Sonoita, AZ

No matter how you look at the two main indicators of our market, unit sales or dollar volume, this is a better year than last for sure. During the first quarter of 2009, 4 homes changed hands with a dollar value of $1,008,900. This year 10 homes changed hands at a combined value of $2,412,400. (All statistics from the Tucson Multiple Listing Service.) Land transactions, however, were a different story: In 2009 there were 6 sales with a total value of $920,726 versus 3 sales with a value of $370,000 this year.

When you consider the total dollar value of transactions in 2010 against 2009 being up 44% ($2,782,400 and $1,929,627), it seems a bit more impressive than it is. Yes, we are happy with the trend, but this time of the year we should see something in the neighborhood of $10MM or so in total sales. Thus, we have a ways to go to get back to a healthy market in the mountain Empire.

Looking ahead, and considering both the national news and the Tucson market, we believe we are now poised to begin to see more buyers. I think it may be the third quarter by the time that happens, but I think us real estate sales people and our seller clients should be smiling more at that time. Stay tuned. I hope to bring even more optimistic news after the end of this quarter!

The following link takes you to an article that appeared in the Wall Street Journal about global warming. It is yet another explanation, but perhaps more plausible. http://ow.ly/12gus

The national real estate markets, save for commercial, are generally looking very positive. Financing is still an issue and selling one home to buy another is still not the easiest task to complete. Nevertheless, the overall trend seems strong and sustainable.

The Mountain Empire market is still undergoing some adjustment as there have not been nearly enough purchases of homes to offset the replacement inventory. Last year there were about 70 homes in our area listed in the Tucson MLS. The other day the total was 102! The normal level should be in the 60's, or about 1 1/2 years. (Normal for urban markets is about 6 months which is about where Tucson is.) So, we have a great buyer's market with many choices in all price ranges. The way we are absorbing inventory (not!) leads me to think it will be a year to two years before we are close to normal levels. -- As for land, it is still hardly selling at this point. This fact is the result of too many homes on the market and too few buyers in general.
In summary: If you are a seller, you must be patient and you must make sure your home or lot is priced right. If you are a buyer, you won't see a better time than now in our market.If you have spare cash to invest, think about land. If you are thinking of relocating here, aggressively price your current home so you can take advantage of the excellent inventory we now have.

Have a wonderful week!

Last Friday I ran a list of homes for sale in my market and listed on the Tucson MLS. It is astounding! The number just keeps on rising. The tally was 97 and there are several other homes listed elsewhere. Our normal sales level is about 35 and our normal number of homes for sale is about 45, with 60 being off the charts in the past.

I believe everyone of the local REALTORS® is doing what they can to attract buyers, but it seems we just attract more and more sellers. I'm looking for any novel ideas out there to see if I can expand the universe of buyers into more markets. We have a graet climate - maybe the best! - and we have easy access to the Tucson airport and Tucson shopping as well as Sierra Vista and Nogales. This is not the desert. This is a grassland with mountain views in all quadrants at 5,000' MSL.

The Arizona Cowboy Symposium, "a western heritage event that preserves the tradition, heritage and memories of the rural American West," is coming to the Santa Cruz County Fairgrounds November 13-15, 2009.

Supporters of The Arizona Cowboy Symposium include Southwest Strings right here in Tucson, purveyor of quality instruments & accessories at exceptional prices, and Larrivee Guitars, beautifully crafted guitars endorsed by Doc Stovall.

If (like me) you're fortunate enough to attend, here's what awaits us:

• 30 Western Acts on 4 stages
• Western Trade Show
• Western Swing Dances Friday and Saturday nights at 7:00 p.m.
• Antique Car Show
• Chili Cookoff

The Mission

The mission of the Arizona Cowboy Symposium Association is to perpetuate and preserve the heritage and values of the Old West and the American Cowboy, by producing the Arizona Cowboy Symposium, a western heritage event, and any other event that promotes and preserves the tradition, heritage, and memories of the rural American West.

These events will bring to the public the art, music, prose and poetry of the American Cowboy and his legacy.

Through our endeavors [we will] establish and support the Brielle Boisvert Scholarship Fund for students who wish to continue their studies in music, literature or rural agricultural endeavors including, but not limited to, veterinarian science and ranch management and operation.

I expect to be there! I'm hoping to see you.

___________________

I'm Mike in Tucson, and I blog here on the Active Rain Real Estate Network just about every day.

I'm an internet-based mortgage lender who happens to reside in Tucson, Arizona. Read my blog, and get to know me. The internet allows me to perform at the highest level of trust and productivity for clients anywhere in the world.
At the moment, we're completing purchase loans in less than 30 days for US Citizens in Iraq and Afghanistan.

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SUNSTREET MORTGAGE, LLC
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Call me if I can help you or someone you know
with a purchase or refi mortgage.
(520) 349-9090