Tucson Real Estate Statistics – June 2010
July 15, 2010
The Quick Numbers:
- Single Family Home Average Sales Price: $207,554
- Single Family Home Median Sales Price: $160,000
- Single Family Home Units Sold: 910
- Single Family Home Months of Inventory: 6.5 months
- Townhouse Average Sales Price: $146,990
- Townhouse Median Sales Price: $134,500
- Townhouse Units Sold: 80
- Townhouse Months of Inventory: 7.6 months
- Condo Average Sales Price: $94,564
- Condo Median Sales Price: $80,000
- Condo Units Sold: 49
- Condo Months of Inventory: 9.5 months
- Citywide Average Sales Price: $197,562
- Citywide Median Sales Price: $154,000
- Citywide Units Sold: 1039
- Citywide Months of Inventory: 6.7 months
- June brings us the last of the tax credit bump in activity. Okay, so they extended the close period a bit longer, but my gut says the vast majority are closed and done with. The extension might help a few, but I would guess most closed and are done as scheduled by the end of June.
- Because of that, in my humble opinion, we’re going to start to see everything decline. Yes, sale levels were fairly consistent with previous in June, but I’m betting that is about to change. And I think the number of pending sales we saw in June backs my theory.
- Seasonally, we should be peaking now – there should be more sales than ever right around this time. The tax credit made everything skew early, so seasonal trends are going to be off for a while.
- In June, there were 1039 homes sold in Tucson – pretty much the same sort of levels we’ve seen for the last 3 months. But – the number of pending sales has dropped to 1774 units. That’s the kind of pending sales levels we see over our winter slump lately.
- What may temper the decline is that the number of homes for sale, the active listings, isn’t going up yet. Inventory levels usually reach their lowest point right about now. We expect sales sales go down, as the low number of pending sales indicates. If the number of active listings starts to increase at the same time that sales decrease, then that just triggers even more of an oversupply and prices drop. Or drop faster. Only time will tell.
- Speaking of prices, the average home in Tucson cost $197,562 with a median of $154,000, which is nearly the same as last month. Last year at this time, the average home in Tucson was $214,926 with a median of $167,750.
- There were121 sold short sales and 327 sold bank owned homes in March, making distressed property 43% of the market. Last month, distress sales were 42% of the market.
- If you’re buying in this market, be prepared to look at a whole lot of distressed property, as that’s nearly half of what is actually selling. And if you’re selling in this market, you’d best be pricing competitively and making all your small repairs and final cleaning before buyers come through. There’s no second chances for sellers in this market.
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.
