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.

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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

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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

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Tucson real estate sales statistics for May

The latest Tucson real estate sales statistics for May show that our market is beginning to pick up a little steam, at least in the short term. Tucson's median sales price, home unit sales and home sales volume increased over the previous month's numbers, but these numbers were still down from May 2007.


- Tucson again saw a decrease in our average sale's price in May; we saw an average price of $250,803, a 1.15% decrease from April's average of $253,729 and a 10% decrease from May 2007 ($278,619).

Tucson average sales price for April

- Tucson's median sales price for May '08 was $201,000, a 3.07% increase from April's median price of $195,000, but a 9.86% decrease from May 2007's median price of $223,000.

- There were 1,485 Pending contracts in May 2008, a decrease of 4% from the number of Pending's in April (1,547). It's a 24.68% increase over the number of Pending contracts in May 2007 (1,191).

- The average days on market decreased to 77 in May 2008, a 1.28% increase from April '08 (78) and a 24.2% increase over May 2007 (62).

Tucson average days on market for April

- Tucson had 8,527 Active listings in May, a 3.19% decrease from 8,808 in April 2008, and a 12.28% decrease from May 2007 (9,721).

- Tucson saw 2,282 New listings in May 2008, a 6.51% decrease from April 2008, and a 22.9% decrease from May 2007 (2,960).

- The number of units sold in May 2008 (1,025) increased by 5.34% over April's number of 973. It's a 27.71% decrease from May 2007 (1,418).

It's hard to predict what's going to happen with Tucson's housing market. When you look at the average sale's price over the last five years, prices have generally increased during the Spring and early Summer months, dropped slightly in July and August, and then slowly increased through the Fall. Looking at 2008's statistics, we've seen a steady decrease since January. The median sale's price has hovered around the $200K mark since January. Active listings have decreased each month since January as total unit sales has increased, so it looks like there's hope on the horizon. As food and fuel prices continue to increase it's going to be interesting to see how the economy affects Tucson's housing sales.

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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.

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Tucson homes sales by area

Since we're beginning to see a little more activity in the Tucson real estate market I thought I'd add the stats for home sales by area. No commentary today just the facts...

Central Tucson saw the biggest bump in sales prices in March with an increased sales prices of 51%. The North, extended Northwest and extended West portions of Tucson saw the biggest decreases in sales price; around 21%-22%. Northwest and Southwest Tucson saw the smallest increases, with NW Tucson seeing only a 3% increase in sales prices and SW Tucson seeing a 1% increase.

Tucson Real Estate Sales Price by Area

Several areas in Tucson saw an increase in days on market while others saw fewer days on market. North, NW, SW and West saw increased days, with West Tucson seeing the biggest increase of 18 days active. The extended NW part of Tucson saw the biggest decrease of 44 days.

Tucson Real Estate Days on Market

It looks like three bedrooms properties continue to be the most popular choice with buyers. Three bedrooms residences sold more units then any other in March.

Units Sold per Area by # of Bedrooms

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Tucson real estate sales statistics for March

I'm a little late posting but here are the Tucson real estate sales statistics for March. Looks like Tucson saw a little Spring "bump"; the number of home sales units and pending contracts increased, but the average sales price slid down just over 1%.

- Tucson's average sales price for March was $259,120, a 1.15% decrease from February 2008's average sales price of $262,155. It's also a 4.2% decrease from March 2007's average of $270,648.

Tucson average sales price for March

- Tucson's median sales price for March '08 was $200,000 a .5% increase from February's median price of $199,900 and a 9.42% decrease from March 2007's median price of $220,815.

- There were 1,410 Pending contracts in March 2008, an increase of 30.67% over the number of Pending's in February (1,079). It's also a 18.28% increase over the number of Pending contracts in February 2007 (1,192).

- The average days on market dropped to 75 in March 2008, a 7.4% decrease from February '08 (81) and a 17% increase over March 2007 (64).

Tucson average days on market for March

- Tucson had 9,022 Active listings in March, a 1.59% decrease from February 2008, and a 11.41% decrease from March 2007 (10,185).

- Tucson saw 2,444 New listings in March 2008, a .49% decrease from February 2008, and a 9.81% decrease from March 2007 (2,710).

- The number of units sold in March 2008 (900) increased by 26.76% over February's number of 710. It's a 32.78% decrease from March 2007 (1,339).

