Tucson Real Estate Blogs » Tucson Real Estate Peliminary Sales February 2008

Tucson Real Estate & Golf Properties

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

Tucson Real Estate Peliminary Sales February 2008

Unofficially sales for February 2008 jumped to 722. Considering the officially reported sales of January, 598, this is a great increase. March sales, as season tradition continues, should be even higher. The lowest price was $26,000 for a 460 square foot unit. The highest sale was a 6,237 square foot home for $2.9 million. The average selling price for February was $262,161, median $199,945. Average days on the market 80, with a median of 63.

My favorite, golf properties, 21 sold in February with a low of $150,000 and a high of $870,000. The average was $390,857 and the median was $335,000. Average and median days on the market were 63. Still a better investment in my book. Considering more and more of my fellow Babyboomers are retiring in Tucson, welcome to our numerous golf communities. I am always looking for an excuse to golf. So if you are looking at Tucson…need I hint more?

Speaking of the January official report, 598 homes sold, with an average price of $266,450 and a median of $203,500. Active listings sat at 9,742. Need I say that the northwest portion of Tucson lead the market in sales as it has for years? What is impacting on that area now, which apparently isn’t killing sales, it the construction of the freeway through downtown Tucson. The infrastructure of the northwest supports the area so homeowners do not have to travel far for their needs.

Buyer confidence is still lower than what we prefer. New home builders are seriously reducing inventory and holding back on building spec homes. With those inventories diminishing, resale properties are expected to pick up. Appraisers are bruised and battered from the beatings they get from lenders. So, they are not willing to appraise a home for a penny more than what the market will support. Good news for buyers who are afraid to over pay on a home. The Residential Purchase contract clearly states “Buyers obligation to complete this sale is contingent upon an appraisal of the Premises by an appraiser acceptable to lender for at least the sales price.” Which brings me to another blog from what I experienced this morning in my searches for a buyer.

March will be more promising for sales, there are already up to 127 for the first week of the month. Not bad. March is always seasonally stronger than preceding month.

This entry was posted on Sunday, March 9th, 2008 at 2:11 pm 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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