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Tucson Real Estate Market June 2009 Update

 


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The second half of 2009 should prove interesting in the Tucson Real Estate Market.

The month of June has closed out the first half of the year by breaking records for the year. As was mentioned last month, many economists were waiting for a six month trend in the market place to make a deduction on whether our real estate market was on the way to stabilizing.

Tucson Home sales volume increased from May by 14.63%, the Tucson home average sale price was also up 3.06%, Pending home contracts increased by 9.98%, and Tucson home sale units were up by 11.23%.

We are still seeing a reduction in the median sales price, which is down from May by 2.88%. A good positive sign of recovery was also a decrease in active listings by 3.77%.

With the first 6 months of 2009 gone, we are definitely able to see a more clear picture of the Tucson Real Estate market, and a trend that appears to be happening.

Tucson has moved again in a positive direction, and June has shown a realistic view of the absorption of inventory, which has moved in a positive direction by 22.9% since January of this year.

Although this is a positive trend, the market in some price brackets still has a quite way to go.

The Foothills still has the highest number of active listings with 85718 at 415 and 85750 with 323.

However overall MLS Statistics do not take into consideration price brackets. Homes in the 85718 and 85750 zip codes tend to be in a higher price bracket in general.

Some home price adjustments and a reduction in inventory will probably have to happen in order for this number to change significantly.

On a more positive note, the two top zip codes for the number of units sold in June were 85706/56 and 85746 at 59 units.

The top three zip codes that had the highest amount of homes sales to active listings were 85757 at 40.2% (77 Active 30 sold) 85711 at 36% (133 active 48 sold) and 85746 at 31.2% (189 active 59 sold).

Coupled by recent press news of Tucson being ranked by Business week as the top affordable place to retire in the US, we appear to be on the right track for the Tucson Az Home Market.

As Tucson Real Estate Agent, we can perform a detailed analysis of Tucson Zip Codes for a detailed report for Buyers and Sellers in the Tucson area, or for those relocating to Tucson who are unfamiliar with the market.

Author: Aniruddha Badola

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