Tucson Real Estate Market Statistics - August 2007
From the Tucson Association of REALTORS.
Quick Facts:
- Average Single Family Home Sales Price: UNKNOWN***
- Median Single Family Home Price: $245,000
- Average Townhome Sales Price: $208,561
- Median Townhome Price: $182,500
- Average Condo Sales Price: $160,364
- Median Condo Price: $150,000
- Average Days on Market:69
- Citywide Months of Inventory: 8.8 months
- Number of Units Sold: 1019
- Number of Active Listings: 8954
- Number of New Listings: 2337
***The August Statistics Report shows the Average Sales Price for single family homes in August 2007 as identical to that of July 2007, down to the dollar, which I find highly unlikely. When I calculate average sales price directly from MLS for single family homes for July 2007, I get $301,891, and the report says it was $295,399. When I calculate the same for August, I get $302,963, and the August report says $295,399. WTF?
In addition, there’s an unknown percentage value assigned to each average sales price:
Single Family Homes 39.9%, Townhomes 22.86%, Condos 17.58%, Manufactured Homes 15%, Mobile Homes 11.37%. All of which add up to more than 100%. I have no idea what this percentage means. Single Family Homes are much much more than 39.9% of our market.
Is there a point to looking at this report further? I used to work in a department called “Engineering Estimating” which are two words that usually don’t go together. Is this statistics estimating?
Moving On:
Everything can’t be completely wrong, right? (help me out here…)
Interesting to note is that 30.9% of listings are selling in the first 30 days, and 24% are selling in 30-60 days. That’s 54.9% of all sales that are selling in 60 days or less - over half of the sales are happening in less than the average days on market.
Unit sales are trickling downwards. Sometimes we get a little spike in August, but it didn’t happen this year. We’re heading into our winter slowdown - time to price things to sell and get ‘em gone if you’re serious about selling.
Average sales price (…sigh) and the median as reported by the MLS haven’t made any big shifts since early 2006. I’ll break it down by area and calculate my own numbers next week, see if we can find any better info. It’s been a pretty flat 18 months or so for many areas. No big surprise there.
Tucson still has double the inventory that it would typically carry in our pre-boom years. Inventory tends to go down as we hit the holiday season at the end of the year - but so do sales. However, our number of new listings each month has been making progress downward into more reasonable numbers. Still a couple hundred more new listings than I’d like to see, but the trend is a nice little ray of sunshine.
More on months of inventory, average sales prices by area later next week.
