Ever been to Tucson? What happened to this sleepy little cow town's housing market was an absolute joke. There are no jobs in Tucson folks. Except the usual suspect - people selling houses to other people.
Side comment - one day I'd love the media to write a housing story and not immediately call the head of the local realtor board, or the president of the MLS. Call a freaking homeseller. Call an economist. Call someone who can speak the truth without getting fired for gods sake.
After a year of Tucsonans rushing to sell their homes to take advantage of soaring profits, it's now a buyers' market. More Tucson-area homes were on the market last month than at any time in the past nine years, new numbers show.
There were 6,499 homes listed for sale on the Tucson Association of Realtors Multiple Listing Service in January, an 87.3 percent increase over January 2005. And the number is going up fast: January's figure represents an increase of 1,042 homes over December, according to MLS statistics.
The jump in the number of homes listed even surprised Paul Olson, president of the Multiple Listing Service and owner of Vantage Point Realty.
"We knew it was going to increase, but we had no idea it was going to double," Olson said. "Sellers are getting a little more anxious."
There's no clear explanation for the jump, Olson said. Last year's real estate boom lured hundreds of new agents into the market. Individual homeowners may be trying — only too late — to cash in on a heated market.
The high inventory may be caused by investors dumping their inventory, said John Strobeck, a Tucson housing analyst who reviews sales transactions from the Pima County Recorder's Office.
February 23, 2006
Posted by blogger at 2/23/2006