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Tuscan Housing Market
TUCSON HOUSING MARKET SHOWING SIGNS OF RECOVERY
IT’S AN EXCELENT TIME TO PURCHASE A HOME IN TUCSON. INTEREST RATES AREAT EXCELLENT LEVELS, AROUND 6.0% FOR 30 YEAR FIXED MORTGAGES, AND PRICESARE AT ATTRACTIVELY LOW LEVELS. IT IS TRULY AN EXTREME BUYER’S MARKET.
APRIL 2008 DATA FROM THE TUCSON ASSOCIATION OF REALTORS, MULTIPLE LISTING SERVICE’S MONTHLY STATISTICAL REPORT, SHOWS PENDING CONTRACTS WERE UP 27.1% OVER 2007, OR A YEAR AGO. ACTIVE LISTINGS WERE DOWN 20.9%, COMPARED TO LAST YEAR.
ACTIVE LISTINGS IN APRIL TOTALED 8,808, DOWN FROM 10,387 IN APRIL 2007, WHICH MEANS THERE IS STILL AN AMPLE INVENTORY, WHILE INDICATING SALES ARE SARTING TO MOVE UPWARD.
IT LOOKS LIKE TUCSON IS HEADED IN THE RIGHT DIRECTION AND THAT THE SOFTENING OF SALES MAY BE COMING TO AN END.
HOME PRICES ARE ALSO DROPPING., WHICH IS TO A BUYER’S ADVANTAGE. THE AVERAGE HOME SALES PRICE IN APRIL, 2008 WAS $253,729, DOWN 8.9% FROM LASTAPRIL WHEN IT WAS $278,577. WHO CAN SAY WHEN PRICES WILL START TO RISE,SO DON’T WAIT TOO LONG.
THE MEDIAN PRICE WAS DOWN 13.3% FROM LAST YEAR TO $195,000, THE SECOND MONTH THIS YEAR THE MEDIAN PRICE HAS DROPPED BELOW $200,000.
SALES VOLUME OF HOMES TOTALED $246.9 MILLION IN APRIL, DOWN 32.7% FROM $367.2 MILLION A YEAR AGO, BUT UP 5.9% FROM MARCH WHEN IT HIT $233.2 MILLION.
IF TUCSON IS IN YOUR FUTURE, THERE IS NO TIME LIKE THE PRESENT TO MAKE YOUR MOVE TO THIS MOST BEAUTIFUL DESERT MOUNTAIN VALLEY.
CALL ME FOR A FULL REPORT AND TO ANSWER ANY REAL ESTATE RELATED QUESTIONS.
BENCHMARK REAL ESTATE
FRANK W. SCIASCIA, BROKER
CONTACT TOLL FREE: 888-255-7484
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