January 2010 Tucson MLS Statistics

The Tucson Association of Realtors has just released the January MLS Statistics. Here is a link to access the statistics. http://www.tucsonrealtors.org/tar-v2/stats_jan10.pdf 

There is mostly good news in the Tucson real estate market. Home sales are up 16% over last January. Home sales volume is up 13%. Although new listings are up 35%, pending contracts are also up nearly 24%. This is indicative of a brisk market, as many buyers are trying to take advantage of good deals and also get their tax credit before it expires. There are a lot of deals on the market, due to a high inventory of short sales & foreclosures. A word of advice to home sellers- price your house to be ‘in’ the market- not ‘on’ the market. Proper pricing is critical in today’s market environment. Inventories continue to be high, and absorption rates- relative to inventories are low. The price range with the highest level of inventory is homes priced between $200,000 to $249,000. There are 961 homes on the market that fall into this category. The number sold for January was only 90. This represents about a 10% absorption rate, meaning that only 10% of these homes are actually selling. If you are selling your home, and you want it to sell, it has to be priced to sell- or else it will fall into the category of the remaining 90% that are in essence ‘sitting on the market.’

This is not a market to be ‘testing the market.’ This is a market for serious buyers and serious sellers. Because of the high level of inventory, buyers have plenty of choices, and they can afford to be choosy. In addition to pricing your house with the market, it must also show well to prospective buyers. As a home seller, you will most likely need to make some repairs and modifications to your home prior to putting it on the market. If you are considering buying or selling a home in Tucson, please contact Sarah Ley to discuss your real estate needs. Now more than ever, it’s essential to have the representation of an experienced Realtor on your team.