All in all the Tucson real estate market got a little pick me up in March. The increase in pending contracts and home sales units tells us that more homes were seeing activity during the month. The average days on market went down, but I don't put too much faith into that number since it can be easily manipulated. If we continue to see fewer new listings and more unit sales we'll eventually begin to work through our excessive inventory and balance out this crazy market.

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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.

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Tucson Real Estate Sales Statistics for January

Just got the latest Tucson Real Estate Sales Statistics for January (seems like they're coming out later and later each month). Looks like everything but Pending Contracts was down from January 2007, but some areas showed increases over December 2007.


Let's just get down to the facts -

- Tucson's average sale's price for January was $266,450, a 2.4% increase from December 2007's average sales price of $260,196. (I'm having trouble with my graph but I will include it as soon as I can fix the problem)

- Tucson's median sales price for January '08 was $203,500, a 3% decrease from December's median price of $210,000, and a 7.65% decrease from January 2007's median price of $220,365.

- There were 1,079 Pending contracts in January 2008, an increase of 35% over the number of Pending's in December (799). It's also a 25% increase over the number of Pending contracts in January 2007 (863).

- The average days on market increased to 83 in January 2008, a 9% increase over December and a 22% increase over January 2007.

Tucson Average Days on Market January 2008

- Tucson had 9,168 Active listings in January, a 5.3% increase over December's number of 8,708, and a 6% decrease from January 2007 (9,742).

- Tucson saw 3,744 New listings in January 2008, a huge increase (135%) over December 2007, but a 7% decrease from January 2007. Everyone waits until the holidays are over to sell their homes!

- The number of units sold in January increased by 15% over December's number of 682. It's still a 36% decrease from January 2007.

Tucson real estate usually picks up in late Winter/early Spring when the weather is great here and horrible everywhere else. The last two months I've been swamped with visitors looking for second homes. Most of these people plan on buying something now and using it for vacation purposes short term, then retiring in it later.

Several of the major events in Tucson are scheduled in January and February; the Tucson Gem and Mineral Show and Accenture Match Play golf tournament. Many of my clients have been visiting these events and decided they want to purchase in Tucson while it's a buyers market. There's a great inventory of homes right now, and sellers are willing to negotiate. It you don't need to sell a home to buy another then you're in an ideal position right now.

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Tucson's December Sales Stats by Area

Here's the latest and greatest about Tucson home sales by area for December. As usual some areas saw sales price increases while others saw large declines. The average days on market increased while the number of active listings went down.


Once again a couple of Tucson's extended areas saw big price increases over November's numbers. The extended Northwest portion of Tucson recorded a December price increase of about 55% over November's numbers, but this number is a bit skewed. Many of the properties located in this extended area are manufactured homes, which generally carry a sales prices in the low $100K's. During December there were only eleven property sales in the extended NW Tucson area, and seven of them were manufactured homes. Four were single family residences, with one priced at $654K. This high sales price caused the average to make a big jump over November's average sales price of $156,417. This is also the reason for the large sales price increase in Tucson's extended West area as well. Out of four properties that sold in December, three were manufactured homes. One single family residence sold for $440K, which raised that month's average sales price by 34% over November's number.

In December Northeast Tucson saw a big sales price decrease from November's number of $447,632. There were 34 sales for the month, and about ten were town homes or condos that sold for anywhere from $60K to $250K. These low dollar sales really impacted the areas average sales price.

Tucson Average Sales Price by Area for December

Tucson's average days on market increased again in December, up to 76 from November's average of 72. Not surprising since it was the holiday season and most people were worried about shopping and parties rather then buying a home.

Tucson Average Days on Market by Area

The number of Active listings in Tucson dropped to 8,708 for December, down 5.7% from November. Northwest and Central Tucson still carry the highest number of active listings with 2,338 and 1,000 respectively.

Tucson Active Listings by Area for December

With the holidays over most people are shifting their focus onto the economy, politics and the Superbowl. I've heard a lot of people comment they don't feel the market will turn until we know who will be representing each party in November's election. It's amazing the impact politics can play in peoples decision to buy or sell homes. It's going to be a fun ride!

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Tucson Real Estate sales statistics for December

Tucson's real estate statistics for December 2007 were just released and as expected the numbers are down from November's. The average sales price, median sales prices, number of home sales and number of new listings were all down, while Pending sales and the number of days on market was up.

- Tucson's average sales price for December $260,196, down 3.8% from November's average of $269,968. It's also a .4% decrease from the average sales price in December of 2006.

