Tucson Market Report and Statistics – February 2009
March 26, 2009
No podcast today - caught myself a cold and it took my voice. But the stats go on…
The Quick Numbers:
- Single Family Home Average Sales Price: $235,819
- Single Family Home Median Sales Price: $188,500
- Single Family Home Units Sold: 503
- Single Family Home Months of Inventory: 12.2 months
- Townhouse Average Sales Price: $170,387
- Townhouse Median Sales Price: $143,500
- Townhouse Units Sold: 42
- Townhouse Months of Inventory: 16.2 months
- Condo Average Sales Price: $148,332
- Condo Median Sales Price: $132,500
- Condo Units Sold: 34
- Condo Months of Inventory: 13.9 months
- Citywide Average Sales Price: $225,935
- Citywide Median Sales Price: $180,703
- Citywide Units Sold: 579
- Citywide Months of Inventory: 12.6 months
February shows some promising signs of improvement. Seasonally, sales slowly tick up as we approach our high season in summer, and that they did, going from 504 units last month to 579 units in February. Pending sales were up as well - traditionally a sign that sales are going to pick up in the following month, and our average sales price went up a bit for the second month in a row - which hasn’t happened since mid 2007. The Citywide average sales price is $225,935, the average single family home in Tucson is at $235,819.
However. We’re still in incredibly high months of inventory figures, at 12.6 months - well above what would signal a balanced market.
Regionally, I find it fascinating that over the past 8 months, average listing prices have trended upwards across the Northern band of the city while average sales prices in those regions continue to drop. Looking at listed inventory in the Northwest, North, and Northeast, the million+ range has more listings than before - but sales of those price ranges are few and far between. In the rest of Tucson - the West, Central, East, Southwest, South, and Southeast - the average home list price and the average sales price have both dropped more or less in lockstep.
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
