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Tucson Real Estate Market Statistics Report - December 2007

January 22, 2008

Stats are out for the Tucson Real Estate Market for December 2007 from the Tucson Association of Realtors MLS. 

But first:

Agents reporting sales later than allowed is this month’s complaint.  There’s a new threat on MLS of up to a $15,000 fine for those turning in status changes more than 48 hours late.  We’ll see if that has any effect or not.

Seeing that warning made me go back and look at the closed sales figures pulled today from MLS compared to what was reported.  In some cases, I found nearly 100 more sales, and in a month where there were only 700 sales or so, that’s pretty significant.  I’ve updated the citywide files, and will go back through each area and recalculate.  It may take a day or two, and I’ll give you a heads-up when I’m done.  That many more sales can impact average sales prices, months of inventory, medians, all kinds of data that I track and report here.  I think the new policy will be to calculate the past two months worth of information every time, so that we stay as accurate as possible.  Given that, consider this info for December to be “preliminary.”  (sigh.)

We’ll put the MLS reported figures in parenthesis, and the figures calculated with today’s data in bold.  You see why these reports irk me?  I like exactness.

• Average Sales Price Single Family Home: ($289,254) $284,839
• Median Sales Price Single Family Home: ($236,000) $230,000
• Average Sales Price Townhome: ($199,032) $202,121
• Median Sales Price Townhome: ($175,000) $175,000
• Average Sales Price Condo: ($143,281) $142,438
• Median Sales Price Condo: ($135,000) $130,000
• Number of Active Listings: 8708 listings
• Number of Sold Units: (682 units) 743 units
• Months of Inventory, or Absorption Rate: (12.8 months) 11.7 months

I’m going to hold off drawing any conclusions about what those numbers mean until I’ve finished updating the rest of the data.  My apologies, I knew the reported sales would be at least a bit off, but I never expected them to be off by 10%. 

In the meantime, talk amongst yourselves.  Here, I’ll give you a topic: The peanut is neither a pea, nor a nut.  Discuss.

Other Information That Might Be Helpful

• Tucson Market Statistics and Report - December 2008 (January 20, 2009)

  The Overview via Podcast:

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

  The Quick Numbers:

  Single Family Home Average Sales Price: $214,563
  Single Family Home Median Sales Price: $176,000
  Single Family Home Units Sold: 577
  Single Family Home Months of Inventory: 10.5 months

  Townhouse Average Sales Price: $171,622
  Townhouse Median Sales [...]

• Tucson Real Estate Market Stats - December 2007 (January 24, 2008)

  Okay.  I went back through and pulled new numbers because of the large number of sales that weren’t reported on time.  Good news is that average and median sales prices were largely unaffected when you break those numbers down by area.  The changes I found were all pretty insignificant in those metrics.  The biggest impact [...]

• Tucson Real Estate Market Statistics - August 2007 (September 15, 2007)

  From the Tucson Association of REALTORS.
  Quick Facts:

  Average Single Family Home Sales Price: UNKNOWN***
  Median Single Family Home Price: $245,000
  Average Townhome Sales Price: $208,561
  Median Townhome Price: $182,500
  Average Condo Sales Price: $160,364
  Median Condo Price: $150,000
  Average Days on Market:69
  Citywide Months of Inventory: 8.8 months
  Number of Units Sold: 1019
  Number of Active Listings: 8954
  Number of New Listings: 2337

  ***The August Statistics Report [...]

• July 2007 Statistics for the Tucson Real Estate Market (August 14, 2007)

  Stats just released from the Tucson MLS today!
  Quick Facts:

  Active Listings: 8692 units
  Number of Sales: 1098 units
  Average Single Family Home Sales Price: $295,399
  Median Single Family Home Sales Price: $235,000
  Average Townhome Sales Price: $202,050
  Median Townhome Sales Price: $182,000
  Average Condo Sales Price: $157,399
  Median Condo Sales Price: $145,888
  Average Days on Market: 65
  Citywide Months of Inventory: 7.9 months

  Pending Sales and [...]

• Tucson Market Report and Statistics - February 2009 (March 26, 2009)

  No podcast today - caught myself a cold and it took my voice. But the stats go on…

  The Quick Numbers:

  Single Family Home Average Sales Price: $235,819
  Single Family Home Median Sales Price: $188,500
  Single Family Home Units Sold: 503
  Single Family Home Months of Inventory: 12.2 months

  Townhouse Average Sales Price: $170,387
  Townhouse Median Sales Price: $143,500
  Townhouse Units [...]

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