Tucson Market Statistics and Report – November 2008
December 10, 2008
The Overview via Podcast:
Download Tucson Market Stats for November 2008 here (MP3) or subscribe to the Tucson Market Reports podcast here.
The Quick Numbers:
- Single Family Home Average Sales Price: $233,754
- Single Family Home Median Sales Price: $188,000
- Single Family Home Units Sold: 492
- Single Family Home Months of Inventory: 12.7 months
- Townhouse Average Sales Price: $148,501
- Townhouse Median Sales Price: $134,000
- Townhouse Units Sold: 33
- Townhouse Months of Inventory: 19.4 months
- Condo Average Sales Price: $121,253
- Condo Median Sales Price: $112,200
- Condo Units Sold: 22
- Condo Months of Inventory: 20.1 months
- Citywide Average Sales Price: $224,086
- Citywide Median Sales Price: $184,000
- Citywide Units Sold: 547
- Citywide Months of Inventory: 13.4 months
Well, we’ve hit our winter market. Sales are down, pendings are down, and listings are fairly stable, actually. Citywide, we came in at 13.4 months of inventory for November, which is roughly where were were last winter too. The only difference is that sales prices are down.
Citywide, the average home in November was $224,086, with the average single family home weighing in a tad higher at $233,754. Typically, those two values have a bit more spread between them, but the higher end market sort of dropped out, and those large luxury property sales aren’t there to skew values higher. You can see this effect in the median sales price as well, at $184,000 in November.
Typically, we’ll see this seasonal slowdown through about March. Most of the people out there buying over the holidays are the serious ready-to-go buyers, ready to cut some deals. If you’re one of those people out there trying to sell your home over the winter months, you have got to be positioned incredibly competitively right now. There’s fewer buyers, with a lot of choice - but if they’re sniffing around now, they’re usually serious about making a decision and moving.
If only to further prove the luxury market has stalled, the North and Northeast, the priciest areas of town, both have 18 months of inventory, the highest across the city, with the East coming in at the lowest, at 9.96 months of inventory.
As always, there are extensive charts and statistics and whatnot, broken down by area and type of housing, over at Statistics.Housechick.com. The market in this city varies widely from one end to the other, so you can check out what’s going on in your area over at that section of my site.
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
