Tucson Real Estate In The News

Our Take on the Tucson Real Estate Market

Tucson Real Estate News Today

March 24, 2008

Everyone associated with National real estate seems to be quoting and commenting on the report released by NAR on the state of homes sales across the country.

The ”Tucson Citizen” titled their article this morning (like many others) “Home sales rise, prices fall” The regional breakdown provides a better detailed look at how the numbers fall.

“By region of the country, sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest and 2.1 percent in the South. The only region of the country to see a decline in the sales was the West, where they dropped by 1.1 percent.”

West Sales Drop by 1.1 percent

The last time I looked Tucson was in the West. But so are all of California and Phoenix, Las Veges and a few other areas in the West which have fallen on hard times in their perspective real estate markets.

Tucson continues to buck most of the trend of the West.  Asking prices are down and sale prices are up slightly.  However the good news is what is happening in the Northeast.

Northeast sales surge by 11.3 percent

Remember we are talking statistics here.  An 11.3% surge is a good thing, but the sales there were so flat over the past year it doesn’t take a lot of additional sales to add up to an 11.3% gain.

I look at this report and have to smile.  Two reasons I’m smiling.

1. Tucson is bucking the trend of the West.
2. The Northeast is where a lot of people buying homes in Tucson are moving from.  As some doomsayers have pointed out in the past, “If the buyers can’t sell their homes back east they can’t buy homes in Tucson.”   I don’t agree with that statment, we find a lot of people buying Tucson real estate are from the Northeast but they aren’t selling their homes there, they are buying a second home here which they use as a snowbird or vacation home for a few years as they near retirment.  Some then move to these homes when they retire, others us them as a means to have equity in the Tucson real estate market and sell those homes and buy another Tucson home once they move here permanently.

This national report is a snapshot in time.  Some say it is signalling and end to the fall.  Others say it is just a pause.  Time will tell.  You can read the whole article at the ”Tucson Citizen“ Link.

Share This

One Response to “Tucson Real Estate News Today”

1. Sam Chapman (3 comments.) Says:
   March 28th, 2008 at 12:22 pm

   That is great to hear. We never seem to hear positive news from the national media. They are all about how terrible things are. Thanks for sharing the good stuff.

Leave a Reply