Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
Contact Me
Preliminary Tucson Home Sales For November 2007
Tucson real estate sales for the month of November decreased from that of October. There were 679 MLS reported sales for November as of December 3rd, compared to the 790 official home sales for October. Verify those sales today and you will learn that there are 69 Realtors out there who were late with their reports since there were actually 859 home sales. That is a significant difference with 8.5% more than what was officially reported. The deadline the MLS set for November reporting is December 5th. Anybody a gambler willing to bet that all the sales won’t be turned in on time?
Getting back on track, looking at the traditional seasonal chart Tucson’s November real estate sales are near the anticipated and predictable pattern. Using the official number for sales for October and deducting the normal 11.5% decrease that can be expected for November we should be looking at close to 699 sales. Considering that the November reported sales increased from 664 at 5:00 AM this morning to 679 for noon, we should safely match traditional sales for the month of November in Tucson real estate.
The number of homes on the market without an offer dropped from October’s 9,256 to 9,135. Homes that are active with offers number 696, while there are 538 with the close of escrow pending. If not one more home came on the market, all the contingent and pending sales go through we could be looking at 4.78 months of inventory. Not, reality is we are back to 13 months of inventory as in September. So the market hasn’t gotten worse, but it still isn’t much better. November’s real estate sales and December’s real estate sales are not going to make a significant dent in the market. Only serious, truly serious, buyers will be looking and buying in December. Good for Realtors, because though they may spend less time showing homes in December, they will be showing only to those who are willing to step forward and buy a home.
The Tucson Association of Realtors official report will be out mid month as usual. It will be interesting to see what is reported. See you then. In case we miss connecting sooner, Happy Holidays.
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Hi Doug -
Is the Tucson Market still immune?
December 5th, 2007 // bobby joe
Never said we were immune. Definitely not as bad as many other cities.
December 6th, 2007 // Doug
Like all markets, the Tucson market suffers… but the bottom has not COMPLETELY fallen out as in some others… that being said, it is not good here. I quite enjoy this blog… I wonder if you might be interested in creating yourself a page at Tucson Complete’s Real Estate Section? I think Tucson Complete readers would quite enjoy the info you have to offer!!!
December 15th, 2007 // Richard Jones