One key measurement that does not seem to get reported on enough is the number of new properties going into contract in a given time period. This is a good barometer into future closing activity, typically 30-60 days out.

If we look at new properties going under contract on a weekly basis, we see a huge surge in the last few weeks. Some of this increased buyer activity may be a result of the Nov 30th deadline on the first time home buyer tax credit program.

For the past 4 weeks 1,317 properties went under contract in the greater Tucson marketplace at a weekly rate of 329. This is 14.4% increase vs the weekly rate of 287.7 over the past 12 weeks.

What impact will the expiration of the tax credit program have? Will it get extended in some form? Time will tell, but there is quite a bit of momentum in the Tucson housing market right now.

As of September 2009 active inventory was 6,114, a 23% decrease from September 2008. There were 927 closings in September 2009, a 1% increase from September 2008. Months of Inventory was 6.6, down from 8.6 in September 2008. Median price of sold homes was $164,900 for the month of September 2009, down 8% from September 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 74% from September 2008.

As of September 2009 active inventory was 37,909, a 29% decrease from September 2008. There were 7,968 closings in September 2009, 29% above September 2008. Months of Inventory was 4.8, down from 8.7 in September 2008. Median price of sold homes was $130,000 for the month of September 2009, down 24% from September 2008. Phoenix is experiencing an increase in buyer activity, with new properties under contract up 46% from September 2008.

As of September 2009 active inventory was 1,071, a 2% increase from September 2008. There were 100 closings in September 2009, 2% above September 2008. Months of Inventory was 10.7, which is relatively unchanged from September 2008. Median price of sold homes was $185,000 for the month of September 2009, up 4% from September 2008.

As of September 2009 active inventory was 239, a 9% increase from September 2008. There were 49 closings in September 2009, 11% above September 2008. Months of Inventory was 4.9, down from 10.6 in September 2008. Median price of sold homes was $165,000 for the month of September 2009, down 2% from September 2008. Sahuarita is experiencing a significant increase in buyer activity, with new properties under contract up 68% from September 2008.

Get the full Sahuarita Housing Report for October 2009

As of September 2009 active inventory was 845, a 7% decrease from September 2008. There were 34 closings in September 2009, 33% below September 2008. Months of Inventory was 24.9, up from 17.8 in September 2008. Median price of sold homes was $167,450 for the month of September 2009, up 1% from September 2008.   

As of September 2009 active inventory was 240, a 41% decrease from September 2008. There were 38 closings in September 2009, 41% above September 2008. Months of Inventory was 6.3, down from 15.2 in September 2008. Median price of sold homes was $203,500 for the month of September 2009, down 12% from September 2008. Vail is experiencing a significant increase in buyer activity, with new properties under contract up 218% from September 2008.

Get the full Vail Housing Report for October 2009

As of August 2009 active inventory was 6,095, a 25% decrease from August 2008. There were 957 closings in August 2009, a 6% increase from August 2008. Months of Inventory was 6.4, down from 9.0 in August 2008. Median price of sold homes was $162,500 for the month of August 2009, down 12% from August 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 52% from August 2008.

Get the full Tucson Housing Report

As of August 2009 active inventory was 783, a 14% decrease from August 2008. There were 39 closings in August 2009, 20% below August 2008. Months of Inventory was 20.1, up from 18.6 in August 2008. Median price of sold homes was $135,000 for the month of August 2009, down 6% from August 2008.

Get the full Green Valley Housing Report

As of August 2009 active inventory was 1,059, a 2% increase from August 2008. There were 81 closings in August 2009, 4% above August 2008. Months of Inventory was 13.1, down slightly from 13.4 in August 2008. Median price of sold homes was $204,000 for the month of August 2009, up 8% from August 2008.

Get the full Sierra Vista Housing Report