In a report from inside Tucson business, from September 2010 to September 2011, Tucson home prices dropped 12.5 percent, the nation’s third-worst loss, according to Clear Capital’s September Home Data Index Report. Clear Capital is a research firm that aggregates sales data to identify real estate market trends for financial organizations.
Bad news in some sectors likely means good news for consumers who want Real Estate in Tucson. Eleven of the lowest-performing markets were in the West where average gains were just 0.3 percent. This just means better deals for those who get in at the best prices ever offered.
“Tucson is not like the rest of nation. Even if we drop another one percent, who cares? We are at the bottom of our market,” said housing expert John Strobeck, Bright Future Business Consultants. “I don’t see prices trending down much more, we have buyers” he told azbz.com.
New homes and land investment might offer the best opportunity. If you are a homebuyer, the struggling market could be your advantage. “I don’t think we’ve ever seen a better time to buy” said Tricia Friedrich, Marketing director at Western land which operates Red Hawk at J6 Ranch just outside of Tucson in Cochise County. Call 1-800-797-0054 to arrange a private tour.
The experts and the data suggest now is the time to invest in land in the Tucson area. http://www.westernland.com
In August, new single-family home permits in the Tucson region hit 141, the second-highest monthly volume of the year. Year-to-date, 1,035 permits have been issued by various jurisdictions, according to new data from John Strobeck, Bright Future Business Consultants.
The year’s peak was 157 permits issued in March.
During August, Pima County issued the most permits, 48, followed by Marana at 29 (see table). Year-over-year, the steepest drop was in permits issued by the City of Tucson, where they were down 36 percent.
For 2011, Strobeck estimates that 1,450 to 1,500 permits will be issued.
For new-built homes, 115 closings were recorded in August, up from 87 in July. That was the year’s second-highest mark after 119 sales in March. In August 2010, there were 131 new-built homes sold. For the year, there have been 805 new construction closings, Strobeck said. New construction closings are on track to hit 1,200 to 1,300 this year.