Tucson Average Sale's Price for November

- Tucson median sales price for December was $210,000, down 1.5 % from November's median price of $213,000. This number was also a 2.3% decrease from December 2006's median price of $215,000.

- There were 799 pending contracts in December, down 14% from November's number of 910, but up 17.84% from December 2006's number of 678. Pending sales have actually been on the rise over the last several months, yet the number of closed sales continues to go down. The Arizona Daily Star featured an article about this last week, and attributed this discrepancy to many new home builders seeing cancellations before the homes are complete. The fact that a lot of potential buyers can't get financing is another possible cause. Although a home may receive an offer and go into escrow, the deal might fall through if the buyer can't lock down a mortgage.

- The average days on market for December rose to 76, up 5.5% from November's number of 72, and up 19% from December 2006.

Tucson Average Day's on Market

- Tucson had 8,708 Active listings in December, down 6% from November's number of 8,518 but up 2.23% from December 2006.

- Tucson saw 1,590 New listings in December, down almost 40% from November's number of 2,224 and down 11.17% from December 2006.

- The number of units sold in Tucson during December was 682, down 11% from November's number of 759 and down a whopping 30.5% from December 2006's number of 981.

These sales numbers are not surprising considering the time of year. Though Tucson is beautiful in December, it's the holiday season and most homeowners aren't interested in selling while they have all the decorations up and the gifts under the tree. Potential home buyers were spending their money on gifts and food rather then homes. With the current state of the nation's economy, more people are just holding on to their money right now and looking for a great deal.

I myself am already starting to see a swing; there's a lot of people poking their heads out and asking questions about available homes. I'm really seeing an interest from second home buyers right now. The hectic holiday season is over and there's a huge inventory and some great deals to be made. Many out of state residents are beginning to jump at the opportunities in front of them. Can't wait to see what January's sales stats will hold.

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Tucson real estate sales statistics for November

My kitty cat seems to be holding his own; maybe he's waiting for my husband to get back into town. Anyway I figured I'd better make an entry or two before things go downhill. Tucson's November real estate sales statistics were released on Tuesday and it looks like prices are picking up a little in Tucson. The average sales price was up from previous months but pending contracts, active and new listings were down.

- Tucson's average sales price for November was $269,968, up 3% over October's average of $262,251. It's also a 1% increase over the average sales price in November of 2006.

Tucson Average Sale's Price for November

- Tucson median sales price for November was $213,000, up 1.5 % from October's median price of $210,000. This number was still a 2.3% decrease from November 2006's median price of $218,000.

- There were 910 pending contracts in November, down 9% from October's number of 993, but up 2.13% from November 2006's number of 891.

- The average days on market for November rose to 72, up almost 3% from October's number of 70, and up 20% from November 2006.

Tucson Average Day's on Market

- Tucson had 9,234 Active listings in November, down 8.5% from October and down almost half a percent from November 2006.

- Tucson saw 2,224 New listings in November, down 8% from October's number of 2,399 and down 7.65% from November 2006.

- The number of units sold in Tucson during November was 759, down 4% from October's number of 790 and down a whopping 23% from November 2006's number of 982.

Let's face it, it's a tough market right now. I have a lot of buyers beginning their serious home searches after the holidays are over, and the inventory is great for them. Nothing better then lots of selection and reasonable prices! I expect that prices will drop for December and rise again in January; that's the Tucson trend. I've found that retirees and second home buyers really become aggressive in their searches once New Years is over. There are also several Tucson events (the Tucson Gem and Mineral Show and Accenture Match Play Golf Championship) that bring thousands of visitors to Tucson in January, many of whom decide to buy homes because of our beautiful climate. Let's keep our fingers crossed!

See more Tucson real estate sales statistics for November 2007

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Tucson's October Real Estate Sales Statistics

Tucson's real estate sales statistics for October were just released by the Tucson Association of Realtors and once again it looks like we're holding steady. The number of home sales, active listings, and new listings were actually up from September, but Tucson saw a 6% decrease in average sales price from September. Pending contracts for this same time increased by about half a percent.


Tucson's average sales price for October was $262,251, a 6% decrease from September's average of $279,025, and a 1.72% decrease from October of 2006.

October Average Sales Price for Tucson

- Tucson's median sales price for October was $210,000, a 2.3% decrease from September's median price of $215,000, and a .71% decrease from October 2006's median price of $211,500.

