July 2007 Statistics for the Tucson Real Estate Market
Stats just released from the Tucson MLS today!
Quick Facts:
- Active Listings: 8692 units
- Number of Sales: 1098 units
- Average Single Family Home Sales Price: $295,399
- Median Single Family Home Sales Price: $235,000
- Average Townhome Sales Price: $202,050
- Median Townhome Sales Price: $182,000
- Average Condo Sales Price: $157,399
- Median Condo Sales Price: $145,888
- Average Days on Market: 65
- Citywide Months of Inventory: 7.9 months
Pending Sales and the number of Units Sold were down from last month - no surprise as they take a dip nearly every year in July. Usually, both figures take a short trip higher in August, and begin a slow decline into the slow-down at the end of year holiday season.
The Average Sales Price ticked down to $268,983, down from $298,447 last month. When the $298k figure came out last month, there was hubub about luxury homes skewing the average sales price figure, causing a big jump from May to June of this year. Now we’re fluctuating the other way: I’m waiting for the reports of fire and brimstone for the Tucson real estate market based on this figure from the media. Average price goes up, it’s just those darn million dollar homes. Average price goes down, worlds collapse. I prefer to watch the median sales price.
Median sales price came down to $218,750 in July, from $229,000 in June. A little perspective: we’ve been bouncing between $210k and $229k since June of 2005. A $10k drop feels like a lot, but we had a similar move between February and March of 2006, between August and September of 2006, and a $10k rise between January and February of 2006, with a bunch of little moves up and down inbetween. However, the downward move in median sales price is certainly something to keep an eye on. I think anyone buying or selling right now has felt the relative flatness of the market. Was anyone expecting record citywide appreciation this year? No? Okay, me neither. In fairness, some areas of town seem to be experiencing a small, healthy amount of appreciation. We’ll break those down in a separate post.
We had 8692 active listings in July 2007, roughly the same as last month. We had a nice little downward trend in the number of listings over the past couple of months - is this a plateau? We’ll have to wait and see.
Average days on market for July 2007 was 65 days. We’ve been in the mid sixties for 9 months now. If you’re a regular reader, you know DOM isn’t my favorite figure. We’ll do some months of inventory calculations in a separate post, which I feel is a more accurate assessment than DOM.
So that’s July 2007 market statistics for Tucson. Give me a day or two to break down months of inventory and other interesting figures by area, and I’ll report back in.
