“Anger is an acid that can do more harm to the vessel in which it is stored than to anything on which it is poured.” – Mark Twain
Our weather has been simply gorgeous! While Richard was in frigid in D.C., I joined our son Alex, Sophie, baby Max and Sophie’s parents, who are in Tucson from China, on a hike/walk along Garwood Trail in Saguaro National Park.
Let the Revelry Begin at the Arizona Renaissance Festival Saturdays, Sundays & Presidents' Day February 10th - April 1st
The U.S. stock market, lost more than $3 trillion in just over 2 weeks. We look at these sell-offs with concerns about heightened valuations, rising inflation, and anticipated actions by the U.S. Federal Reserve. Are we seeing the ghost of 2008? CNN’s analysis Stocks flew too close to the sun. Now what? suggests “…a big difference between this time and the market storms of 2008: This time, the turmoil doesn't appear to be triggered by a disaster forming in the economy, the kind of event that could completely wash out the bull market. …most market analysts believe the stock rally that began in 2009 can get back on track -- as long as the U.S. economy keeps growing and the Federal Reserve isn't forced to fight inflation with aggressive rate hikes.” The New York Times sees that in 2018, “the new era of fiscal profligacy will create a near-term economic boost”… it would be very hard for the government to pump an extra half-trillion dollars into the economy in a single year without getting some extra economic activity out of it.” We will have to stay tuned to see how this all plays out.
Arizona’s minimum wage increased $1.95 per hour to $10, on Jan. 1, 2017. The Bureau of Labor Statistics reported from its most recent data, the average weekly wage for Arizonans was up 2.5% from the same period a year earlier. George Hammond, economist at the Eller College of Management at the University of Arizona stated, “Overall, wage growth in Arizona still looks anemic in the second quarter of 2017 despite the substantial increase in the state’s minimum wage.” David Sanders of the Arizona Daily Star noted “The average weekly wage in Pima County is $861, that’s below both the state ($943) and U.S. ($1,020) averages.” BLS says the average weekly wage in Arizona, while below the national average, is 23rd in the country. We clearly need to build on our strengths: technology and science, tourism and our unique and wonderful quality of life.
Our Tucson real estate 2017 End of the Year Report is out. There are positive underlying currents as we head into 2018 and we expect continued strength in the real estate market as the year unfolds. For the overall real residential market in Tucson and Southern Arizona, the Seller’s Market conditions continue. The inventory of homes for sale continued to decline in 2017, while sales increased further. The shortage of listings has not been a drag on home sales, however it has contributed to a 10% increase in median price. This has created a very competitive environment, especially at lower price points. Contact me for your copy!
For the Luxury segment, the median price of sold homes was $1,007,500 for the month of January 2018, up 12% from January 2017. The inventory of homes $800,000 and higher is still in oversupply, creating a market favoring Buyers in that range.
Check out all the latest Housing Reports: North, Central, Northeast, Northwest, West, & Tucson Luxury. Check other areas at: Housing Reports. Get notified automatically when new properties meeting your criteria get on the market. If you are curious about the value of your home in today’s market and wondering if now is a good time to list, Click: 3 instant, automated estimates of your home’s current value. Then contact me and I can share with you a full and complete evaluation after seeing your home.
My Mobile App has great new features. Now search neighborhood lifestyle points of interest for each property, view properties using an integrated satellite with driving directions and Google street view. Searching has been made easier with updated “For Sale” map icons to help differentiate new listings and price changes. With Commute Time searching, you can enter any address, specify how long a commute you want and typical time of day. Download or update my app and start your search!