- There were 993 Pending contracts for October, only a slight (.4% ) increase from September's 989 pending contracts.

- The average Days on Market was 70, down 4% from September. (Remember, this number is easy to manipulate so take the DOM statistics with a grain of salt!)

Tucson Average Days on Market

- Tucson had 9,313 Active listings for October, a 1.3% increase over September, but a .25% decrease from October 2006.

- Tucson saw 2,399 new listings in October, a 4% decrease from the number of new listings in September, and a 17% decrease from October of 2006.

- The number of Tucson home units sold in October was 790, a 15.5% increase from September's number of 683. This number was still a 28% decrease from October 2006.

These numbers mean a few things; while some homeowners are sitting out for awhile and waiting to sell (fewer new listings), others are negotiating more with potential buyers to make a sale (more pendings). The decrease in average sale price just means it's a great time to buy, especially if you're in the market for a second home and don't need to sell your primary residence. There's still a great selection of inventory; as of today there are 8712 properties available in the Tucson real estate market. Now is the time to start looking for that dream vacation home that you can be yours by the beginning of winter!

See more Tucson Real Estate sales statistics for October

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Tucson's September home sales statistics by area

Sorry I'm a little late but here are the September Tucson real estate stats by area. As you'll see North, East and the extended South part of Tucson all saw price increases for the month of September, while the rest of Tucson saw more price decreases. North Tucson, also known as the Catalina Foothills, is one of the few areas in Tucson that sees consistent home price increases each month. Communities in the Foothills are more established, and situated among several luxury resorts, fine dining and expensive boutiques and galleries. All of these features and a location at the base of the Catalina Mountains makes North Tucson a popular choice for those that can afford it, so I'm not surprised at this area's consistency. I was surprised to see such a large decrease in the average sales price of homes in Central Tucson. Homes in this area are usually in high demand with college students due to the close proximity to University of Arizona. The 15% sales price decrease that Central Tucson saw in September makes me wonder if more students are renting or staying at home longer due to the many mortgage issues that are currently plaguing our nation.

Tucson Average Sales Price by Area for September

Overall the average DOM increased again for the Tucson housing market in September. Northwest Tucson had the highest number of active listings for September with 2,409; this is probably why they also had one of the higher DOM's. The only areas that saw fewer DOM were Tucson's South and extended Southwest areas.

Tucson Days on Market by Area for September

As I've mentioned before, Tucson is a popular destination spot, especially in the winter months when ice and snow storms hit the NE and Midwest parts of the country. Sunny and 75 degrees on New Years day is pretty inviting to most people, so as we move in Tucson's "busy season" it's going to be interesting to see if the Tucson real estate market pulls in more home buyers looking for winter getaways!

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Tucson real estate; it's a buyers market!

Tucson's real estate market slowdown made front page news this morning in the Arizona Daily Star. The article discussed Tucson's current housing market , the advantages that home buyers have and the disadvantages that home sellers face as a result of our market slowdown. Tucson's real estate boom in 2004 and 2005 brought increased home sales to areas NW, SE , SW and South of the city, but these communities (Gladden Farms, Vail, Sahaurita) are now saturated with homes that just aren't selling due to availability of more properties closer to the city. On top of that the resale market is struggling to compete with new home builders that have excessive inventory and rock bottom prices.

The increased amount of home inventory had led to a steady increase for Tucson homes' Days on Market. Below is a map courtesy of the Arizona Daily Star, that shows the average days on market for a Tucson home per area.

Average DOM per area in Tucson

It's a frustrating time for Tucson home sellers that hope to sell quickly and take advantage of the market slowdown. The average days on market for a Tucson home is 73 days, with areas like NW Tucson seeing an average of 84 days because of the high number of homes currently listed. As of September Northwest Tucson had over 2400 homes listed for sale, twice the number of homes listed in Central Tucson, and more then three times the number of other areas.

The article in the Daily Star includes some great maps that provide Tucson real estate statistics by area; make sure you check them out. Find out more about Tucson's current real estate market Now may be the best time to buy a house

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Tucson September Real Estate Statistics

Tucson's September real estate statistics were FINALLY released yesterday and the numbers look promising. The average sales price is up from the previous month, but pending contracts and active listings are down from August's numbers. Here's the low down, I'm keeping it brief so if you'd like the full stats check out the link at the bottom....

