This Month In Real Estate: May 2012

This Month In Real Estate, April 2012

Tucson Real Estate Market Update

Barron’s just published an article discussing why they feel the real estate market is “Ready To Rebound”:  http://online.barrons.com/article/SB50001424053111904797004577281453828447714.html#articleTabs_article%3D1

Realtor.com (United States most visted real estate website) recently named Tucson the top city for investors:  http://azstarnet.com/business/local/real-estate-tucson-s-no-for-housing-investors/article_35666d81-415d-5512-95dd-d06f8835a0a2.html

And the biggest concern regarding the real estate recovery is “Shadow Inventory” (A term that refers to real estate properties that are either in foreclosure and have not yet been sold or homes that owners are delaying putting on the market until prices improve) and Arizona’s shadow inventory is one of the lowest in the country:  http://www.kcmblog.com/2012/03/05/months-shadow-inventory-by-state/

This information combined with the Tucson Association of Realtors data showing only 4,560 homes currently listed (a balanced market is 6,000 homes) from a high of 10,387 in 2007 leads me to believe the worst is definitely behind us for Tucson’s real estate market.

Real Estate Market Update For February 2012

Tucson Condo Market Update

43 Tucson Condominiums sold in November for an average sales price of $75,318 and a median sales price of $64,000.  19 condos or 44% of the sales for November were distressed properties (REO or Short Sales).

Which is up 10 units from the 33 sales we saw in October and the average sales price has increased $11,703 from the previous month.

There are currently 229 Tucson Condos for sale / listed on Tucson’s multiple listing service priced from a low of $15,900 to a high of $485,000

77 condos in Tucson are currently under contract (Pending, Active CAPA or Active Contingent)