As expected due to the season, unit sales dropped a bit in November. MLS stats report 759 sales, but searching today yields 776 closed transactions for November 2007. Typically, we’ll see this number hold fairly steady until March.
Average sales price, citywide, is at $269,968, which - again - hasn’t moved significantly since about 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 for Tucson is $213,000 this month. We’ve been wavering up and down here as well - same story as the average sales price. It’s up a small $3000 tick from last month.
We’re at roughly 12 months of inventory for November, but this varies by area. Northwest Tucson wins this month’s largest months of inventory award, at 14 months. The Southeast records the lowest months of inventory of the major areas of Tucson for November at 10.2, but this is a month and a half increase of inventory over October, which would indicate things are worse in that area, and not better.
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 down slightly from last month. I anticipate the same trend for December, and another ramp up in January.
As always, you can see the most recent stats by area by clicking on the Tucson Market Stats link at the top, and than on any of the 9 major regions of Tucson.
