Tucson Real Estate Sales Statistics for January

Just got the latest Tucson Real Estate Sales Statistics for January (seems like they're coming out later and later each month). Looks like everything but Pending Contracts was down from January 2007, but some areas showed increases over December 2007.


Let's just get down to the facts -

- Tucson's average sale's price for January was $266,450, a 2.4% increase from December 2007's average sales price of $260,196. (I'm having trouble with my graph but I will include it as soon as I can fix the problem)

- Tucson's median sales price for January '08 was $203,500, a 3% decrease from December's median price of $210,000, and a 7.65% decrease from January 2007's median price of $220,365.

- There were 1,079 Pending contracts in January 2008, an increase of 35% over the number of Pending's in December (799). It's also a 25% increase over the number of Pending contracts in January 2007 (863).

- The average days on market increased to 83 in January 2008, a 9% increase over December and a 22% increase over January 2007.

Tucson Average Days on Market January 2008

- Tucson had 9,168 Active listings in January, a 5.3% increase over December's number of 8,708, and a 6% decrease from January 2007 (9,742).

- Tucson saw 3,744 New listings in January 2008, a huge increase (135%) over December 2007, but a 7% decrease from January 2007. Everyone waits until the holidays are over to sell their homes!

- The number of units sold in January increased by 15% over December's number of 682. It's still a 36% decrease from January 2007.

Tucson real estate usually picks up in late Winter/early Spring when the weather is great here and horrible everywhere else. The last two months I've been swamped with visitors looking for second homes. Most of these people plan on buying something now and using it for vacation purposes short term, then retiring in it later.

Several of the major events in Tucson are scheduled in January and February; the Tucson Gem and Mineral Show and Accenture Match Play golf tournament. Many of my clients have been visiting these events and decided they want to purchase in Tucson while it's a buyers market. There's a great inventory of homes right now, and sellers are willing to negotiate. It you don't need to sell a home to buy another then you're in an ideal position right now.