The average sales price increased again in June and is currently at about $238,000. This is a 14.6% increase over last month, but still a 13.5% decrease over last year. Again, this is to be expected when you consider which homes are selling fastest (those under $200,000). However, when this number begins to rise consistently, it will be another indicator that health is returning to our market as homes in all price brackets will begin selling well.

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I have noticed an increase in traffic/offers on my listings over the past 3 weeks especially. I have also taken several more listings during that time-frame. With the prevalence of short sales we are experiencing a delay in the numbers matching market activity. Additionally there are many that fall through so it takes a lot more activity to result in larger sales numbers. As of right now

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Did you know that we have a new roller coaster ride opening right here in Tucson? Some have already been riding it and have raved about it’s extreme lifts, fast drops and corners that are taken at break-neck speed. Interested? It’s also known as the Tucson Real Estate Market. While in general it seems to be heading in a positive direction, there is much excitement along the way.

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Numbers are great, but it is what’s happening in the trenches right now that spells success or failure in the near future. I am personally experiencing a great deal of buyer traffic. I have 3 buyers closing on their homes this month alone. I am getting a lot more traffic on my listings, which, by the way, are all short sales at this point. I am getting contracts on two of my listings this week.

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We are still seeing a lot of upheaval in the economy in general and this has affected people’s confidence as well as their ability to make home purchases. On the other hand, interest rates for mortgage loans are at historic lows, which is enabling many home buyers to enter the market for the first time and take advantage of our current low pricing.

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Fannie Mae and Freddie Mac just announced that they are putting a hold on foreclosures from November 26, 2008 through January 9, 2009. This affects only those loans insured by these two companies and those loan holders who have mortgages that may be able to be resolved in ways other than a foreclosure will be contacted by the bank or an attorney for Fannie/Freddie. This should begin happening around 12/15/08.

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As has been the case for the last few months, we are seeing a lot of short sales and foreclosures selling, which brings down the volume. However, lots of homes are being sold, 934 in September alone. I don’t see any sign of the market slacking off in response to the economic turbulence, at least not here in Tucson. However, November and December will tell the more detailed story as homes that were already pending sold in September.

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If I calculate only using Sold listings versus Active Listings, we have an 8.6 month supply still active. I believe that number is more accurate and really reflects what sellers are experiencing out there right now.

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I mentioned last month that we are seeing increased difficulties and decreased cooperation from banks. This month I am working with a bank that seems to be motivated to get my short sale closed. If more banks become like-minded, short sales will remain attractive and things will keep moving. It’s a patchwork out there, though. Some banks are great, while others seem to be trying to lose money!

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At this point in the market, banks seem to have become increasingly skittish and this could be adding to a lower pending rate. If they continue to balk and back out at the last minute on the short sales, we will have a glut of foreclosures in 60-90 days which will bring down our values, but also provide great investment opportunities for buyers.

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