Tucson Real Estate Market Statistics - August 2008
September 13, 2008
The overview, as Kelley sees it:
or Download Tucson Market Stats for August 2008 here (MP3)
You can also read the written overview, on that Tucson Market Stats link at the top of the page. Or, you can subscribe to my Tucson Market Reports podcast here, just FYI.
The Quick Numbers:
- Single Family Home Average Sales Price: $270,889
- Single Family Home Median Sales Price: $207,000
- Single Family Home Units Sold: 701
- Single Family Home Months of Inventory: 8.9
- Townhouse Average Sales Price: $159,904
- Townhouse Median Sales Price: $159,900
- Townhouse Units Sold: 55
- Townhouse Months of Inventory: 11.0
- Condo Average Sales Price: $131,687
- Condo Median Sales Price: $134,950
- Condo Units Sold: 50
- Condo Months of Inventory: 9.4
- Citywide Average Sales Price: $246,084
- Citywide Median Sales Price: $189,375
- Citywide Units Sold: 806
- Citywide Months of Inventory: 9.1
Remember to check out the individual areas in the link at the top of the page. Click on Tucson Market Stats, and you’ll see the 9 areas of Tucson as links underneath.
Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.
tags: market reports, market statistics, tucson, tucson real estate
Tucson Real Estate Market Report - July 2008
September 13, 2008
The overview, as Kelley sees it:
or Download Tucson Market Stats for July 2008 here (MP3)
You can also read the written overview, on that Tucson Market Stats link at the top of the page. Or, you can subscribe to my Tucson Market Reports podcast here, just FYI.
The Quick Numbers:
- Single Family Home Average Sales Price: $277,243
- Single Family Home Median Sales Price: $210,000
- Single Family Home Units Sold: 731
- Single Family Home Months of Inventory: 8.9
- Townhouse Average Sales Price: $194,502
- Townhouse Median Sales Price: $179,450
- Townhouse Units Sold: 68
- Townhouse Months of Inventory: 9.2
- Condo Average Sales Price: $137,027
- Condo Median Sales Price: $138,000
- Condo Units Sold: 43
- Condo Months of Inventory: 11.9
- Citywide Average Sales Price: $263,400
- Citywide Median Sales Price: $203,750
- Citywide Units Sold: 842
- Citywide Months of Inventory: 9.1
Remember to check out the individual areas in the link at the top of the page. Click on Tucson Market Stats, and you’ll see the 9 areas of Tucson as links underneath.
Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.
tags: market reports, market statistics, tucson, tucson real estate
Home Prices Around the University of Arizona
September 13, 2008
An opinion piece at AZBiz.com yesterday makes the argument that house values around the University of Arizona will hold steady and prices will rise because the University has access to several sources of deep pockets and will not see the outsourcing or down-sizing that a corporation might.
It says:
“It is a no-brainer that even if we have a deep recession, the University of Arizona will have access to federal, state,and private-sector money and that it will not see the outsourcing, downsizing, and layoffs that will beset U.S. corporations. Research universities will be some of the most stable institutions in the country.
As oil prices increase, University of Arizona employees will choose housing where they can walk or bike to work. Housing to the east and west of the UA campus will continue to hold its value compared to the general housing market.”
One would assume the areas north and south of the University would share the same fate.
Let’s see. The average sales price, roughly a mile radius around the University, over time:
- During 2005: $290,746
- During 2006: $308,201
- During 2007: $277,202
- During 2008 to date: $292,667
An admittedly crude analysis, but something that will be interesting to watch.
Tucson Real Estate Market Report - June 2008
September 13, 2008
The overview, as Kelley sees it:
or Download Tucson Market Stats for June 2008 here (MP3)
You can also read the written overview, on that Tucson Market Stats link at the top of the page. Or, you can subscribe to my Tucson Market Reports podcast here, just FYI.
