Tucson Real Estate sales statistics for February

I'm a little late with Tucson's real estate sales stats for February, but here you go. Looks like the average sales prices was up from February of 2007 but down from January 2008. Pending contracts and new listings were up from the same time last year, while home sales, active listings and the medium price were all down.


- Tucson's average sale's price for February was $262,155, a 1.6% decrease from January 2008's average sales price of $266,450. Still it's a 1% increase from February 2007's average of $259,516.

Tucson Average Sales Price for February 2008

- Tucson's median sales price for February '08 was $199,900 a 1.76% decrease from January's median price of $203,500, and a 8.92% decrease from February 2007's median price of $219,500.

- There were 1,137 Pending contracts in February 2008, an increase of 22% over the number of Pending's in January (1,079). It's also a 20% increase over the number of Pending contracts in February 2007 (1,094).

- The average days on market dropped to 81 in February 2008, a 2.4% decrease from January and a 28.5% increase over January 2007.

Tucson Average Days on Market February 2008

- Tucson had 9,168 Active listings in February, exactly the same number as January 2008. That's still a 6.89% decrease from the number of active listings in February 2007 (9,847).

- Tucson saw 2,432 New listings in February 2008, a huge decrease (35%) from January 2008, but a 2.35% increase from February 2007 (2,376).

- The number of units sold in February 2008 increased by 20% over January's number of 594. It's still a 29% decrease from February 2007.

Spring's a popular time for real estate in Tucson. Our city plays host to a number of large events that bring thousands of visitors here during the nicest part of the year. Many of these visitors fall in love with Tucson once the spend some time here, so they purchase property during the Spring months. That drives up average sales price and pending contracts and lowers the days on market. It's starting to warm up here but it's still nicer then the rest of the country, so I expect that sales will be a little stronger then the rest of the nation for at least another month or two. It's difficult to predict what's going to happen next since the economy is such a mess. All we can do is keep our fingers crossed; as foreclosures continue to increase we can't expect to see much improvement in the resale market.