Tucson Market Statistics and Report – August 2009
September 8, 2009
The Quick Numbers:
- Single Family Home Average Sales Price: $220,065
- Single Family Home Median Sales Price: $172,500
- Single Family Home Units Sold: 736
- Single Family Home Months of Inventory: 7.3 months
- Townhouse Average Sales Price: $154,058
- Townhouse Median Sales Price: $130,000
- Townhouse Units Sold: 61
- Townhouse Months of Inventory: 8.8 months
- Condo Average Sales Price: $109,085
- Condo Median Sales Price: $100,000
- Condo Units Sold: 53
- Condo Months of Inventory: 9.0 months
- Citywide Average Sales Price: $208,408
- Citywide Median Sales Price: $165,750
- Citywide Units Sold: 851
- Citywide Months of Inventory: 7.5 months
Some interesting moves in August in the Tucson housing market.
Generally, real estate activity is down every August in Tucson, and this one was no exception. Sales were down to 851 units. Last month, we had 1053 homes sold, so it seems like a huge drop until you realize that was a peak market figure, and 851 houses sold is much more in line with typical sales levels this year in Tucson.
Active listings continue to drop slowly, though with the fewer sales, our months of inventory figure, or absorption rate, was at 7.5 months, citywide, an increase from our summer peak.
Average and median sales prices continue to drop as well, down 4% and 3% from last month, respectively. Typically, with faster sales over summer, the average and median sales prices in Tucson tend to hold steady just a bit, and then start a decline as sales drop off in the winter months. This is the pattern over the last few years, and this year we’re starting to see that happen again. The only thing to counter the trend would be large decrease in inventory, but I don’t see that happening. Most likely, we’ll slowly drop in sales and prices for the next few months.
The East side of Tucson had an excellent August – the only region in Tucson to record more single family home sales than last month, ending the month with 4.3 months of inventory (for single family homes). That’s roughly one in 4 homes on the East side selling every month – not too shabby. The East side also had an increase in average and median sales price from last month, at $194,665 on average and $168,450 median.
And in the interest of full disclosure, the MLS listed one $65 million dollar sale on the West side. I removed this data point from my calculations here. That’s either a data entry error or a very unusual sale…
As always, there are extensive charts and statistics and whatnot, broken down by area and type of housing, over at my Tucson market statistics site. 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.
