Tucson Market Statistics and Report – November 2009

December 7, 2009 | By Kelley Koehler | Filed Under Market Reports

The Quick Numbers:

Single Family Home Average Sales Price: $205,020
Single Family Home Median Sales Price: $170,000
Single Family Home Units Sold: 743
Single Family Home Months of Inventory: 7.2 months

Townhouse Average Sales Price: $140,944
Townhouse Median Sales Price: $129,000
Townhouse Units Sold: 71
Townhouse Months of Inventory: 8.6 months

Condo Average Sales Price: $111,838
Condo Median Sales Price: $100,750
Condo Units Sold: 36
Condo Months of Inventory: 12.9 months

Citywide Average Sales Price: $195,721
Citywide Median Sales Price: $165,000
Citywide Units Sold: 850
Citywide Months of Inventory: 7.6 months

Hello November! The holiday season is upon us – bringing the yearly slow down in home sales in Tucson.

If you look at the seasonal trends in the number of homes sold in Tucson citywide, you can see we traditionally peak around May and have slow winter sales. I don’t expect this winter to be any different. Sure, there’s a tax credit that might be an incentive for some, but there’s no urgency to move over the holidays for that – the deadline isn’t until the end of April 2010.

The average sale price dropped below $200k again, for the second time in 2009, coming in at $195,721, while the median is basically unchanged for the year. Compared to the start of the year, the average sales price is down about 10% while the median sales price is the same. (Okay, it’s $250 less. I’m calling that insignificant.) Since the average is heading down and the median is holding steady, that tell us the lower end of the market is still moving and the higher end luxury homes are not. There are more sales in those lower price brackets, enough to keep the median fairly steady, while the lack of sales of higher priced homes brings that average down.

The number of homes for sale were down a tiny bit, pending sales were down, and sales were down in November. Pending sales went from 2060 to 1747 – but we expected that, right? Remember, when that tax credit first came out, you had to close by the end of November. It would make sense that there’d be a huge push to close those pending sales by the end of November. Overall, sales were down 55 units, to 850.

We had 7.6 months of inventory at the end of November. Compare that to 13.4 months in November 2008 and 11.4 months in November 2007 – overall, 2009 has been kinder than 2008. Not that we’re out of trouble yet, but comparatively we’re making some improvements.

And, I’m happy to announce, the market reports for each area of town are ready to go. If you read the blog, you’ll see those reports coming up in the next few weeks. If you subscribe via email to only the market reports, then you won’t see those area reports unless you go looking for them here. If you want any of those specific area reports via email, you can sign up for that on each area’s page.

This is the Central Tucson page, for example. There’s no report yet (coming in a week or two), but the charts are all live, and you can subscribe to just the Central Tucson reports via email, if that’s an area you’re interested in. So, for example, you can see the difference between the price of homes on the market and the price of homes that actually sold in Central. Or the absorption rate for only single family homes in Central. Or you can just look at townhomes in Central – see the number for sale versus the number sold.

You get the idea. And there’s one for each of the 9 major areas of Tucson: Northwest, North, Northeast, West, Central, East, Southwest, South, and Southeast. If you find errors, have comments or suggestions, please let me know!

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.

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