Tucson Foreclosure News

It has become a consensus that Tucson Real Estate Market may have bottomed out and may be one of the first markets in the country to rebound from the foreclosure slump.
The Tucson market is stabilizing as evidenced by the number of pending contracts, the falling inventory and the number of new listings .  Following are some Tucson MLS statistics from September '08 to September '09

                                                            '08                    '09                 Difference

Average Sales Price                            $216,276            $196,755            -$19,517

Total Units Sold                                          965                    962                   -3

Medium Sales Price                             $180,000             $163,000            -$17,000

Pending Contracts                                      836                   1,333               +497

Active Listings                                          7,858                  6,008               -1850

New Listings                                             2,039                  1,857               -182

Most residential resales in market ready condition  are doing quite well price wise, even in this market, IF you are comparing to pre 2007 prices.  We know that the market in 2007 was a bubble and unrealistic. 

Another great comparison are 3rd Quarter MLS numbers compared to 1st Quarter MLS numbers:  

_total unit sales are up 39.48%

-total sales volumn up 34.52%

-average active listings down 19.99%

-pending contracts up 4.63% and over 59.45% from September '08

We are headed into one of our buying seasons with reduced inventory in some areas...4th quarter should be very interesting.

“Affordability” has become part of the terminology used to describe our market and this is a good thing - it’s bringing buyers and investors back into the market.