December Residential Sale Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for November. Average sale price increased 3.8% from October to $182,539, and increased 15.2% from a year ago. There were 994 sales, a 2.1% decline from a year ago. We are in the seasonal sales slump, and should see more motivated buyers in January.  Number of active listings declined 14.7% since November 2011 to 4,430, but has been increasing since reaching a low of 3,474 in June.

While only 8% of the active listings as of today are short sales, they accounted for 15% of the sales in November. Foreclosures account for 12% of the listings on the market today, but 25% of the sales in November were foreclosures.

Of the 583 listings that sold for under $150,000 in November, 20% were short sales and 35% were foreclosures. Today, only 5% of the active listings are short sales, and 8% are foreclosures. Foreclosures generally sell for considerably under market value, but short sales tend to sell close to market value, so the predominance of distressed sales is sort of baffling.

I don't know about everyone else, but December is looking like the best month I have had since 2005.

Think Globally, Act Locally: Rain Water Harvesting in Tucson

This nicely-done video has the startling news that the volume of rain water that falls on Tucson is greater than the volume of water we currently consume from municipal suppliers. Check it out here. The project is at 813 North 9th Avenue, in the extremely groovy neighborhood of Dunbar-Spring, southwest of Stone and Speedway.

Flood Insurance Becoming More Expensive

Private insurance companies do not offer flood insurance for properties that are in the flood plain. Using tax payer funds, the National Flood Insurance Program provides subsidized flood insurance. The program borrowed $18 billion to pay claims from the Katrina hurricane, and had just $3 billion in borrowing power left prior to the Sandy super storm, which could require $6 to $12 billion in payouts.

Flood insurance premiums will increase an average of 20% in January on second homes and businesses. Houses built before there was a NFIP have rates that are half those of new construction. The discounted policies will be gradually eliminated through annual 25% premium increases.

Read more in this New York Times article.

1307 S Harmon Lane

You've got it made in the shade on your private patio.

The lodge pole ramada with corrogated metal roof and big old mesquite tree create your serenity space.

Lots of trees in the common area near the community pool complete your desert oasis.

Just outside Starr Pass Resort, and only 10 minutes from downtown.
Close to hiking and mountain biking in Tucson Mountain Park.

Check out the interactive floor plan here. A bedroom wall was removed to make a family room with French doors, a fireplace and dining area open to the kitchen. The original living room is still in the front of the house. Potential third bedroom?

Perfect for first time buyers, investors, or your vacation hideaway.

Homeowner's association fee is $132 per month and covers common area, building exterior and front yard maintenance, roof, termite control, water, and trash collection. Sold for $100,000 March 15, 2013.

October Residential Sales Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for October. Average sale price decreased 3.4% from September to October, but is still 16% higher than a year ago. 1,074 properties were sold in October, a 9.37% increase from a year ago. As the holidays approach, I expect we will see the usual decline in sales activity until the market gets lively again in January.

Let Housing Lead the Recovery

With election day tomorrow finally putting an end to all the campaign drama, it is important to remember that the winner of the Presidential election can either help or hurt our economic recovery with their policies regarding the housing industry. Unfortunately, neither candidate has address this extremely important issue.

Our government has the power to let the housing market lead the economic recovery. Even if neither party wants to spend money to help the housing market, they could be very effective if they eliminated policies that hurt the housing market.

 Dave Liniger, Co-Founder and Chairman, RE/MAX, LLC, put it beautifully in this open letter to Obama and Romney.

Cat on a Elastomeric Roof

Our little orange tabby, Sunbeam, loves to go outside, especially when she can help her body guard, Steve, do yard work. When she doesn't want to go out, it's a cinch that there's bobcat in the yard. Sure enough, Steve went out and nearly stepped on this sleeping bobcat. The bobcat's reaction was much closer to the annoyed range of the scale than frightened. He slowly ambled away, jumped on the five-foot wall, and glared over his shoulder at Steve. He jumped down behind the wall, but soon re-appeared on the roof of the carport and resumed his cat nap. Even when I pulled a chair out into the yard to stand on it and take photos from 20 feet away, he continued his snooze. This all happened at our house near Ft Lowell and Campbell.