Tucson's average sales price is on the rise! September 2007's average sales price was $279,025, a 2% increase over August's average price of $273,932

Tucson Average Sales Price through September 2007

- There were 989 Pending contracts in September, down about 3.5% from August's number of 1,024. Still September 2007 did see a 32% increase in Pending contracts over September 2006

- Tucson had 9,190 active listings in September, a 2.6% increase from August's number of 8,954. When compared to September 2006, the number of active listings in Tucson is down 1.15%

- September had 2,497 new listings, a 6.8% increase over the number of new listings in August. It is however a 14% decrease in the number of new listings from September 2006.

- The number of Tucson home units sold in September was 683, a decrease of 32% from August's number of 1,019

- The average number of days on market increased to 73 during September, a 6% increase from August's number of 69.

Tucson Average Days on Market through September 2007

From what we see in the September sales statistics, it looks like buyers are getting in the game and making offers on homes! It also means that sellers are negotiating more in order to get the ball rolling. Although the number of available homes and the time they take to sell has increased, the increase in average sales price and pending contracts shows that there's growing confidence in the Tucson home market. As Tucson moves into the cooler months we generally see more interest from out of state visitors looking for the perfect "winter retreat". It's going to be interesting to see if many of these potential buyers take advantage of the Tucson sales market and how it will impact the Tucson sales statistics over the next four months.

Check out more on the latest Tucson Real Estate statistics for September

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Arizona's September foreclosure rates decrease

Realty Trac just released their foreclosure activity report for last month and it looks like there's some good news for Arizona and the rest of the nation. In September thirty nine states showed a decrease in foreclosure activity compared to the previous month's numbers. Still the number of foreclosures nationally for September is the second highest it's been since January 2005.

Once again Arizona ranks in the top ten list of highest foreclosures. For the month of September Arizona ranked 5th with an average of 1 foreclosure filing for every 316 homes. While this number represents a 8.5% decrease from the previous month, Arizona foreclosures are up about 177% from September 2006. Nevada made it to the top of the list with an average of one foreclosure filing for every 185 homes.

Is this decrease in foreclosure activity a sign that the real estate market is turning around? If home buyers and investors are taking advantage of the current market and its distressed homeowners then this might be contributing to the decrease in foreclosures. I'll just keep my eye on the next few months of foreclosure activity and hope that this is beginning of something positive.

For more information visit National foreclosure activity decreases 8% in September

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Tucson Homes Sales Down for September

Tucson homes sales are down significantly this month, and the story made national headlines in USA Today. The article, "Housing likely to continue to flail" reported that existing home sales nationwide fell to the lowest point in five years during August. The National Association of Realtors reported that sales for September are expected to fall even lower due in large part to the "mortgage meltdown".

A study done by Re/Max International analyzed home sales in five major cities, with Tucson being one of them. The results found that Tucson home sales for the first three weeks of September are down about 44%.

Investigating on my own, I researched home sales from Sept. 1 through Sept. 29 for 2007 and 2006. When comparing current numbers to those of last September I found that Single Family homes sales in NW Tucson are down 21%. Central Tucson shows a decrease of 59% from homes sales during the same period last year. Only North Tucson saw an increase, 16%, in home sales over this period last year. With only a few days left in September, we should see a large number of homes sales posting. The Tucson Association of Realtors will soon be releasing local sales statistic for September, and I'll be posting results once I get them.

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Tucson's August 2007 Real Estate Statistics

The Tucson Association of Realtors released the August 2007 Tucson Real Estate statistics on Friday and the numbers look surprisingly promising in some areas compared to previous months. The good news is that the average sales price increased as did the number of pending contracts, but on the downside the average Days on Market increased and the number of units sold decreased significantly. It appears that maybe the recent frenzy within the mortgage industry has made some consumers weary to buy, but the increase in Pending contracts shows that there still is some confidence in Tucson's Real Estate market.

Tucson Home Sales Units - The number of homes sale's units decreased by 26.2% from 1,381 in August 2006 to 1,019 in August 2007. Tucson saw a 7.2% decrease in home sales units from July to August 2007.

Tucson Average Sale's Price - Tucson Real Estate saw a 2% increase in the Average Sale's Price from $268,408 in August 2006 to $273,932 in August 2007. Also reflected is a 1.9% increase in the Average Sale's Price from July to August 2007. This is great news for home sellers that have grown frustrated with recently declining prices.

