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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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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 »

Home Selling Strategies

May 29th, 2008 categories: Tucson Real Estate

In a market where buyer confidence is slowly returning it is important to have a strategy if you expect to sell sooner than later. The Tucson real estate market is still reeling, but, not as much as Phoenix, Stockton CA or other areas. Most home sellers, even in the Tucson Real Estate Market, like to set a price and hold. Losing opportunity and eventually selling for much less than they could have gotten. You’ve heard it before, Proper Prior Planning Prevents Poor Performance. Having a strategy (prior planning) can make a difference on whether a home sells (prevents) or does not sell (poor performance).

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Authored by Doug Trudeau | Discussion: No Comments »

Tucson Real Estate Market May Golf Home Sales Looking Good

May 28th, 2008 categories: Tucson Golf Community, Tucson Real Estate

With four days left in the month of May, three of which are working days, Golf Property sales are looking good. Tucson’s real estate market is already seeing more Golf Property sales than in April, and the month isn’t even over. To date there have been 36 recorded sales. The lowest for $140,000, the highest for $850,000. The average and median so far are at $370,600 and $318,250 respectively.

What makes Golf Properties hold up better than the rest? One would be a differently type of buyer. Most homes along golf courses are either owned by professionals or retirees. In either case buyers with a healthier financial portfolio.

Another would be the views that most properties along a golf course offer. The lush fairway, the majestic mountains, the valley, the sunsets, and some the wild life of the water hazards at dawn and dusk.

Golf properties represent less than 4% of the Tucson real estate market of available homes. Not a large percentage. Of the 8,715 homes available on the market, only 335 are golf properties. Of the 699 recorded sales to date for the month of May 5.3% are golf property sales. With limited information, since the month isn’t over, 11% of the golf properties available have sold this month. Month by month the average and median sales price for golf properties have been approximately $100,000 above that of the overall market.

There are new golf property subdivisions headed to Tucson and Marana within a matter of weeks. Nestled in the Tortalita Mountains with the the Ritz-Carlton Resort in the back drop and where the Accenture Match Play Championship will be played every year. Thats another topic.

From Tubac to Saddlebrook, to Vail, there are a variety of golf properties already available in Tucson. What’s stopping you from taking advantage?

Authored by Doug Trudeau | Discussion: No Comments »

Home Buyer Beware, Short Sales Are Not What You Expect

May 27th, 2008 categories: Tucson Real Estate

We have all heard, “Every village has an idiot.” Well, that’s not true. Our mortgage lending industry has deprived a lot of villages. I don’t mean loan officers. I mean the people at the main office out of touch with how transactions are completed in different parts of the country. If you have never been frustrated, try involving yourself with a short sale. What’s that old say, “The only thing that is definite are death and taxes.” You can add “Short Sales are definitely frustrating.” You have to laugh while going through one to maintain your sanity.

Let me walk you through an experience with a short sale. Finances changed, the housing market declined, so a reader referred someone (the Seller) to me for a short sale. Innocent enough on the surface.

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Authored by Doug Trudeau | Discussion: 1 Comment »

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