October 10, 2007. Here's a snapshot of our local market in Tucson, AZ, courtesy of the Tucson Association of REALTORS Multiple Listing Service. Absent any other data, you might not draw any meaningful conclusions. But other data is available to my readers.
I used Marsee Wilhems' blog history on Active Rain to look at the same data set at approximately one month intervals, going back six months. (Marsee is one of Tucson's top producing REALTORS. She posts data and listings on her blog daily.)
I won't bore you with charts, but here's what I found:
- The number of new listings is holding relatively steady.
The number of price reductions climbed from May to September, and appears to be slowing in October.
Contingents and Pendings are down in the past two months by more than 20% of the average of the prior four months.
Solds are down by 33% for the past two months when compared to the average of the prior four months. (Remember that this is only a snapshot based on 30 day intervals, so it's not the full picture.)
What this doesn't show you is that the median price of homes in Tucson continues to rise. We have plenty of inventory, great REALTORS, and fine lenders like myself who will be happy to finance your place in the sun!
And that's the real estate opinion of this Tucson Mortgage lender!
Mike in Tucson
