Tucson Real Estate Market News Report

Spring is here and we are all reminded why we live in the Desert Southwest. How beautiful it is right now!

Here are the latest Tucson Real Estate trends for the month of March 2008.
National trends adn media talk about real estate in general terms, and it is always good to take this in context. As you know Real Estate statistcs are Local and not National, and that consumers should consult a local area Realtor who can help them with local sales statistics in your area of the country.
Sales statistics definitely vary from neighborhood to neighborhood in a community especially in Tucson.

March of 2008 has fallen right in line with our annual Tucson real estate trend where we usually start to see activity and the real estate market picks up. The Tucson Home Sales Sales Snapshot continues to show the market is down from 2007, and however while that is not "new news", the statistics from Februaury 2008 to March 2008 indicate that we are experiencing a recovery phase.

As you can see by our stats, our market is starting to turn the corner in a small but positive way.

Many people are out there asking about the "bottom of the market."

However, sometimes the bottom is hard to predict ...we do not know when we are in it until things start to turn around. We can used predictors that will help us be more successful. Many economists believe that Tucson is very close to its bottom, and it may have passed that point . Also that the in second half of this year, we will see stronger sales.
As lenders are tightening up their loan criteria, and if you are looking for great interest rates, a good selection of homes on the market, then now is a great time to buy a home in Tucson ranked by CNN Money last month as one of the top 7 retirement ciites in the US.

2008 IS the time to buy a Tucson home!

Home Sales Volume: Increased 25.29%

2/08 $186,129,758

3/08 $233,207,940

Average Sales Price: Decreased 1.15%

2/08 $262,155

3/08 $259,120

Pending Contracts: Increased 30.67%

2/08 1,079

3/08 1,410

Active Listings: Decreased 1.59%

2/08 9,168

3/08 9,022

New Listings: Increased 0.49%

2/08 2,432

3/08 2,444

Home Sales Units: Increased: 26.76%

2/08 710

3/08 900

Median Sales Price: Increased 0.05%

2/08 $199,900

3/08 $200,000