Most recent sales stats from the Tucson Association of Realtors shows that The market is moving along without any drama. In fact the key numbers are almost identical looking back 12 month indicating that the downward trend beginning late 2005 has finally plateaued:
-910 New Contracts opening escrow compare with 891 in November 2006.
-Active Listing inventory of 9,234 is slightly fewer than the 9,238 in November 2006.
-New Listings coming on the market of 2,224 were also fewer than the 2,380 in November 2006.
The Median price in Tucson has dropped 2.3% in the past year - much better than most other retirement and resort destinations such as Las Vegas (-10.7), Phoenix (-10.6), Miami (-12.4) and San Diego (-11.4) - Source: Money.cnn.com
The reason Tucson fares much better is due to the fact that we didn't join the housing boom until late in the game, 2005 vs. 2003 for some of the most overheated cities. Tucson simply flew under the radar as investors with cashed out 401K's initially flocked to Miami and Las vegas.
Other reasons why we wont see plummeting prices include:
1) Lots of baby boomers out there are looking for reasonable priced retirement homes without spending horrendous amount on property insurance (hurricanes, earthquakes) or property taxes (AZ ranks the 15th least taxed state)
2) Lots of sunshine and a healthy dry desert climate combined with Natural beauty and wilderness in abundance.
3) AZ is the 2nd fastest growing state in the nation. (2.8% increase during 2007)
An interesting trend we currently see in Tucson are Canadians buying up vacation homes at what seems like bargain prices to them as their dollar has gained relative strength to ours. All things considered, the Real Estate climate in Tucson will resemble that of a January day at these latitudes: Neither too hot or too cool. If you are in the market to buy a home the waiting game should be over - finding the right home at the right price will at this point be time better spend than simply waiting for significant price drops and not taking action.
Thursday, December 27, 2007
Subscribe to:
Post Comments (Atom)
1 comments:
Hello. This post is likeable, and your blog is very interesting, congratulations :-). I will add in my blogroll =). If possible gives a last there on my blog, it is about the Celular, I hope you enjoy. The address is http://telefone-celular-brasil.blogspot.com. A hug.
Post a Comment