Tucson Market Statistics and Report – December 2008
January 20, 2009
The Overview via Podcast:
Download Tucson Market Stats for December 2008 here (MP3) or subscribe to the Tucson Market Reports podcast here.
The Quick Numbers:
- Single Family Home Average Sales Price: $214,563
- Single Family Home Median Sales Price: $176,000
- Single Family Home Units Sold: 577
- Single Family Home Months of Inventory: 10.5 months
- Townhouse Average Sales Price: $171,622
- Townhouse Median Sales Price: $155,000
- Townhouse Units Sold: 55
- Townhouse Months of Inventory: 11.0 months
- Condo Average Sales Price: $120,197
- Condo Median Sales Price: $114,087
- Condo Units Sold: 28
- Condo Months of Inventory: 15.3 months
- Citywide Average Sales Price: $206,981
- Citywide Median Sales Price: $170,500
- Citywide Units Sold: 660
- Citywide Months of Inventory: 10.8 months
Good news and bad news for December’s real estate market in Tucson. Good things: We’ve got the fewest number of listings seen since January 2006. Sales are up 20% over last month, and in some of the hardest hit areas of town, sales finally are ticking up a bit, bringing overall months of inventory levels into more reasonable ranges. On the not so great side: the average and median sales prices in Tucson took a huge hit in December, and the upper end of the market is showing signs of tanking faster than before.
Citywide, the average single family home was $214,563 - if you look at single family homes, townhomes, and condos combined, the average price citywide was $206,981, with a median of $170,500. There were 660 sales in December and 7106 listings, giving Tucson 10.8 months of inventory.
Months of inventory gives you an idea of how well supply and demand are balanced - or how far they’re out of balance. It was interesting that our hardest hit foreclosure areas along the Southern band of Tucson all had more sales in December than in November, recording months of inventory figures between roughly 7.5 and 9 months.
Contrast that to our luxury home market areas - largely the North and the Northeast, where prices are tumbling quickly and months of inventory are both in the high teens. When the average home list price in North Tucson is $901,130 and the average sale price for a home in the same area is $425,843, you know there’s a problem.
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
