Ability Realty
Barry Fotheringham, Broker
7360 E. 22nd Street,
Tucson, AZ 85710
Last month I had a sinking feeling that August would see a continued push down, and it came true. We are in a stagnate time again in our Economy and with interest rates starting to increase, I saw this coming. Anytime rates start increasing, Sales slow down. If you look at the drivers of my charts you will see what I saw. Is it really going to get bad? No, but it will slow, unless we start putting people back to work. I saw that the Arizona Sales Tax receipts went up to almost a level that was good in 2007. If this continues our State will help lead our way out of its recession. Again we need to put our people back to work. My other fear is Obama-care. I know this is going to put a crunch on full time workers who are getting company health care and down the road the required insurance for those not under a company or state program. It is going to hit hard in about a year or two. October 1 is another date to cause pause. Stay tuned as it is going to get worse, before it really starts to get better.
| Mar. 2013 | Apr. 2013 | May 2013 | June 2013 | July 2013 | Aug 2013 |
|
|---|---|---|---|---|---|---|
Average Sales Price | $191,881 | $192,160 | $190,156 | $196,376 | $197,444 | $191,283 |
Median Sales Price | $150,050 | $157,000 | $156,500 | $160,000 | $159,900 | $160,500 |
Total Units Sold* | 1329 | 1323 | 1437 | 1399 | 1263 | 1205 |
Active Listings | 4210 | 4027 | 3953 | 3953 | 3933 | 4249 |
Days On Market | 59 | 57 | 57 | 53 | 50 | 48 |
Listings Under Contract** | 2712 | 2829 | 2702 | 2342 | 2226 | 2064 |
Sales Over $500,000 | 54 | 46 | 61 | 48 | 49 | 41 |
| The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables. * Closed during the month. ** For the current month (not the total listing under contract) |
||||||
We are getting ready for the next fight in our do nothing Government. One of these days they will figure out they are supposed to work for us not themselves. I guess I am a dreamer at times. I really want to see us out of this mess, but the Government can not spend us out of it. It is you and I that are sending our money that they are spending. And they are doing a crappy job.
Rates are going up but let me tell you, anything under 5% is a great rate. We should really be in a 6-7% market right now, and that is why the 4.75% is a great rate. Get started as prices will go up and leave you behind, or you jump in with a higher payment later. Still beats renting!
Call or email me if you have questions. (520) 240-7130.
Sep 10, 2013 No comments yet Share