The Latest - Tucson Foothills Sales Activity, 7/30

Here's the broad picture of sales activity - from the Tucson Assoc of Realtors MLS, for single family homes in the Tucson Foothills,during the past two weeks, that's 7/16 thru 7/30.This activity took place against a base of 377 homes currently listed for sale (priced from $212,500 - $22,000,000) yes $22 million!

New Listings = 72 (priced from $229,500 - $2,370,000)
Homes gone under contract = 16 (priced from $389,900 - $1,299,000)
Homes Sold = 23 (priced $255,000 - $1,420,0000)
Price Reductions = 44
Price Increases = 5
Expired Listings = 7
Withdrawn Listings = 20

Well, sure looks like a buyers market, given the inventory, and increasing inventory vs the sales. But not too bad for the very lazy days of summer, traditionally a slow time for Foothills sales. And I see the price reductions as a very positive sign that sellers are facing the reality of a slower market and trying to adjust prices accordingly.This is going to reach the point where pent-up demand, combined with lower prices and more flexibility on the part of sellers will start to turn things around and sales will pick up. Soon I hope.
The slow real estate market in other parts of the country has a big effect on sales here in the Tucson Foothills too. Lots of people buy second or retirement homes here, and they don't do that if they can't sell their home in Boston, San Diego or Chicago. I have four clients who are ready and willing, but not able to buy a home in Tucson, because they haven't been able to sell their homes in these other cities.How has the slowdown affected you?