Tucson Market Statistics and Report – April 2009
May 20, 2009
The Overview via Podcast:
Download Tucson Market Stats for April 2009 here (MP3) or subscribe to the Tucson Market Reports podcast here.
The Quick Numbers:
- Single Family Home Average Sales Price: $203,289
- Single Family Home Median Sales Price: $168,000
- Single Family Home Units Sold: 676
- Single Family Home Months of Inventory: 8.9 months
- Townhouse Average Sales Price: $164,394
- Townhouse Median Sales Price: $157,000
- Townhouse Units Sold: 71
- Townhouse Months of Inventory: 9.1 months
- Condo Average Sales Price: $117,575
- Condo Median Sales Price: $118,950
- Condo Units Sold: 28
- Condo Months of Inventory: 17.9 months
- Citywide Average Sales Price: $196,629
- Citywide Median Sales Price: $164,195
- Citywide Units Sold: 775
- Citywide Months of Inventory: 9.2 months
Check out those pending sales - 2028 units pending in April. Here’s hoping a lot of them close! I’m seeing more activity out there, especially in the lower price ranges. I’m also seeing fairly high rates of deals falling thru - pending sales are up nearly 14% over last month, but closed sales only increased 2%. Getting a buyer and seller to agree is one thing, getting a deal to actually complete is quite another!
I know I say it every month, but I can’t stress this enough. Forget the national media. Look at your local market - and look at your own area and price band within your local market. In Tucson, under $300k, there is 7 months of inventory. Not terrible. In the $300k-600k range, there is 17 months of inventory. Huge difference. I’m not saying everything is peachy-keen, but you can’t translate what is going on in another city or even another price band to every niche in our market.
Seasonally, we expect sales to start picking up over summer, and we’ve seen that a little bit. Citywide, the average sales prices are still dropping, as well as the median sales prices. In fact, this is the first time I’ve seen the citywide average dip under $200k since I’ve started tracking numbers here on the blog. My citywide sales price distribution chart tells me that the under $200k market is still very active while the $200k+ market isn’t selling as well. The lack of higher priced sales and the high activity in the lower price bands is a factor in that decreasing sales price - as well as declining market values overall. My experience in the market tells me that prices are dropping faster in the higher price bands than they are in the lower price bands - higher activity will tend to stabilize prices. Once again, looking at a city average sales price doesn’t really set proper expectations. We have to look at each specific niche.
Speaking of which, 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
Tucson Market Statistics and Report – March 2009
May 4, 2009
The Overview via Podcast:
Download Tucson Market Stats for March 2009 here (MP3) or subscribe to the Tucson Market Reports podcast here.
The Quick Numbers:
- Single Family Home Average Sales Price: $222,195
- Single Family Home Median Sales Price: $174,950
- Single Family Home Units Sold: 678
- Single Family Home Months of Inventory: 9.1 months
- Townhouse Average Sales Price: $158,228
- Townhouse Median Sales Price: $132,500
- Townhouse Units Sold: 53
- Townhouse Months of Inventory: 12.6 months
- Condo Average Sales Price: $129,968
- Condo Median Sales Price: $123,450
- Condo Units Sold: 26
- Condo Months of Inventory: 18.9 months
- Citywide Average Sales Price: $214,549
- Citywide Median Sales Price: $172,000
- Citywide Units Sold: 760
- Citywide Months of Inventory: 9.7 months
Welcome to Spring in Tucson! Seasonal trends are still in effect - sales typically pick up in early Spring and stay higher until August or so, which is exactly what happened in March. The number of sales were up, pending sales were up, and months of inventory were down, as were average sale prices.
Check out the citywide sale price distribution charts - sales of homes in the $0-$250,000 range is where most of the activity increase occurred. If you stop and think about the market, it makes sense. With the first time buyer tax credit, good FHA interest rates, and a healthy supply of foreclosed homes selling at a discount, it makes sense that the first time buyer market price band would pick up. There’s some investor activity picking up too, if my received email is any indication.
Look at those months of inventory charts by area too. The high end markets - especially the North and Northeast - have a glut of high end properties that aren’t selling. But check out the Southern band of town - Southwest, South, Southeast, even the East - all months of inventory levels coming down into more of a balanced range.
Inventory levels are still on the high side, and not coming down very quickly. We’ve been in the low 7000 range of properties for sale for a good 8 months now.
If you’re buying in this market, analyze your price band carefully. You’ll encounter a very different market in the $150,000 price range than you will in the $1,000,000 price range.
If you’re selling in this market, same goes. Pricing, condition, and fabulous presentation are more important than ever. If you’re not the best looking, best priced, best presented house on the block, then you aren’t selling.
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
