Tucson Real Estate Market Stats – December 2007

January 24, 2008 | By Kelley Koehler | Filed Under Market Reports

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 was on the months of inventory figures (also called absorption rate). I’m not saying any miracles occurred in the market, but in some cases, the figure changed from 13 months of inventory to 10. Still not good by any definition, but at least it is more accurate.

So let’s get on with this show.

Unit sales comes in at 743 units for December 2007 which is slightly fewer than in November. Seasonally and historically, those two months are usually either very similar, or December is a tad higher than November. We’ll be keeping a close eye on this figure in the coming months.

Average sales price citywide is at $272,228, as calculated last night. Remember that I don’t consider outlying areas or manufactured/mobile homes in average and median calculations, as those aren’t areas and types that are in the market I service. That’s not quite the lowest point this year, but close, coming off a high of $307k in June 2007.

The median weighs in at $224,900. The median has been bouncing in this range for quite some time.

Citywide, we’re at 11.7 months of inventory. There are individual areas of Tucson doing better and worse – the East seems to be doing the best here, at 8.8 months of inventory.

Active listings were down a bit from November, coming in at 8708 units. This is typical – fewer people want to list their home over the holidays.

As always, you can look at the performance of the individual areas of town by clicking on Tucson Market Stats at the top of the page, and then on any of the 9 major areas of town, which will appear underneath that Tucson Market Stats link once you click on it.

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