Tucson Real Estate Market Report and Statistics - October 2008
November 13, 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: $250,318
- Single Family Home Median Sales Price: $190,500
- Single Family Home Units Sold: 616
- Single Family Home Months of Inventory: 10.1 months
- Townhouse Average Sales Price: $164,626
- Townhouse Median Sales Price: $148,450
- Townhouse Units Sold: 50
- Townhouse Months of Inventory: 13.0 months
- Condo Average Sales Price: $114,971
- Condo Median Sales Price: $125,000
- Condo Units Sold: 31
- Condo Months of Inventory: 14.6 months
- Citywide Average Sales Price: $238,151
- Citywide Median Sales Price: $185,000
- Citywide Units Sold: 697
- Citywide Months of Inventory: 10.5 months
Buyers continue to follow the bargains - the South and Southwest sides of Tucson keep posting relatively low months of inventory figures, at least compared to the rest of the city, as home prices side in those areas and the housing becomes more attractive. Lots of newer construction there that can be picked up for $150,000 or less.
Citywide, we’re entering our seasonal slowdown: sales were down to just under 700 units, pendings were down a bit, and active listings were up about 50 units, which all combine to make our months of inventory pop up to just over 10 months. Usually, our sales taper off in winter months, and start to gain momentum again somewhere around March.
The median price of a home didn’t move off of last month, at $185,000, and the average sales price ticked up fractionally to $238,000 and change.
The Southeast had a rough month this October, posting only 2/3rds of the usual sales, and the average sales price dipped below $200k for the first time in about 3 years or so. Be an interesting area to keep an eye on - if prices come down a little more there, it could be a pretty attractive alternative to the Southwest and Northwest sides.
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
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