Tucson Market Statistics and Report – January 2009

February 8, 2009 | By Kelley Koehler | Filed Under Market Reports

The Overview via Podcast:

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

The Quick Numbers:

Single Family Home Average Sales Price: $225,415
Single Family Home Median Sales Price: $169,500
Single Family Home Units Sold: 457
Single Family Home Months of Inventory: 13.6 months

Townhouse Average Sales Price: $148,853
Townhouse Median Sales Price: $122,000
Townhouse Units Sold: 35
Townhouse Months of Inventory: 18.4 months

Condo Average Sales Price: $133,433
Condo Median Sales Price: $130,000
Condo Units Sold: 12
Condo Months of Inventory: 39.0 months

Citywide Average Sales Price: $217,491
Citywide Median Sales Price: $165,250
Citywide Units Sold: 504
Citywide Months of Inventory: 14.5 months

January went by about as expected. Seasonally, sales dip but pending sales go up in January – and they did, coming in at 504 units sold and 1287 units pending. The average sales price ticked up about $10k to $217,491, but the median went down about $5k, to $165,250.

Months of inventory went up to 14.5 months – it will be interesting to watch that figure for Feburary. The number of active listings has been staying in the low 7000s for a while now, if more of those pending sales close, we might see some improvement over the coming month in absorbtion rate, though I wouldn’t expect improvements in average sales prices for a while yet.

Condo sellers appear to be out of luck. While condo inventory levels are finally coming down, they still aren’t selling. There were 467 condos for sale, with only 12 being sold in January.

The luxury market continues to suffer as well, with the North and Northeast – traditionally the ritziest areas of town – posting incredibly high inventory levels with few sales and declining average sales prices. In January 2008, the average home sale price in North Tucson was $745k. Now, it’s $535k.

As always, 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

Comments

One Response to “Tucson Market Statistics and Report – January 2009”

Paul on February 9th, 2009 9:02 am

Inventory = 14.5 months? Wow. Any idea what U.S. cities have a higher inventory than that?

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