Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community

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     For those of you who are curious about the current status of the housing market in Tucson, the latest statistics from October 2011 have been released.    
     As of October 2011 active inventory was 5,353, a 28% decrease from October 2010. There were 962 closings in October 2011, 28% above October 2010. Months of Inventory was 5.6, down from 9.8 in October 2010. Median price of sold homes was $120,000 for the month of October 2011, down 14% from October 2010. The Tucson Market had 1,351 new properties under contract in October 2011, up 58% from October 2010.   
     What do all these statistics mean?  
     *Inventory being down from previous year means there are fewer homes on the market, and the ones for sale should sell quicker than if there were a larger supply of them.    
     *Closings being significantly higher than last year means a lot more homes have sold in the past 12 months.  It's a sign of the increased market activity. 
     *Months of inventory decreasing is a positive development.  It is said a market is stable if there are 6 or fewer months of inventory available.  Our newest number of 5.6 is very encouraging. 

     *Median price of sold homes being down illustrates the fact that home prices are still eroding, and that the lower tier of the market is seeing the most activity.  This includes first-time home buyers as well as investors. 
     *The 58% of new properties under contract is a huge increase and predicts that the number of closings will also be way up in the next 30 to 60 days. 
     Contact me if you'd like additional information.  The above numbers are for the overall Tucson market, and I am also able to get data specific to areas of town.  For example, would you like to know how many months of inventory are available in your zip code?  Just ask!
Patricia Paul, GRI  ***  ***  (520) 548-2078

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