July 2007 Tucson Real Estate Sales Statistics at a Glance

Here's the breakdown for the Tucson Residential Sales Statistics for July 2007. As you'll see on the chart, sales prices have decreased slightly after a steady increase over past months. The average home sales prices decreased by 1.73% from $273,717 in July 2006 to $268,983 in July 2007.

Tucson Average Residential Sales Price - July 2007

Active listings dropped to 8,692, down 2.94% compared to July 2006's number of 8,955.

New listings dropped to 2,766, down 3.52% compared to July 2006 number's of 2,867.

Pending contracts were up 63.18% to 1,777 , compared to 1,089 pending contracts in July 2006.

Average Days on Market have increased to 65, up one day over June's DOM of 64. This number if never truly reflective of the actual days a listing is on the market but it can still be used as a gauge of what the market is like. Tucson's summer heat also tends to slow buyers down as they are reluctant to venture out.

Tucson Average Days on Market - July 2007

While all areas in Tucson saw a decrease in the number of homes sold, Northwest Tucson again saw a higher number of homes sold then the rest of the city.

Number of Listings Sold by Area - July 2007

Northwest Tucson, including Oro Valley and Marana, sold 2,081 listings and saw a 3.59% decrease in homes sales compared to July 2006. Northwest Tucson also saw the highest number of active listings, with 2,539, a 8.36% increase over the number of listings in NW Tucson for June 2007. The average DOM for homes in NW Tucson was 72, down 1 day from June 2007.

Central Tucson saw the second highest number of homes sold with 1,377, down 8.69% from July 2006. Central Tucson also has the second highest number of active listings, with 1,085, down 5.2% from June 2007.

The increase in Pending Contracts from July 2007 to July 2006 shows that buyers are actively in the Tucson real estate market to purchase homes. Although issues regarding the ability for some to obtain loans continues to wreak havoc on the real estate market across the country, those that are financially ready are taking advantage of lower homes prices and the sellers willingness to negotiate.