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Mark's Blog

By Mark Finchem, Associate Broker | Broker in Tucson, AZ

November 2011 Tucson Housing Report is Released

Yes Tucson is warm and some would say even hot from time to time, but for November 2011 we are smok'in.

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.

Homes under contractThe story behind the story for existing home sales is the rolling 24-month graph on New Contracts for existing homes.  As you can see Buyers are bucking the trend from the same period in 2010 and buying well priced homes with cheap money. Many buyers are preparing for retirement now while they can lock in deals with low cost mortgage money that will make retirement comfy.  While most people [myself included] want the have no mortgage at retirement, staying somwhat liquid in a changing financial environment is a good hedge of protection.

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