Tucson Real Estate Market Statistics Report – December 2007

January 22, 2008 | By Kelley Koehler | Filed Under Market Reports

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.

tags: december 2007, market report, market statistics, tucson, tucson real estate

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One Response to “Tucson Real Estate Market Statistics Report – December 2007”

Tucson Real Estate Market Stats - December 2007 on January 24th, 2008 6:59 pm

[...] 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 [...]

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