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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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Archive for June, 2008

May Real Estate Sales Report For Tucson

June 11th, 2008 categories: Tucson Real Estate

The official numbers from TAR are encouraging. Tucson home sales volume increased by 4.12% over that of April. Total home sales increased by 5.34% over that of April 2008. Continual good news for home sellers and the local real estate market. The numbers of available homes decreased by 3.9%. Increasing demand and decreasing supply? Sounds like a real estate market that is well into recovery. What else would you expect from Tucson?

Not too many months ago we were seeing 10 and 11 months of inventory. With a current inventory of 8.12 were are very close to a normal and healthy market. Depending on who you talk to, 6 to 7 months of inventory is a desired market. Above that and its a Buyers market with too many homes for sale. Below 6 months and prices sky rocket. Buyers who are waiting for the market to fall further may find that they have waited too long. Numbers may not be what they were in 2004 and 2005. Those were unrealistic years that created a lot of problems. Sales are quickly returning to the more productive years of 2000 to 2003.

My prediction for May 2008 Tucson real estate sales was 1,035 sales. The officially reported number or 1,025 (collected June 4th) was very close. Checking this morning there were 25 additional sales not reported on time which increases the number of sales to 1050. Being able to predict sales and seeing those sales come true is a good sign for the Tucson real estate market. Seeing repeated months of good is a great sign.

By the numbers:

Home Sales Volume: Increased 4.12%

4/08 $246,878,039
5/08 $257,072,764

Average Sales Price: Decreased 1.15%

4/08 $253,729
5/08 $250,803

Pending Contracts: Decreased 4.0%

4/08 1,547
5/08 1,485

Active Listings: Decreased 3.9%

4/08 8,808
5/08 8,527

New Listings: Decreased 6.15%

4/08 2,441
5/08 2,282

Home Sales Units: Increased: 5.34%

4/08 973 (1008 actual)
5/08 1,025 (1,050 as of this writing)

Median Sales Price: Increased 3.7%

4/08 $195,000
5/08 $201,000

Authored by Doug Trudeau | Discussion: 1 Comment »

Tucson Real Estate Preliminary May Sales Report

June 2nd, 2008 categories: Tucson Real Estate

Handing Keys Lets start with what I predicted for the month of May. Back in December I predicted 1,035 sales for the month of May. Unofficially there have been 1,032 sales. Which tells us that we are 99.7% there and 59 more than the April officially reported real estate sales number and 24 higher than what actually sold for April. May is showing continual signs of getting back on track.

January
February
March
April
May
June
July
August
September
October
November
December

625 (618 actual)
706 (752 actual)
915 (923 actual)
932 (1,008 actual)
1,035
1,008
927
916
750
792
707
724

For April there were 973 officially reported home sales by the Tucson Association of Realtors Multiple Listing Service (TAR/MLS), which was 41 more than predicted. Checking weeks later, the actual number of sales for April were 1,008. The adjusted amount reflects that sales were better than what was officially reported in April by TAR/MLS.

As of this writing there are 1,761 homes with offers on them waiting to close the sale. Some will close as scheduled, some after, some will DFT (Deal Fell Through). Some will be part of the May statistics. In any case there are 1,761 buyers who are willing to buy a home in addition to the 4,309 who have already purchased their Tucson home since January. This does not take into consideration Short Sales and bank owned properties that have not finalized the acceptance of an offer. I personally know of one, which would make it 1,762 buyers who recognize now is a good time to buy a home.

Will we exceed the predicted sales of 1,035 for May? We will know in a matter of days. The good thing is sales are continually increasing, which is good news for Tucson real estate. Bad news for those who wait for woulda, shoulda, coulda.

Authored by Doug Trudeau | Discussion: No Comments »

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