Tucson Home Average Sale's Price August 2007

Tucson Pending Sales Contracts - While Sales Contracts Pending in Tucson increased by 14.7% from 893 in August 2006 to 1,024 to August 2007, there was a sharp decline in Pending contracts from July to August of this year. The number of Pending contracts in August 2007 (1,024) dropped by 42% from those pending in July 2007 (1,777). The decline comes in the aftermath of a nation wide "Mortgage Meltdown" that's been front page news for several months. Though the low August numbers for Pending contracts is typical in the Tucson market, the recent widespread media attention regarding mortgage problems might be playing a stronger role in consumers decisions to buy real estate.

Tucson Active Listings - Slowing home sales might be affecting homeowners decision to sell, as Tucson saw fewer active listings in August 2007. The number of Tucson Active Listings decreased by 4.75% from 9,401 in August 2006 to 8,954 in August 2007. Still the number of Active Listings in August did increase 3% over July's Active Listings. This corresponds to the increase in Tucson's Days on Market.

Tucson Average Days on Market - The Average Days on Market in Tucson also increased to 69 in August 2007, up 30% from the August 2006 average of 53 days. August's average days on market also represented a 6% increase over July's average day's on market, which was 65.

Tucson Average Days on Market August 2007

Tucson's real estate market is seeing some signs of improvement as sales prices seem to be slowly inching upwards and more homes are receiving offers. Still, as the days on market continues to increase and the mortgage fallout intimidates buyers, home sellers are realizing that they must be patient and price accordingly up front to be successful in Tucson's current real estate market. As Tucson moves into its "busy season" for real estate, it will be interesting to see future real estate stats. If future sales continue to follow past trends, Tucson can expect to see a small increase in home sales prices and a slight increase in days on market. Only time will tell!

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Arizona Home Prices Drop, Tucson Sees Smallest Decrease

It's no longer surprising to see updates on the local real estate market as headlines in the daily paper. In fact, it's seems unusual if we don't see at least one real estate headline each morning with our cup of java. The front page of today's Arizona Daily Star reads "Arizona home prices drop for the first time in 16 years". The large black print used in the headline makes a definite impact on readers; in fact in can downright intimidate some. A drop in home prices sounds scary and can instill fear into consumers at first glance, but once you investigate and understand the nature of the real estate market you'll find it's not so bad.

First, as everyone knows, the real estate market is like everything else in life; it's cyclical. Real Estate has it's ups and downs and that's what makes the world go round. Sure prices are down right now, but that's why we call it a Buyers Market. It's the perfect time for serious buyers to jump in and get a piece of the action. According the Tucson Association of Realtors sales statistics for 2007, the average home price in Tucson for July was $268,953, down 1.73% from the 2006 sale's price of $273,717. If buyers have money for a down payment and have strong credit, they can jump in and take advantage of some great prices and available inventory. Unlike in previous years, now most Sellers do realize that they must be open to negotiation if they want to sell their home.

Not too long ago the real estate market in Tucson was quite different. We must remember that we saw huge increases in 2004 - 2005. The average sales price in August 2004 was $205,014; the average sales price in August 2005 was $265,947. Quite the sellers market! During this time period everyone was buying, including investors. New construction developments and home sellers alike saw an influx of investors snatching up properties, which in turn lowered inventory and raised prices. Now many of these investors are trying to sell, and the demand is just no longer there.

Luckily Tucson housing prices fare better then several other Arizona cities.

As this report by the Office of Federal Housing Enterprise Oversight shows, Tucson saw a smaller decrease in housing prices then the entire state of Arizona, and only Flagstaff saw an increase in home prices in the last quarter. Phoenix saw the biggest change in price, with -.46% decrease in the average home price. On a positive note, Tucson, with a -.07% price decrease in the last quarter, wasn't far behind the nation's .08% increase in price. In addition Arizona did see a 2.2% increase in the home sales prices over the same period a year earlier. Both Nevada and California, who rode the "real estate wave" with Arizona in 2004 and 2005, saw larger drops in home prices. California homes are down almost 1.4% from last year, and Nevada prices are down almost 1.5%.

It's expected that home prices will increase in upcoming months, but one can never be sure what the consumers response will be to the crash of numerous mortgage lenders. Tucson's Fall and Winter climate entices many consumers to buy in the cooler season when our city is at its best. The next few months will be very telling of what the consumer's thought process is. We'll anxiously await the release of November's third quarter real estate figures a get better idea of where the real estate market is headed.

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