Tucson Market Report and Statistics – May 2009
June 12, 2009
The Overview via Podcast:
Download Tucson Market Stats for May 2009 here (MP3) or subscribe to the Tucson Market Reports podcast here.
The Quick Numbers:
- Single Family Home Average Sales Price: $223,721
- Single Family Home Median Sales Price: $183,832
- Single Family Home Units Sold: 758
- Single Family Home Months of Inventory: 7.6 months
- Townhouse Average Sales Price: $149,471
- Townhouse Median Sales Price: $140,000
- Townhouse Units Sold: 69
- Townhouse Months of Inventory: 8.5 months
- Condo Average Sales Price: $109,885
- Condo Median Sales Price: $105,000
- Condo Units Sold: 41
- Condo Months of Inventory: 12.1 months
- Citywide Average Sales Price: $212,442
- Citywide Median Sales Price: $175,000
- Citywide Units Sold: 868
- Citywide Months of Inventory: 7.8 months
Well, we’re now into the upswing of sales over summer. Pending sales are up, number of homes sold is up, All very typical for the time of year. Citywide, there are more homes sold in Tucson over summer than in any other season.
Our citywide average sales price took a small trip upwards, to $212,442, and the median rose a bit as well to $175,000. Active listings went down to 6802, finally less than 7000 listings - a place we haven’t seen since the start of 2006. With fewer listings and more sales, our months of inventory went to 7.8 months - a figure comprable to summer of 2007.
Also interesting for May - the average sales price for each of the 9 areas of Tucson went up month over month, with the exception of the West. The Western part of Tucson took a roughly $3k hit in average sales price, but more units sold there than have sold in that region for a year and a half.
Big move this month for the Southeast side - last month they had home 69 sales, this month there were 102. They recorded the lowest absorbtion rate (months of inventory) for May at 5.3 months for single family homes, which - technically - is in the balanced market region. Not that I’d call this market especially balanced! That’s a fairly big jump for the area. My best guess would be that sales increased over summer because of two factors: affordability and a school district that people seem to rate highly.
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