The Quick Numbers:
- Single Family Home Average Sales Price: $283,295
- Single Family Home Median Sales Price: $216,626
- Single Family Home Units Sold: 774
- Single Family Home Months of Inventory: 8.6
- Townhouse Average Sales Price: $191,701
- Townhouse Median Sales Price: $164,850
- Townhouse Units Sold: 78
- Townhouse Months of Inventory: 8.3
- Condo Average Sales Price: $147,835
- Condo Median Sales Price: $149,700
- Condo Units Sold: 58
- Condo Months of Inventory: 9.1
- Citywide Average Sales Price: $266,810
- Citywide Median Sales Price: $205,000
- Citywide Units Sold: 910
- Citywide Months of Inventory: 8.6
Remember to check out the individual areas in the link at the top of the page. Click on Tucson Market Stats, and you’ll see the 9 areas of Tucson as links underneath.
Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.
Improved Stats and Sale to List Price Ratios
September 13, 2008
I’m working on a new and improved (hopefully) version of the Tucson market statistics page, so I’ve been considering what kind of information would be helpful to include and at what level of detail, and balance that with not having statistic generation become a full time job.
By the way - if there’s something you’ve been dying to see on that page, or some other metric you’d be interested, leave a comment and I’ll put it on the list for consideration.
Anyway. So I was perusing the latest market statistics put out by the Tucson MLS, and at the end of the president’s introduction, she says that the ratio between list price and sales price averages at 95.34%.
The list to sales price ratio is a figure that hasn’t been included in those reports for a while, at least not in a prominent manner, like it used to be.
So I’m looking at that 95% sales price to list price ratio, and I’m thinking - of my most recent buyers and sellers, no one paid 95% of list. Most of my buyers found very well priced homes, moved quickly, and got those houses. My last few listings haven’t closed yet, so I can’t disclose specifics, but we’re pretty darn close to list price on those too.
What all the averages and numbers don’t take into account is individual pricing. Sure, maybe we can use average numbers if the house is average and the price is average. But sometimes, we’re looking at a new listing, with a fabulous price - and there’s no way you’ll get it for 95% of list. Heck, I’ve been in bidding wars and multiple counter offers several times this year.
There seems to be a perception that buyers can get sharp discounts off of every house. And I’ll gladly agree that there are still vastly overpriced homes out there where that applies. But it isn’t a hard and fast rule. You can’t just take 5% off every list price and expect that to be accepted. Some sellers ARE pricing very well, are demonstrating clear value, and their houses are selling fast. You’ve really got to analyze each home individually, on it’s own relative merits, before making a decision as to value.
Back to my numbers now. I wonder - if you track the rate of change of, say, average sales price or active listings, would there be too much bounce in the data, especially on a per area basis? And would smoothing it take away any value that data might have had? Anyone?
April 2008 Tucson Real Estate Market Report
September 13, 2008
The overview, via the voice of Kelley:
or Download Tucson Market Stats for April 2008 here (MP3)
And the straight numbers:
- Single Family Home Average Sales Price: $281,405
- Single Family Home Median Sales Price: $209,950
- Single Family Home Units Sold: 710
- Single Family Home Months of Inventory: 9.9
- Townhouse Average Sales Price: $224,725
- Townhouse Median Sales Price: $202,000
- Townhouse Units Sold: 83
- Townhouse Months of Inventory: 9.0
- Condo Average Sales Price: $132,961
- Condo Median Sales Price: $130,264
- Condo Units Sold: 59
- Condo Months of Inventory: 10.6
- Citywide Average Sales Price: $265,605
- Citywide Median Sales Price: $200,000
- Citywide Units Sold: 852
- Citywide Months of Inventory: 9.9
Remember to check out the individual areas in the link at the top of the page. Click on Tucson Market Stats, and you’ll see the 9 areas of Tucson as links underneath.
And if I set this up correctly, you can subscribe to future Tucson market reports by subscribing to my podcast.
Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.
March 2008 Tucson Real Estate Market Report
September 13, 2008
The overview via the voice of Kelley:
Download Tucson Market Stats for March 2008 here (MP3)
And the straight numbers:
- Single Family Home Average Sales Price: $291,590
- Single Family Home Median Sales Price: $220,000
- Single Family Home Units Sold: 647
- Single Family Home Months of Inventory: 11.0
- Townhouse Average Sales Price: $194,530
- Townhouse Median Sales Price: $168,750
- Townhouse Units Sold: 64
- Townhouse Months of Inventory: 11.4
- Condo Average Sales Price: $144,721
- Condo Median Sales Price: $129650
- Condo Units Sold: 46
- Condo Months of Inventory: 12.2
- Citywide Average Sales Price: $274,460
- Citywide Median Sales Price: $210,500
- Citywide Units Sold: 757
- Citywide Months of Inventory: 11.1
Remember to check out the individual areas in the link at the top of the page. Click on Tucson Market Stats, and you’ll see the 9 areas of Tucson as links underneath. I’ve compiled all that data, and the individual area links should be updated by tonight.
