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Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
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Tucson Real Estate Market Remains Strong

While going through my real estate reading this morning I read that the National Association of Realtors reported an 8.4% decline in the sale of homes for the first quarter. So, the first thing I did was to jump into the Tucson Multiple Listing database and check our local numbers. Chicken Little, the sky is still its bright Arizona blue.

I predicted 1,320 for March and only 1,246 sold. A 5% error isn’t too bad in a tough market.

Closed sales are on the mark with 726 homes closed for the month of April already with 6 more days to go. Since most homes close on the last few days of the month, I’m not worried. Not quite the 1453 sales I predicted for the month, but the lady hasn’t sung yet. So, I checked how many homes are in escrow waiting to close. The answer, a healthy 1,872 are under contract; i.e., 756 Pending, 1,070 Contingent, and only 46 CAPA. Of course, some will be for May and a drop or two for June. All in all, the market isn’t doing too bad.

This doesn’t excuse sellers from being reasonable in their pricing. In fact, we keep setting records each month for the number of homes on the market. This morning there were over 10,400 homes on the market. From the looks of it there are too many non-serious sellers who have flooded the market. Sprinkle in those who got in over their heads, and there’s the Buyer’s market we are in. Professional Staging of homes is a growing industry in a tough market. Staging, pricing, and buyer incentives are increasingly critical components to the ever changing formula for getting homes sold. For Buyers, snooze and lose. For Sellers, flexibility and a dose of reality will bring the Buyers to your door. For Realtors, we just have to stay on top of the market and be honest with our clients. If it won’t sell why list it?

The bottom line is, the sales are out there. The Tucson real estate market remains strong. We just have to work harder and smarter at the same time.

This entry was posted on Tuesday, April 24th, 2007 at 9:43 am and is filed under Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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