer can put you in the path of a bus.
That’s it for a Monday morning moment or snapshot on the Tucson Real Estate Market.
April 13th, 2008 at 8:53 am
Hi Dave: Not to be critical but I note that you indicate an average sales price in February of $299,884 whereas in your previous summary of the February MLS data the average February sales price was $262,155. Any explanation for the difference?
April 13th, 2008 at 11:45 am
Todd,
The difference is just SFR for the higher average.
The lower figure is the average of everything sold, mobile homes, townhomes, condos, etc.