520-296-7143
October 2008 Stats…

Just as I thought. The Month of October was very slow. Sold units went down by 111 units and listings under contract went down by 81 units. The reason the Average went up is that 4 more homes over $1,000,000 sold in October over September. This helped bring the Average up. The one thing that was good is the Median Sales price stayed the same at $180,500. Active listings went up by 130 units, but this is not too bad if you factor in the lower number of listings under contract.
 

May
2008
June
2008
July
2008
August
2008
September
2008
October
2008
Average Sales Price
$250,803
$257,449
$254,854
$238,504
$217,397
$226,435
Median Sales Price
$201,000
$200,000
$199,900
$185,000
$180,500
$180,500
Total Units Sold
1025
1034
945
903
934
823
Active Listings
8527
8140
7876
7763
7858
7988
Days On Market
77
78
78
77
82
78
Listings Under Contract
1485
951
960
878
836
755

In doing some research for some homes in the South and Southwest I found a large number had gone under contract in the first part of November. Most of these were Short Sale homes and will take a while to get closed. Short Sales and Lender owned homes are taking up to two to five months to close. Many buyers get discouraged with the slowness and cancel their contract before it is finally accepted.
 
Wells Fargo (400,000), Bank of America (400,000) and now CitiGroup (500,000) are starting the process of readjusting loans that are in default and holding up the foreclosure process on the new ones that are just getting into the system. This will go a long way in keeping the owners in their homes. If they can stop the large number of foreclosures it will allow the housing market to hit the bottom and start coming back again. Fannie Mae and Freddie Mac are also doing the same. The big Bail out that was supposed to help will not even happen in the way they presented it. The money will go to the banks and it is your guess as to what will happen with that. I personally am not satisfied with what is going on. Housing started the problem and is still a problem, but not much is being done by the Bail out.


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  • Ability Realty, Real Estate, Tucson, AZ
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Ability Realty
Barry Fotheringham, Broker
7360 E. 22nd Street,
Tucson, AZ 85710
520-296-7143