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Just the Season This Year
A look toward fall in Tucson
The Tucson real estate market has been moving along steadily for most of this year. It continues to move now in August. I don’t know if you recall but the fall for the last three years August has been exactly that, “The Fall”.
It was the fall of 2006 when we saw the speculators suddenly leave town like locusts. Sales went flat around Thanksgiving and stayed that way for months.
We saw the market slightly recover to see The Fall of 07 come and The Mortgage Meltdown hit the market. Sales tanked and inventories rose, short sales became a word on every ones lips and a lot of people learned what an REO is.
But we steadily climbed out of that till “The Fall” or 2008 when the economy itself collapsed.Again the Tucson real estate market has shown a marked improvement each month of this year.
Now inventories are nearing record lows in some parts of town even with the short sale and REO properties in the mix the Average Sale Price and Median hold strong. We are well under the 6 months of normal inventory coming in at 4.99 months of inventory at the end of July.
The month of August is seeing strong sales and the Pending sales are racking up pointing toward a strong September and October.
The clock is winding down on the $8,000 first time home buyer tax credit. Some are gambling on an extension. Don’t count on it. There are a lot of people tired of stimulus this and stimulus that and the growing debt caused by it. There is barely enough time to start the process and complete it by the Nov 30, 2009 deadline. But there is still time with the right property it can be done. But this window is closing fast.
This fall it looks like it will be just the season Fall and not the market.
