Tucson real estate sales statistics for September

Tucson's real estate sales stats for September were just released and just when you thought it couldn't get any worse it did. The economy is hittin the real estate market hard right now and it's apparent in our current numbers. The average and median sales price in Tucson have both dropped significantly as well as pending sales and homes sales volume. Both active and new listings saw slight increases as well as number of units sold.



- Tucson saw a pretty significant dip in our average sale's price again in September; the average price dropped to $217,397, a 8.85% decrease from August's average of $238,504, and a 20.19% decrease from September 2007 ($272,396).

Tucson average sales price for September

- Tucson's median sales price for September '08 was $180,500, a 2.43% decrease from August's median price of $185,000, and a 16.05% decrease from September 2007's median price of $215,000.

- There were 836 Pending contracts in September 2008, a decrease of 4.78% from the number of Pending's in August (878). It's also a 15.47% decrease from the number of Pending contracts in Sept 2007 (989).

- The average days on market decreased by one putting us at 82 for September 2008, compared to 77 DOM in August and 72 DOM in Sept 2007.

Tucson average days on market for September

- Tucson had 7,858 Active listings in September, a 1.22% increase from 7,763 in August 2008, and a 14.49% decrease from Sept 2007 (9,190).

- Tucson saw 2,039 New listings in Sept 2008, a 4.46% increase from August 2008 (1,952), but a 18.34% decrease from Sept 2007 (2,497).

- The number of units sold in September 2008 (934) increased by 3.43% from August's number of 903. It's also a 20.67% increase from Sept 2007 (774).

As the economy continues to take a dive the Tucson real estate market is following. As usual it can be said that if you are looking to buy a property there's plenty of inventory, so that's a positive note. The big problem is that fewer people can qualify for a loan. I spoke with a few lender friends of mine and all said that those that have good credit and income and a nice down payment shouldn't have a problem getting a loan. Still that can change in an instant. It's going to be interesting to see how Tucson's market is impacted by the nosedive the stock market has taken. A large number of Tucson buyers are seniors investing in retirement homes or individuals investing in second homes. After the week we've had there's a good chance that many retirees and investors have lost a huge portion of their savings and aren't in a position to buy. As we move into our busy season we'll continue to keep an eye and sales activity and hope for some improvement.