Tucson Market Statistics – November 2007

December 21, 2007 | By Kelley Koehler | Filed Under Market Reports 

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. 

tags: , , , , ,

Comments

Got something to say?







Get Blog Posts Via Email!

Search this Site

Loading

Got A Question? Ask!

Other Information That Might Be Helpful

  • Tucson Market Statistics and Report – August 2009 (September 8, 2009)

    The Quick Numbers:

    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
    Condo Units [...]

  • Tucson Real Estate Market Statistics and Report – September 2008 (October 15, 2008)

    The Overview via Podcast:

    Download Tucson Market Stats for September 2008 here (MP3) or subscribe to the Tucson Market Reports podcast here.

    The Quick Numbers:

    Single Family Home Average Sales Price: $233,893
    Single Family Home Median Sales Price: $190,000
    Single Family Home Units Sold: 714
    Single Family Home Months of Inventory: 8.7 months

    Townhouse Average Sales Price: $189,178
    Townhouse Median Sales [...]

  • Tucson Market Statistics and Report – November 2009 (December 7, 2009)

    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.

Equal Housing Opportunity Realtor
Clicky Web Analytics