Although August 2008 brought only $215,369,442 in sales as compared with July which showed $240,837,426 in sales, more than a 35 million decline, the numbers this month indicate that the Tucson market is reacting to the numbers of foreclosures and short sales, but is continuing to stabilize.

    The average sales price declined another 6.42% month over month, and is now $238,504.   The average sales price in July was $254,854.   At the peak in March 2006, the average sales price was $281,819.

     Likewise the median salesprice also declined 7.45% from $199,900 in July to $185,000 in August.  For  people thinking about entering the market as a buyer, this may be an excellent time.   The high median sales price of $226,465 occurred in November 2005.

      The number of active listings in multiple listing declined 1.43% from 7,876  units in July to 7,763 units in August.  This is a level seen last in March 2006 when 7,577 properties were on the market.  At the high point of inventory there were more than 10,300 properties on the market.

     Pending contracts declined 8.54% from 960 in July to 878 in August.  This goes back to levels of January 2001 and may reflect heistancy on the part of buyers who may have been waiting for intervention of the federal government and the interpretation of the Housing Bill.  Interest rates have once again declined with the government take over of Fannie Mae and Freddie Mac.

      There was a rise in new listings from 1679 in July to 1,952 in Agust, an increase of 16.26%.  Still this number reaches back to January 2005 levels when 1947 new listings came on the market.  With the exception of December when new listings dramatically fall, from that point in 2005, the numbers of new listings continued to soar to nearly 3500 at the peak in January 2007. 

        The number of properties sold declined 4.44% month over month with 903 sold in August and 945 sold in July.   Sellers appear to be pricing their properties to the market since only 545 properties expired; the listing  period endeed and the property did not sell.  This is down from 813 in January. 

       Properties are staying on the market an average of 77 days, down one day from July at 78.  Days on the market in July-August 2005 were a low of 25 days.  Properties at the higher price end though are staying on the market longer periods of time.

       The following chart shows the numbers of active properties for sale in each zip code within the Tucson Multiple Listing Service, the number of properties sold within each zip code during August, and the percentage of properties sold during the month.

Zip	Active	Sold		% of Active Properties Sold
85601	10	0		0.00%
85614	352	23		6.53%
65619	11	0		0.00%
85629	227	21		9.25%
85641	354	38		10.73%
85653	255	26		10.20%
85658	135	5		3.70%
85701	48	3		6.25%
85704	225	29		12.89%
85705	198	27		13.64%
85706	386	59		15.28%
85710	301	42		13.95%
85711	196	29		14.80%
85712	205	15		7.32%
85713	316	24		7.59%
85714	54	7		12.96%
85715	164	14		8.54%
85716	170	28		16.47%
85718	408	30		7.35%
85719	199	37		18.59%
85730	207	30		14.49%
85735	92	10		10.87%
85736	63	4		6.35%
85737	277	34		12.27%
85739	219	21		9.59%
85741	176	33		18.75%
85742	270	35		12.96%
85743	361	50		13.85%
85745	321	36		11.21%
85746	280	40		14.29%
85747	206	40		19.42%
85748	131	16		12.21%
85749	221	18		8.14%
85750	314	30		9.55%
85755	275	28		10.18%
85757	138	21		15.22%

    Readers can further parse and analyze the MLS numbers by clicking on the resource link.

 

Resources:

http://www.tucsonrealtors.org/tar-v2/stats_august.pdf

Tags: Statistics, Tucson Real Estate

This entry was posted on Friday, September 12th, 2008 at 6:51 am and is filed under Find a Tucson Home, Short Sales and Foreclosures, Statistics, Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.