Tucson Market Statistics and Report – April 2009

May 20, 2009 | By Kelley Koehler | Filed Under Market Reports

The Overview via Podcast:

Download Tucson Market Stats for April 2009 here (MP3) or subscribe to the Tucson Market Reports podcast here.

The Quick Numbers:

Single Family Home Average Sales Price: $203,289
Single Family Home Median Sales Price: $168,000
Single Family Home Units Sold: 676
Single Family Home Months of Inventory: 8.9 months

Townhouse Average Sales Price: $164,394
Townhouse Median Sales Price: $157,000
Townhouse Units Sold: 71
Townhouse Months of Inventory: 9.1 months

Condo Average Sales Price: $117,575
Condo Median Sales Price: $118,950
Condo Units Sold: 28
Condo Months of Inventory: 17.9 months

Citywide Average Sales Price: $196,629
Citywide Median Sales Price: $164,195
Citywide Units Sold: 775
Citywide Months of Inventory: 9.2 months

Check out those pending sales – 2028 units pending in April. Here’s hoping a lot of them close! I’m seeing more activity out there, especially in the lower price ranges. I’m also seeing fairly high rates of deals falling thru – pending sales are up nearly 14% over last month, but closed sales only increased 2%. Getting a buyer and seller to agree is one thing, getting a deal to actually complete is quite another!

I know I say it every month, but I can’t stress this enough. Forget the national media. Look at your local market – and look at your own area and price band within your local market. In Tucson, under $300k, there is 7 months of inventory. Not terrible. In the $300k-600k range, there is 17 months of inventory. Huge difference. I’m not saying everything is peachy-keen, but you can’t translate what is going on in another city or even another price band to every niche in our market.

Seasonally, we expect sales to start picking up over summer, and we’ve seen that a little bit. Citywide, the average sales prices are still dropping, as well as the median sales prices. In fact, this is the first time I’ve seen the citywide average dip under $200k since I’ve started tracking numbers here on the blog. My citywide sales price distribution chart tells me that the under $200k market is still very active while the $200k+ market isn’t selling as well. The lack of higher priced sales and the high activity in the lower price bands is a factor in that decreasing sales price – as well as declining market values overall. My experience in the market tells me that prices are dropping faster in the higher price bands than they are in the lower price bands – higher activity will tend to stabilize prices. Once again, looking at a city average sales price doesn’t really set proper expectations. We have to look at each specific niche.

Speaking of which, there are extensive charts and statistics and whatnot, broken down by area and type of housing, over at Statistics.Housechick.com. The market in this city varies widely from one end to the other, so you can check out what’s going on in your area over at that section of my site.

Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.

tags: market reports, market statistics, tucson, tucson real estate

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The Quick Numbers:

Single Family Home Average Sales Price: $235,819
Single Family Home Median Sales Price: $188,500
Single Family Home Units Sold: 503
Single Family Home Months of Inventory: 12.2 months

Townhouse Average Sales Price: $170,387
Townhouse Median Sales Price: $143,500
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Tucson Market Statistics and Report – August 2009 (September 8, 2009)
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Single Family Home Average Sales Price: $220,065
Single Family Home Median Sales Price: $172,500
Single Family Home Units Sold: 736
Single Family Home Months of Inventory: 7.3 months

Townhouse Average Sales Price: $154,058
Townhouse Median Sales Price: $130,000
Townhouse Units Sold: 61
Townhouse Months of Inventory: 8.8 months

Condo Average Sales Price: $109,085
Condo Median Sales Price: $100,000
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