Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community
Tag » Real Estate Statistics
Jan 06, 2015
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Here are the Tucson Residential Sales Statistics for December 2014:

Average List Price: $300,384 (Up 8.24% over last December)
Average Sales Price: $202,326 (Up 1.40% over last December)
Avg. Continuous Days On Market: 81 (Up 10.96% over last December)
# of Active Listings: 7,283
Absorption Rate: 6.09 (Number of month's worth of inventory)
Tucson's market recovery continues. Prices are slightly up, and though the number of listings has increased somewhat, our market is still stable (favoring neither buyer nor seller) with just over six months' worth of inventory. Homes are taking slightly longer on market to sell.

Please contact me if you'd like more information, or if I can help you with any real estate or rental needs.    520-548-2078


Jun 05, 2013
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Home prices in Arizona are definitely on the rise.  In fact, only two other states have home prices that had a higher increase.   Nevada was first among the states, followed by California in second place, and Arizona in third place.  To get the whole picture, read this article published by Arizona Daily Star.

 http://azstarnet.com/business/local/arizona-leads-on-improving-home-prices-mortgage-deliquencies/article_f75160f8-27fe-59b3-a475-5c94a991a4d0.html  

Just keep in mind that property taxes are based on the valuation of the home.   Recently people were complaining about the low values of their homes; but now that the values are rising, taxes most likely will, too. 

The increase in home prices means that a number of people may now have more equity in their homes.   Folks who need to sell now may not need to short sale their homes.  It's a great time to sell your home.  There are a lot of buyers out there, and the inventory is limited.  Homes that are priced right and marketed well are selling quickly.

If you'd like to discuss the possibility of selling your home, please call me.  

 

Patricia Paul, Broker, GRI ***  This e-mail address is being protected from spambots. You need JavaScript enabled to view it *** 520-548-2078

                                                                                                   


Apr 03, 2013
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By now I'm sure you've heard that home prices are improving.  But you might be surprised to hear that home prices have posted their highest jump in seven years!

 Check out the article by Inman News in its entirety:

 http://www.inman.com/news/2013/04/3/home-prices-post-highest-increase-in-nearly-7-years

If you've been waiting to sell your home, you might want to look into it sometime soon. 

For a free consultation and market analysis of your home, contact me.

 

Patricia Paul, Broker  **  Patricia Paul Properties  **  520-548-2078


Feb 04, 2013
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It's true; every day you hear more and more about how our housing market is recovering.  It has been going on for the past year or more.  It's also been said by some that the housing industry is now the driving force behind the nation's economic recovery.

Now the new home builders are also ramping up their production to try to meet the demand.  Inventory is still fairly tight in the resale market.  With the increased demand for housing and with the still very-low interest rates, the industry expects this growth will continue.

Here's a thoughtful article from Inside Tucson Business, written by Roger Yohem on January 18, 2013 covering some of these topics.  There are some surprising statistics within.  To read the article, please click on the link below:

 

http://www.insidetucsonbusiness.com/construction_real_estate/housing-market-has-made-a-bona-fide-recovery/article_916331f4-60e6-11e2-bae0-0019bb2963f4.html

 

Patricia Paul, Broker  ***  Patricia Paul Properties  ***  520-548-2078


Jan 14, 2013
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 The housing market started its recovery right around the start of 2012 in most areas.  Some parts of the country, and certain cities have experienced more growth and increases than others.  You'll be surprised how well some areas are doing!    Here's an interesting online article written by Mamta Badkar for Business Insider Money Game, entitled:  "The 10 American Housing Markets That Made Tremendous Turnarounds in 2012".   

  http://www.businessinsider.com/top-10-turnaround-housing-markets-of-12-2013-1?op=1#ixzz2H2t9k3W1

 

Patricia Paul, Broker  *** This e-mail address is being protected from spambots. You need JavaScript enabled to view it '; document.write( '' ); document.write( addy_text87155 ); document.write( '<\/a>' ); //--> This e-mail address is being protected from spambots. You need JavaScript enabled to view it   ***  520-548-2078


