Tucson Real Estate overview/statistics March 2010 and what they mean to you

There are several strong signs that the Tucson real estate market is gaining positive momentum, and that the Southern Arizona regional economy is faring well. As the local real estate market and economy appear to be improving, and with incentives such as low mortgage rates, tax breaks, and lower housing prices, now may be a very opportune time to discuss purchasing a home with your realtor.

Many types of real estate transactions occurred in 2009, with specialized types of sales including short sales, REOs, and foreclosures being mixed with traditional home sales. Overall, the volume of home unit sales increased by 10.24% in 2009 over 2008, according to the Tucson Association of Realtors Multiple Listing Service (see www.tucsonrealtors.org/tar-v2/2009yearend.pdf). Tucson area realtors sold a total of 11,661 homes, representing an increase of 1,083 more homes sold than in 2008.

Active housing inventory decreased by 20% compared to the end of 2008, and there was a 38.56% increase in pending sales contracts at the close of December 2009 compared to the previous year.

The Tucson real estate market is off to a strong start in 2010. In January, total home sales volume increased 13.03% over January 2009, pending sales contracts were up 22.74%, and new listings were up 34.74% over this time last year. In addition, active listings increased 7.96% over December 2009, but are down 12.13% from January 2009.

These statistics show that the local housing market began to show signs of recovery in 2009, and it is encouraging to see that the progress is continuing early this year. These sales increases are strong indicators that the local market is strengthening.

More good news is that the Southern Arizona regional economy appears solid and stable. The unemployment rate in the Tucson metropolitan area as of December 2009 was 8.0%, compared to 10.0% nationally. Southern Arizona has a broad- based economy which contributes to its strength, with jobs in the hi-tech, banking, medical, government, and education fields providing stability. Additionally, enrollment in the Arizona University system has increased 13% over the last 5 years. The University of Arizona provides 14,576 jobs to the area, and much of the money it receives for research funding is spent directly in the area. Southern Arizona’s economy benefits from all of these factors.

Considering the rise of the local market, the solid regional economy, and the current incentives available such as federal tax credits, low interest rates, and reduced housing prices, you may want to explore the benefits of purchasing a home in the Tucson area. Conditions are favorable, and prices are lower than they’ve been in several years. Why not get in touch today, and see what we can do for you?

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