Grant Road Widening Project – Proposed Alignment

Tucson Real Estate Market Statistics and Report – September 2008

October 15, 2008 | By Kelley Koehler | Filed Under Market Reports

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 Price: $164,000
Townhouse Units Sold: 64
Townhouse Months of Inventory: 9.5 months

Condo Average Sales Price: $142,902
Condo Median Sales Price: $144,500
Condo Units Sold: 47
Condo Months of Inventory: 9.9 months

Citywide Average Sales Price: $225,240
Citywide Median Sales Price: $185,000
Citywide Units Sold: 825
Citywide Months of Inventory: 8.8 months

Wow. September was a funky month, to say the least. The average sales price took a nosedive, the number of homes sold went up, and months of inventory went down. Talk about mixed signals.

Here’s my take: Sales in the over $600k price range were down 42% compared to last month and sales in the $0-$250k range were up 11%. Combine those two things with a citywide slowly declining average sales price, and you get the massive citywide drop. That’d also help account for the downward shift in the median sales price over the last 2 months as well.

Check it out for yourself: look at the change in Average Sales Price in North Tucson and Northeast Tucson, typically the priciest parts of town. Huge drops in both those areas. The South and Southwest continue a faster decline than the rest of the city as large number of foreclosures in those areas continue to pull down prices. But then look at the Average Sales Price for Northwest Tucson – didn’t really go anywhere from last month. Neither did Southeast Tucson’s average sales price.

Months of Inventory citywide was 8.8 months, a small drop over last month, when typically we’d see this figure start to rise during September. Also atypical, the number of sales usually drop month over month in September, but they ticked up a handful of sales to 825 units.

Looking again at the South and Southwest, the number of sales in those areas are up and inventory levels are down – both positive indicators for those hard-hit areas. The question now is how much lower can prices go in that region?

Tucson is a big place, and the real estate market varies widely from one side to the other. Don’t forget to check out the market conditions for your part of town in the link at the top of the page. Click on Stats by Area, and you’ll see the 9 areas of Tucson as links underneath.

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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