And if I set this up correctly, you can subscribe to future Tucson market reports by subscribing to my podcast.
Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.
Which Price Ranges are Selling?
September 13, 2008
March Market stats should be coming out soon from the Tucson MLS, and I’ll be calculating my own here shortly. I was curious though: since there are fewer sales than are typical, which price brackets are selling?
This is March sales from 2007 and 2008, single family homes only. You can see the bulk of home sales are in the couple of brackets just on either side of $200,000-$250,000 price range, which would be expected given our average sales price and the typical Tucson home.
Look at those high end sales though. Not much difference between this year and last.
The big difference is right at that $200k-$250k mark. That’s the biggest change, where fewer homes are selling this year compared to last.
Which is what you’d expect, right? With the recent financing changes making money a little tighter for the average person, you’d expect the average home price to be where fewer homes will sell. The people buying high end homes probably have cash to do so, or a large down payment.
Interesting. The market hasn’t scaled down evenly overall. That’s something I knew intuitively by being in the market, but seeing real numbers to back it up is interesting.
Belated February 2008 Tucson Real Estate Market Stats
September 13, 2008
I’m late with the market report for February, and I apologize. I am frustrated with the manner in which I must generate these numbers. It’s incredibly cumbersome. There’s just got to be a better way.
But on with the show, eh?
For the Tucson Area, as calculated today:
- Average Single Family Home Sales Price: $292,441
- Median Single Family Home Sales Price: $219,000
- Single Family Homes Sold: 519
- Single Family Homes for sale: 7241
- Single Family Homes Months of Inventory: 13.95
- Average Town Home Sales Price: $198,340
- Median Town Home Sales Price: $170,625
- Town Homes Sold: 48
- Town Homes for sale: 831
- Town Home Months of Inventory: 17.3
- Average Condo Sales Price: $129,462
- Median Condo Sales Price: $126,700
- Condos Sold: 30
- Condos for sale: 585
- Condo Months of Inventory: 19.5
Which means Citywide:
- Average Sales Price: $276,685
- Median Sales Price: $205,000
- Units Sold: 597
- Active Units: 8657 units
- Months of Inventory: 14.5 months
I’ve pulled city stats as well as the individual area metrics and updated all of those files, which you can - and should - check out by clicking on “Tucson Market Stats” at the top of the page here, and then you can click on the individual areas to see how your side of town is faring.
I also split the average and median sales prices for the individual areas, as it was getting too crowded having 2006, 2007, and 2008 average and median lines all on a single chart.
Stats include only the 9 major areas of Tucson, for single family, town home, and condos only.
Tucson Real Estate Market Stats - January 2008
September 13, 2008
Tucson MLS released their residential real estate market report this week for January 2008. I prefer to pull my own. As I don’t work in the more remote reaches of the large area encompassed by our MLS, I like to see stats for the areas and types of properties that I actually work with.
I’ll be working on some more detailed numbers over the weekend, updating the individual areas and graphs that you can find from the Stats link at the top of the page. For now, the short, hard numbers:
As calculated today:
- Average Single Family Home Sales Price: $299,866
- Median Single Family Home Sales Price: $218,000
- Single Family Homes Sold: 435 units
- Average Town Home Sales Price: $205,756
- Median Town Home Sales Price: $180,000
- Town Homes Sold: 49 units
- Average Condo Sales Price: $157,194
- Median Condo Sales Price: $140,947
- Condos Sold: 34 units
Which means Citywide:
- Average Sales Price: $281,600
- Median Sales Price: $210,000
- Units Sold: 518
Please remember that I calculate stats from only the 9 major areas of Tucson: North, Northwest, Northeast, West, Central, East, South, Southeast, and Southwest. I include only homes, townhomes, and condos.
