Tucson real estate sales stats for July

Tucson real estate sale statistics for July are out and it looks like the market may be on it's way to slowly stabilizing. During July Tucson saw fewer new listings, while the average sales price dipped by just 1%, and median home price remained literally unchanged from the previous month. Could this be the light at the end of the tunnel?

- Tucson saw a slight dip in our average sale's price in July; the average price dropped to $254,854, a 1.01% decrease from June's average of $257,449, and a 4.84% decrease from July 2007 ($267,808).


Tucson average sales price for July

- Tucson's median sales price for July '08 was $199,900, a .05% decrease from June's median price of $200,000, but a 7.88% decrease from July 2007's median price of $217,000.

- There were 960 Pending contracts in July 2008, a increase of almost 1% over the number of Pending's in June (951). It's also a 45.98% decrease over the number of Pending contracts in June 2007 (1,777).

- The average days on market remained unchanged at 78 in July 2008, but still a 20% increase from June '07 (65) .


Tucson average days on market for July

- Tucson had 7,876 Active listings in July, a 3.24% decrease from 8,140 in June 2008, and a 9.39% decrease from July 2007 (8,692).

- Tucson saw 1,679 New listings in July 2008, a 19.86% decrease from June 2008 (2,095) , and a 39.30% decrease from July 2007 (2,766).

- The number of units sold in July 2008 (945) decreased by 8.61% from June's number of 1034. It's a 20.05% decrease from July 2007 (1,182).

July is typically a slower month for real estate in Tucson. The temperatures are hot and the summer monsoons make it very humid. We see very few out of state visitors during our summer months so retirees and second home buyers aren't taking advantage of the great inventory that's available. Those that are buying are generally job relocations trying to squeeze a move in the school year starts.

I'm really hoping these numbers are a reflection of the stabilization that Tucson's housing market needs, but there's no way to tell until we see real estate stats for the next few months. If we continue to see fewer new listings and more unit sales, we'll be on the right track to reducing our Days of Inventory, which was at about 258 days as of July. Though this number seems relatively high, it's dropped by about 50% since January '08, meaning we might be headed in right direction.

Get all the latest Tucson real estate numbers at the TAR Monthly Statistical Digest