Tucson Market Statistics and Report – September 2009
October 12, 2009
The Quick Numbers:
- Single Family Home Average Sales Price: $217,013
- Single Family Home Median Sales Price: $170,000
- Single Family Home Units Sold: 714
- Single Family Home Months of Inventory: 7.6 months
- Townhouse Average Sales Price: $140,385
- Townhouse Median Sales Price: $135,450
- Townhouse Units Sold: 71
- Townhouse Months of Inventory: 7.9 months
- Condo Average Sales Price: $108,312
- Condo Median Sales Price: $108,000
- Condo Units Sold: 40
- Condo Months of Inventory: 10.9 months
- Citywide Average Sales Price: $205,148
- Citywide Median Sales Price: $165,000
- Citywide Units Sold: 825
- Citywide Months of Inventory: 7.8 months
Where did September go? The year is flying by…
We’re heading into our winter slow-down. Activity is actually a little higher than I expected, especially in the lower price ranges. There are lots of buyers out there trying to take advantage of that $8000 tax credit – and they all need to close on a home by the end of November.
In fact, home sales in the under $200k range were 67% of our market in September. Prime first time buyer home territory. We see this activity further verified in the number of pending sales – 2090 units, up well over a hundred units from last month in a season where sales should be slowing down. Given the higher number of pending sales, we ought to see that effect the number of sold units next month.
The average and median sales price citywide in Tucson made a small decline, coming to $205,148 and $165,000, respectively. Active listings went up a bit, to 6416 units, compared to 6374 last month.
The South side of Tucson had a very interesting September this year. There were 100 sales in South Tucson, where last month there were only 73, leaving the area with 4.9 months of inventory, an incredibly low figure, given the general market conditions. Despite the increased activity, the average sale price on the South side was still down from last month. It’s an area hit hard with foreclosures and short sales – perhaps prices there have reached the point where they’re becoming attractive again. 42 of those homes were bought with FHA financing, which would be those first time buyers again. 34 were bought with cash – possibly investors picking up bargains.
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.
