Tucson Real Estate Market Trends and Outlook
The Tucson home broker agent report has been released. The US home builder sentiment is still at a record low for December 2008, as the economy is still in a turmoil. The index that tracks builders sentiment is in the single digits and anything below 50 indicates more builders see the market negatively.
The builders, are really hurting. If ever you were to make a screaming deal with a builder, this could be the time. Also, the Fed is purchasing in the market place more treasuries, which is one reason why mortgage rates have been dropping. Even with looming foreclosures in the market, at the end of 2012, the market started to bottom out.
The Tucson luxury home market
The Residences at the Ritz Carlton, Dove Mountain opened in January 2009. Also, the Jack Nicklaus 18 hole golf course was ready to play in January 2009 at the Ritz. Sales are underway and the golf course and clubhouse are on schedule for a January 17th opening. The Residences offer everything from Villas and single family homes from 1700 sq ft to over 5000 sq ft to custom home sites from 1 to 7 acres. Prices ranging from $1,250,000 to $3,000,000.
Tucson luxury homes brokers and country clubs are in included in the Tucson Association of Realtors MLS statistics. Compared to this time last year home sales volume is almost cut in half. The average sales price is $215,000 and active listings have dropped below the 8,000 mark, a good sign. Also, new listings to come on board has dropped almost 30%. Interest rates have been falling and may fall further, the buzz I hear is in the 4.5% range.
by Reid Sossong, RPA, Broker