November Statistics…A Return to 2004 Levels???
Although the average price of a Tucson home in November this year decreased more than $10,500 from October of this year, the average sales price of a Tucson home was closer to the September price of $217,397 or less than $1,500. The median sales prices dipped $2,000 to $178,000 from $180,000 in October.
These numbers mirror November 2004, the beginning of the real estate boom. The average sales price in November 2004 was $214,183 and the median sales price in November 2004 was $177,000.
Reflecting the beginning of the holiday season when home sellers and home buyers are less active, sales in October totaled $186,356,109 and in November, $137,104,343. This is a decrease of more than $49,000,000.
Many buyers remained on the sidelines waiting for the outcome of the November Presidential election. In any Presidential election year, home sales tend to decline, a factor pegged to “uncertainity” about a new administration and fiscal policies. Fear about the economy was certainly parlayed into an election year mantra and such talk does not bode well for home sales.
Active listings on the Tucson Multiple Listing Service increased by a mere 8 listings from 7,988 to 7,996. This shows that inventory is stabalizing. A total of 635 units were sold in November, a decrease of 185 homes. New listings to the market decreased by 417 listings, from 2032 in October to 1615 in November. If this number holds throughout the next six months, inventory levels will abate to pre run up levels. Pending contract, those contracts waiting for close of escrow, also decreased from 755 to 677 contracts.
The majority of homes on the market now fall between the $200,000 and $249,9000 price range (1,043). 521 listings are priced between $120,000 and $139,999; 592 between $140,000 and $159,999; 636 homes between $160,000 and $179,999; and 590 homes priced between $180,000 and $199,999. Approximately 600 homes in the Tucson Multiple Listing Service are priced below $120,000.
Between $250,000 and $299,999 there 758 homes on the market; 985 between $300,000 and $399,999; 503 homes between $400,000 and $499,999; 669 between $500,000 and $749,999; 294 homes between $750,000 and $999,999; and 358 homes on the market priced at $1,000,000 or above.
| TUCSON MULTIPLE LISTING SERVICE BY ZIP CODE | ||||
| STATISTICS FROM NOVEMBER 2008 | ||||
| Zip Code | # Active Listings | # Sold Listing | % of Actives Sold | |
| 85601 | 12 | 0 | 0.00% | |
| 85614 | 379 | 19 | 5.01% | |
| 85619 | 14 | 0 | 0.00% | |
| 85629 | 227 | 35 | 15.42% | |
| 85641 | 381 | 33 | 8.66% | |
| 85653 | 214 | 22 | 10.28% | |
| 85656 | 202 | 8 | 3.96% | |
| 85701 | 39 | 3 | 7.69% | |
| 85704 | 229 | 18 | 7.86% | |
| 85705 | 198 | 13 | 6.57% | |
| 85706/85756 | 421 | 43 | 10.21% | |
| 85710 | 305 | 37 | 12.13% | |
| 85711 | 205 | 19 | 9.27% | |
| 85712 | 186 | 15 | 8.06% | |
| 85713 | 335 | 24 | 7.16% | |
| 85714 | 61 | 4 | 6.56% | |
| 85715 | 183 | 41 | 22.40% | |
| 85716 | 195 | 10 | 5.13% | |
| 85718 | 442 | 14 | 3.17% | |
| 85719 | 217 | 8 | 3.69% | |
| 85730 | 195 | 22 | 11.28% | |
| 85735 | 97 | 11 | 11.34% | |
| 85737 | 280 | 19 | 6.79% | |
| 85739 | 266 | 12 | 4.51% | |
| 85741 | 154 | 27 | 17.53% | |
| 85742 | 268 | 21 | 7.84% | |
| 85743 | 365 | 23 | 6.30% | |
| 85745 | 280 | 20 | 7.14% | |
| 85746 | 266 | 34 | 12.78% | |
| 85747 | 208 | 19 | 9.13% | |
| 85748 | 126 | 14 | 11.11% | |
| 85749 | 224 | 13 | 5.80% | |
| 85750 | 342 | 28 | 8.19% | |
| 85755 | 300 | 25 | 8.33% | |
| 85757 | 119 | 10 | 8.40% | |
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