Tucson real estate sales statistics for August (Warning, you might want to grab your box of Kleenex now)

Ouch!!! The Tucson real estate sales statistics for August were just released and they don't look good! Looks like average sales price, median sales price, pending contracts and homes sale units were all down while number of new listings were up. Not a good mix....


- Tucson saw a pretty significant dip in our average sale's price in August; the average price dropped to $238,504, a 6.42% decrease from July's average of $254,854, and a 12.94% decrease from August 2007 ($273,815).

Tucson average sales price for August

- Tucson's median sales price for August '08 was $185,000, a .7.45% decrease from July's median price of $199,900, and a 16.25% decrease from August 2007's median price of $220,900.

- There were 878 Pending contracts in August 2008, a decrease of 8.54% from the number of Pending's in July (960). It's also a 14.26% decrease from the number of Pending contracts in August 2007 (1,024).

- The average days on market decreased by one putting us at 77 for August 2008, compared to 78 DOM in July and 68 DOM in August 2007.

Tucson average days on market for August

- Tucson had 7,763 Active listings in August, a 1.43% decrease from 7,876 in July 2008, and a 13.30% decrease from August 2007 (8,954).

- Tucson saw 1,952 New listings in August 2008, a 16.26% increase from July 2008 (1,679), but a 16.47% decrease from August 2007 (2,337).

- The number of units sold in August 2008 (903) decreased by 4.44% from July's number of 945. It's a 17.31% decrease from August 2007 (1,092).

Wow, what to say..... As I've said it's going to get worse before it gets better. There's a few other real estate professionals that agree with me when we're in private, but otherwise it's really kind of an unspoken subject. Don't want to appear too negative! Unfortunately we've got to be realistic. The economy is a mess, there's a lot of people that cannot obtain home financing, and I think to some degree the nation is at a standstill until this election is over. Home prices will not increase until we can rid our market of the foreclosures and excess resale inventory. Foreclosures will likely increase over the next few months so we can count on prices remaining low for some time. On the up side if you don't have a home to sell, you qualify for a loan and you have cash available for a down payment, there's some great inventory out here!

Tucson real etstate sales statistics for August