Market News
This information is updated monthly.
(Last update January 21, 2008)
There is a lot of activity in Tucson's Real Estate Market....Regardless of what is being reported by the media for other regions nationally, the average sales price in Tucson continues to rise, reaching $273,932 in December 2007!
The National Association of REALTORS(r) has lowered their existing-home sales forecast. However, here in Tucson we did not see a drastic decline in unit sales - the total units sold for December 2007 are down only 59 units from last month, and are still above levels we saw in January and February of this year.
BUYERS IF YOU HAVE BEEN ON THE FENCE ABOUT BUYING A HOME - NOW IS THE TIME!Interest rates have just dropped a 1/2 percent. Given the news surrounding the local mortgage market last month, Tucson's real estate market has fared better than was expected. If you are waiting for the prices to come down (as you can see the prices aren't) and the interest rates go up, the home you could buy this month may be out of your reach next month.
The Tucson real estate market is becoming a balanced market, which stabilizes home sales prices, establishes a sustainable sales pace, and adjusts to a more appropriate six-to-nine month listing inventory period. Sellers looking to realize gains akin to the previous few years are going to be disappointed. Buyers looking to buy at 20-25% less than a market-supported asking price will also need to adjust their expectations.
Other Market News:
