Stats were released by Tucson Association of REALTORS MLS a couple days ago for October 2007.
For your everyday viewing pleasure, there’s a new page for statistics, where you can see current market information, also broken down by area. See that link at the top that says Tucson Market Stats? And then all the 9 areas underneath once you select that link? Click away, my friends.
The quick rundown:
- Average Sales Price: $262,251
- Median Sales Price: $210,000
- # Units Sold: 790 units
- # Active Listings: 9313 units
- # Pending Listings: 993 units
- Months of Inventory (Absorption Rate): 11.8 months
Interpreting the Data:
Unit sales typically take a hit in October, but we were up a little from an admittedly measly number of sales in September. Typically, according to our seasonality, we’ll see sales drop a bit in November, and hold fairly steady until March. Only way to know if we’ll see that this year is to wait.
Average sales price, citywide, hasn’t moved significantly since, oh, mid-2005. We’ve been wavering between the low $260,000’s and the high $270,000’s for quite some time. If you look at average sales price by area, you’ll see some areas that have taken local hits, notably the Southwest and the Southeast. No big surprise as there is a good amount of new construction in these areas, who are undercutting resale homes.
The median sales price, at $210,000, is the same as last September. We’ve been wavering up and down here as well - same story as the average sales price. There’s been a downward trend for two months here that we’ll keep an eye on.
Pending sales typically peak around April, and fall slowly towards the end of the year. Peak this year was June, and we’ve been slowly falling off since then. The peak shifted, but the pattern remains the same, for now.
Units sold are still a little low for my tastes, but traditionally level off in the last few months of the year. Another item to keep an eye on.
Active listings ticked up slightly from last month, but the hope is that the number will taper off a bit as we hit the holiday season. Some years, we have a little drop at the end of the year, some years we don’t.
So there you go! Remember - You can always find the latest market data in those links at the top of the blog.
