Tucson Housing Market September 2006
October 26, 2006
Post Tags: tucson-housing-market , tucson-market-statistics , tucson-real-estate-market-september-2006
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I know a lot of people are interested in the Tucson Housing Market. Just this morning our people have come to our web site and blog with search phrases of “tucson housing market 2006″, “tucson housing market”, “tucson housing market september 2006″, “tucson house market”, “tucson home prices september 2006″ and “real estate sales statistics for tucson az”. Those are just this morning in the span of 5 hours. They are still coming in as I write.
This mornings “Arizona Daily Star” business section had this story on “Median-price drop on existing homes sets record” On September 19, the Tucson Association of Realtors released the Market Statistics for September 2006.
The median home price for September in Tucson dropped from $220,900 in August to $210,000 in September 2006 in September of 2005 the median price was $219,000. This is the first time this year the median price has fallen compared to last year’s prices. Here is the interesting part. The national median home price for September was $219,900 which means Tucson is $9000 under the national median and still a good place to buy a home.
The Average Sale price in September was $253,781 this is a $14,627 drop from August which is good news for buyers. Here is the interesting part it is up from September 2005 when the average sale price was $252,515. Tucson Homes are still appreciating.
Active Listing in August were 9401 and September 9297, in September of 2005 there were 4804 active listings. This is the first month since December of 2005 where there was not an increase in the listing inventory from the prior month.
Average Days on Market (DOM) have decreased from August at 53 days and September at 50 days, with September of 2005 being 30 days. Since January of 2006 this number has remained pretty consistent. However, (DOM) is not a good gauge for anything.
The Federal Reserve Board met yesterday and did not raise the prime interest rate it remains at 5.25%. They will meet one more time this year and are not expected to raise the rate when they do.
Meaning for Buyers
What does it mean, If you are a buyer and you have been waiting for asking priced to come down in Tucson, they are down. Will they go further, maybe, but are you just buying based on price or are you looking for a specific type of home and location. The inventory moved down in Septemeber, and while the statistics show 9297 listings in September 2006 you might be surprised at how few homes there are exactly like what you are looking for.
Meaning for Sellers
There is less competition for sellers since there are fewer listings on the market. But even in this market there are more determining factors than how many listings are on the market. For example:
All of these have a determining factor in how quickly your home will sell.
Overall
There is good news for most. The market is down from its frantic pace. Buyers can find properties to buy, sellers are seeing their home continue to appreciate even if it is at a slower rate then the past few years. Interest Rates are holding around 6.5% for 30 yr. fixed and aren’t expected to go above or near 7% by the end of the year.
