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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 August, 2008

July 2008 Tucson Residential Sales Report

August 13th, 2008 categories: Tucson Real Estate

The official numbers from TAR are out. With the anticipated seasonal decline in sales for July, residential home sales were slightly higher than predicted. Eight months ago I predicted 927 sales, 945 sales were officially reported, as of this writing 949 sales were recorded for July. Tucson home sale units decreased by 8.61% over that of June, which can be expected. July always has a 8–9% lower sales volume than June.

The number of available homes repeated previous months by decreasing an additional 3.24%. We have seen inventory decrease for several months. We are now below 8,000 available homes. A good sign for a recovering home market. Continual good news for home sellers and the local real estate market. I predicted that we will see a very healthy market when we reach 7,000 available homes. We are headed in the right direction. Not there yet, but, getting there.

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Is Now A Good Time To Buy A Home?

August 4th, 2008 categories: Tucson Real Estate

Our Federal government has stimulated the market with the recent tax credit. Now is a great time to buy. Those who ignore this opportunity will be throwing money away. Does this mean Buyers should throw caution to the wind? By no means should any home buyer ignore due diligence in buying a home. Buying more home than you can afford regardless of incentives is always a mistake. Being reasonable and rational is always a good thing.

There are conditions for meeting the criteria. Not everyone will meet the requirements. As any good Realtor will tell you to check with your tax account or real estate attorney to get the best advise to you.

What does the tax credit potentially mean to you? For first time home buyers there is an opportunity to buy a home and get some relief for getting off the fence. For couples, as high as $7,500, for single home buyers as high as $3,750. These incentives are subtracted from Federal income taxes for either 2008 or 2009. Kenneth Harney wrote a good article in the Arizona Daily Star titled Holding off on buying a House? Tax credit may change your mind that explains the incentive further. Your tax account or real estate attorney can help you understand how this incentive will impact on you. Check it out, don’t get caught up in woulda-shoulda-coulda.

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July’s Preliminary Tucson Real Estate Sales

August 4th, 2008 categories: Tucson Real Estate

My home sale prediction months ago was for 927 residential homes sales in the Tucson metro area for the month of July. TARMLS set 8:00 AM August 5th for the deadline for Realtors to get their July sales submitted. As of the date of this writing, there have been 919 sales. One percent accuracy in predicting sales. Not bad. I am hoping to be in error in the other direction once more sales are entered into the system.

Though sales are not increasing significantly, what does this tell us? If we can predict residential home sales months in advance and have some success in accuracy, the market is stabilizing in terms of number of Buyers willing to commit to purchasing a home. Does this mean that inventory has dropped to normal levels? Not by any means. It is a good market for buying a home though. Add to that the Federal Government tax incentives for home Buyers who purchase a home between April 9, 2008 and June 30, 2009…you have a great time to buy.

Unofficially the median selling price is $200,000, average selling price $256,770, there are 304 home pending sale, an additional 1,213 homes that have an offer on them, with 7,845 homes still waiting for an offer; we broke the 8,000 mark. In a few weeks the official numbers will be reported for everyone to see. Lets see how close those numbers are to this preliminary report.

For Golfers, there were sixteen home sales for golf properties. The average selling price was $524,453, the median was $360,750. The lowest priced golf home was $137,850 the highest priced sale was $2,850,000.

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