The average sales price of homes rose from $217,397 in September to $226,435 in October, an increase of more than $9,000. By comparison, the average home price in October 2007 was $259,557, representing an annual decrease of 12.76%.
The number of homes sold during October (823) decreased by 111 units from September (934) while the sales volume decreased by 8.22% from $203,048,605 in September to $186,456,109 in October. This is a reduction of more than $16,500,000.
It is believed many potential home buyers stayed on the sidelines during September and October waiting until November 4 when the Presidential election would be decided by the American public. Constant political rhetoric about the economy for all levels of political races, put the “economy” front and center in the minds of potential home buyers, and that factor, combined with the swings in the stock market, put a damper on home buying.
Once November 5 came, the day after the election, there appeared to be more interest by buyers looking at homes. We are swinging into holiday season, a time of the year when buyers and sellers tend to put their plans on hold until after the first of the new year. But with the new programs announced by the Government regarding re-working existing home loans, additional inventory may be taken off the market and help stabilize the market.
We are also now entering the period of time when winter visitors arrive in sunny Tucson, and many look at purchasing second homes tp get away from the snow and sleet of the northern states. Canadians are also buyers in this market.
Pending contract decrease by 9.69% to 755 units from 836 in September and the active listings increased by 1.65% to 7,988 from 7,858. Inventory has decreased by 1,325 units from last year. New listings decreased by 7 units from 2,039 in September to 2,032 in October.
The median sales prices of homes sold in October decreased only $500 to $180,000 from $180,500 in September. In October 2007, the median sales price was $30,000 more at $210,000.
The following is a breakout by zip code of active listings and those sold within each area. A full 13 page breakout of these numbers is available by clicking on the “Resource” below.
|Zip Code||# Active Listings||# Sold Listings||% of Active Listings|
|Average number of homes sold of Active||367.78%|
Tucson Association of Realtors – October Statistics, In Depth Report