Tucson Real Estate sales statistics for December

Tucson's real estate statistics for December 2007 were just released and as expected the numbers are down from November's. The average sales price, median sales prices, number of home sales and number of new listings were all down, while Pending sales and the number of days on market was up.

- Tucson's average sales price for December $260,196, down 3.8% from November's average of $269,968. It's also a .4% decrease from the average sales price in December of 2006.

Tucson Average Sale's Price for November

- Tucson median sales price for December was $210,000, down 1.5 % from November's median price of $213,000. This number was also a 2.3% decrease from December 2006's median price of $215,000.

- There were 799 pending contracts in December, down 14% from November's number of 910, but up 17.84% from December 2006's number of 678. Pending sales have actually been on the rise over the last several months, yet the number of closed sales continues to go down. The Arizona Daily Star featured an article about this last week, and attributed this discrepancy to many new home builders seeing cancellations before the homes are complete. The fact that a lot of potential buyers can't get financing is another possible cause. Although a home may receive an offer and go into escrow, the deal might fall through if the buyer can't lock down a mortgage.

- The average days on market for December rose to 76, up 5.5% from November's number of 72, and up 19% from December 2006.

Tucson Average Day's on Market

- Tucson had 8,708 Active listings in December, down 6% from November's number of 8,518 but up 2.23% from December 2006.

- Tucson saw 1,590 New listings in December, down almost 40% from November's number of 2,224 and down 11.17% from December 2006.

- The number of units sold in Tucson during December was 682, down 11% from November's number of 759 and down a whopping 30.5% from December 2006's number of 981.

These sales numbers are not surprising considering the time of year. Though Tucson is beautiful in December, it's the holiday season and most homeowners aren't interested in selling while they have all the decorations up and the gifts under the tree. Potential home buyers were spending their money on gifts and food rather then homes. With the current state of the nation's economy, more people are just holding on to their money right now and looking for a great deal.

I myself am already starting to see a swing; there's a lot of people poking their heads out and asking questions about available homes. I'm really seeing an interest from second home buyers right now. The hectic holiday season is over and there's a huge inventory and some great deals to be made. Many out of state residents are beginning to jump at the opportunities in front of them. Can't wait to see what January's sales stats will hold.