Jan 13, 2013
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The Tucson Association of REALTORS Multiple Listing Service has issued the residential sales statistics for the month of December 2012, and here are some of the highlights:

  • Average sales price was $183,011 which was up 0.26% over November
  • Average list price was up .28% in December, and is up 10.65 from December 2011
  • Total under contract decreased 9.61% in December, but up 6.25% over last year
  • Total unit sales decreased by 5.23% since last month
  • New listings decreased 14.71% in December from November's
  • Average # of days on the market increased to 55 in December
  • Cash sales accounted for 33.1% in December

These numbers reflect seasonal factors:  Fewer people wanted to put their home on the market during the holidays.  Fewer buyers were out shopping for homes and writing contracts.  But prices remained on the upward trend, if ever-so-slightly, and are still up substantially over last year.  The forecast for market recovery is still positive for 2013.

 

Patricia Paul, Broker  *** This e-mail address is being protected from spambots. You need JavaScript enabled to view it   ***  520-548-2078


Jan 04, 2013
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I recently read an article online from CNN Money, written by Chris Isidore that indicates that home prices have posted their biggest annual gains in two years.

The S & P/Case-Shiller index showed that prices rose 4.3% in October compared to last year.  That's the biggest improvement since the May 2010 homebuyers' tax credit.

They in part attribute this to record-low interest rates, lower unemployment, and fewer foreclosures.

Though not back to the pre-crash levels, the market is improving and prices increasing.

To read the article in its entirety, please click on the link below.

http://money.cnn.com/2012/12/26/real_estate/home-prices/index.html?source=linkedin&buffer_share=95a93

 

Patricia Paul, Broker  *** http://www.PatriciaPaulProperties.com  ***  520-548-2078

 

 


Dec 01, 2012
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You may be curious about who is buying homes these days. Or how they shop and arrive at the home they ultimately purchase. Well, the National Association of REALTORS keeps track of this information, and publishes it. Here are some of the highlights:

 

* 39% were first-time home buyers

* 65% were married couples

* 52% started the process online

* They searched for 12 weeks and viewed 10 homes

* 89% of buyers used a real estate agent or broker

* 88% of sellers used a real estate agent to sell their home

* 9% of sellers sold "FSBO" (For sale by owner)

 

Patricia Paul, Broker *** This e-mail address is being protected from spambots. You need JavaScript enabled to view it *** (520) 548-2078

 


Dec 28, 2009
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Home mortgage interest rates have started to inch up.   Rates for a 30 year fixed rate mortgage averaged 5.05%.  This is the first time since the end of October that they rose above the 5% mark.   But it is still below this year's highest point which was set in the middle of June.

It is predicted that rates will continue to rise.  Historically, periods of low interest rates are followed by swings upward.

If you are thinking about purchasing a home, right now is still a very good time to do so.  In addition to still low interest rates, there is a good amount of inventory (homes) to choose from, sellers are still willing to make buyer concessions, and you may qualify for a large tax credit.

Contact me if I can help you buy or sell a home, or help you locate a good lender.   Upon your request, I will provide information about the tax credits available. 

Patricia Paul, GRI *** www.longrealty.com*** (520) 548-2078


Dec 21, 2009
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Most homeowners are aware that the number of short sales, foreclosures, and bank-owned properties in their neighborhoods has seriously effected the value of their homes.   These distressed properties are sold by consumers who can't afford their mortgages or the banks who have taken the properties back, and in both cases, tend to be sold way below fair market value.   Other sellers not in financial duress have had to reduce their prices if they hoped to compete.

Well, here's the good news.......  In November, there were 8% less foreclosures on a national level than there were in October.   This was actually the lowest level since February of this year.  The fewer foreclosures out there, the more stabilization and improvement we should see in home prices. 

Also, pending sales (homes under contract, but haven't yet closed) have been up for nine months in a row.   Sales activity is at its highest pace since February of 2007.

With interest rates still very low (but already heading up just a bit), it remains a good time to buy and maybe now even a good time to sell.  Today the average rate for a 30-year fixed rated mortgage was 4.94%.  Last year at this times the average was 5.19%.  Please let me know if I can help you with any of your real estate needs.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078


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