Tucson's August 2007 Real Estate Statistics

The Tucson Association of Realtors released the August 2007 Tucson Real Estate statistics on Friday and the numbers look surprisingly promising in some areas compared to previous months. The good news is that the average sales price increased as did the number of pending contracts, but on the downside the average Days on Market increased and the number of units sold decreased significantly. It appears that maybe the recent frenzy within the mortgage industry has made some consumers weary to buy, but the increase in Pending contracts shows that there still is some confidence in Tucson's Real Estate market.

Tucson Home Sales Units - The number of homes sale's units decreased by 26.2% from 1,381 in August 2006 to 1,019 in August 2007. Tucson saw a 7.2% decrease in home sales units from July to August 2007.

Tucson Average Sale's Price - Tucson Real Estate saw a 2% increase in the Average Sale's Price from $268,408 in August 2006 to $273,932 in August 2007. Also reflected is a 1.9% increase in the Average Sale's Price from July to August 2007. This is great news for home sellers that have grown frustrated with recently declining prices.

Tucson Home Average Sale's Price August 2007

Tucson Pending Sales Contracts - While Sales Contracts Pending in Tucson increased by 14.7% from 893 in August 2006 to 1,024 to August 2007, there was a sharp decline in Pending contracts from July to August of this year. The number of Pending contracts in August 2007 (1,024) dropped by 42% from those pending in July 2007 (1,777). The decline comes in the aftermath of a nation wide "Mortgage Meltdown" that's been front page news for several months. Though the low August numbers for Pending contracts is typical in the Tucson market, the recent widespread media attention regarding mortgage problems might be playing a stronger role in consumers decisions to buy real estate.

Tucson Active Listings - Slowing home sales might be affecting homeowners decision to sell, as Tucson saw fewer active listings in August 2007. The number of Tucson Active Listings decreased by 4.75% from 9,401 in August 2006 to 8,954 in August 2007. Still the number of Active Listings in August did increase 3% over July's Active Listings. This corresponds to the increase in Tucson's Days on Market.

Tucson Average Days on Market - The Average Days on Market in Tucson also increased to 69 in August 2007, up 30% from the August 2006 average of 53 days. August's average days on market also represented a 6% increase over July's average day's on market, which was 65.

Tucson Average Days on Market August 2007

Tucson's real estate market is seeing some signs of improvement as sales prices seem to be slowly inching upwards and more homes are receiving offers. Still, as the days on market continues to increase and the mortgage fallout intimidates buyers, home sellers are realizing that they must be patient and price accordingly up front to be successful in Tucson's current real estate market. As Tucson moves into its "busy season" for real estate, it will be interesting to see future real estate stats. If future sales continue to follow past trends, Tucson can expect to see a small increase in home sales prices and a slight increase in days on market. Only time will tell!