Tucson real estate sales statistics for April

Just got got the Tucson real estate sales statistics for April. The numbers show the Tucson market was down on most areas; both the median and averages sales price were down from the previous month and previous year. Tucson also saw fewer unit sales, active listings and new listings. The only the area that did see an increase was Pending sales, which saw almost a 10% increase over March.


- Tucson's average sales price for April was $253,729, a 2% decrease from March 2008's average sales price of $259,120. It's also a 8.91.2% decrease from April 2007's average of $278,577.



Tucson average sales price for April

- Tucson's median sales price for April '08 was $195,000 a 2.5% decrease from March's median price of $200,000 and a 13.30% decrease from April 2007's median price of $224,921.

- There were 1,547 Pending contracts in April 2008, an increase of 9.7% over the number of Pending's in March (1,410). It's also a 27.11% increase over the number of Pending contracts in April 2007 (1,217).

- The average days on market increased to 78 in April 2008, a 4% increase from March '08 (75) and a 20% increase over April 2007 (65).


Tucson average days on market for April

- Tucson had 8,808 Active listings in April, a 2.37% increase from 9.022 in March 2008, and a 15.21% decrease from April 2007 (10,387).

- Tucson saw 2,441 New listings in April 2008, a .12% decrease from March 2008, and a 20.87% decrease from April 2007 (3,085).

- The number of units sold in April 2008 (973) increased by 8.1% over March's number of 900. It's a 26.17% decrease from April 2007 (1,318).


With fewer new and active listings and more pending contracts, it looks like the Tucson real estate market might just balance itself out soon. The drop in average and median sales price can be attributed to excessive inventory as well as the high number of short sales and foreclosures that are popping up everywhere and impacting property values. In February 2008 the National Association of REALTORS reported their hopeful the passage of the economic stimulus package will jump start the sluggish housing market. The increase in FHA, Fannie Mae and Freddie Mac loan limits is expected to help new buyers afford homes and current home owners avoid foreclosure. Until we see a decrease in the number of short sales and foreclosures, Tucson's average sale's price is going to be low and its resale inventory high.