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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 the 'Tucson Real Estate' Category

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.

Authored by Doug Trudeau | Discussion: No Comments »

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.

Authored by Doug Trudeau | Discussion: No Comments »

June 2008 Tucson Residential Sales Report

July 24th, 2008 categories: Tucson Real Estate

Tucson home sales volume increased by 3.55% over that of May. Continual good news for home sellers and the local real estate market. The numbers of available homes decreased again, this time by 4.57%. Increasing demand and slowly decreasing supply!

By the numbers:

Home Sales Volume: Increased 3.55%

5/08 $257,072,764
6/08 $266,202,280

Average Sales Price: Increased 2.65%

5/08 $250,803
6/08 $257,449

Pending Contracts: Decreased 35.96%

5/08 1,485
6/08 951

Active Listings: Decreased 4.54%

5/08 8,527
6/08 8,140

New Listings: Decreased 8.19%

5/08 2,282
6/08 2,095

Home Sales Units: Increased: 0.88%

5/08 1,025 (1,069 actual)
6/08 1,034 (1,056 actual)

Median Sales Price: Decreased 0.50%

5/08 $201,000
6/08 $200,000

So how does this compare with predictions, let us see.

2008                                Predicted  Sales             Actual Sales
January                                 625                                618
February                               706                                752
March                                    915                                923
April                                       932                             1,008
May                                     1,035                             1,069
June                                    1,008                             1,056
July                                        927
August                                   916
September                            750
October                                 792
November                             707
December                             724

For July, there have been 556 recorded sales with 7 more days left in the month. I have one more to add to that number as soon as we get to the Title Company for my buyers to sign. The last week of the month is always the busiest, so I anticipate beating my prediction for the sixth month in a row.

Authored by Doug Trudeau | Discussion: No Comments »

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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