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
Good Morning, Mike,
Your snapshot of your market looks like what's going on here in Fort Worth. Things are very steady here and business is good!
Linda, thanks for commenting. I'm glad to hear that your business is holding up in Fort Worth. When do they have the cattle shindig in Ft. Worth?
Charlie, thanks for stopping by to comment. Like politics, real estate is local.
Mike in Tucson
Mike - If you're talking about the Fort Worth Stock Show and Rodeo it's going to be Jan. 11- Feb. 3 next year. We can almost guarantee terrible weather for that! But, one of the events I look forward to is in December and it's the National Cutting Horse Futurity. Now, THAT's a lot of fun! You get to meet all kinds of interesting people at that event.
P.S. On one of my blogs you said something about me contacting Charles McMillan. I sent him an email, but I haven't heard from him yet. What a great addition he would be here on Active Rain!
I think the media has led the public to believe the housing market is in the toilet all over the country. Not true.
Linda, that's the one. I won't come to Ft. Worth without looking you up! Thanks for commenting.
Cynthia, it's the truth, isn't it? Each medium tries to out-do the other in sensational reporting. It sucks eggs.
Dan, I have to pay closer attention to your market. Look for me to buzz your blog a little more often.
Joan, we have three things going for us real estate-wise in Tucson: 1. We're a retirement area. Lots of snowbirds. 2. We're a University town. The U of A is a basketball powerhouse in the desert, and I think our enrollment is around 50,000. I serve on the board for the College of Nursing as a way of honoring my mother, US Army Nurse, and giving back to the community. 3. Defense contractors Raytheon, IBM, and Texas Instruments are all here in force. Thanks for stopping by.
Mike in Tucson
Hi Mike,
Glad to see your market is doing well. Even here in California there are pockets where values seem to have remained steady or even edged up a little. Take care.
Rita, thanks for stopping by to comment.
Mike in Tucson