Good Morning everyone, the Tucson Association of Realtors, (TAR), has released the Tucson Housing Market sales statistics for May 2008. Here is a summary of the important points:
Sales Analysis
Average and Median Sales Price Decreases
Average and median sales price both decreased in May 2008. Average sales price declined to $250,803- down 9.98% from May 2007 and down nearly $6,000 from last month! Median sales price also declined nearly 10% from May 2007, ending up at $201,000.Active Listings Decline
Active listings were at 8,527 units in May, a decrease of over one thousand active listings from May 2007. With summer season in swing this decline is perfectly normal.Days on Market Rises Again
Average time on market continues to float near our highest level in several years with 77 days the average DOM for May 2008. By comparison, the DOM in May of 2005 was only 29 days!
Home Sales Snapshot |
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| Home Sales Volume Decreased 34.93% from $395,081,716 in May 2007 to $257,072,764in May 2008. Graph on page 5. |
Average Days on Market Increased 24.3% from 62 days in May 2007 to 77 days in May 2008. Graph on page 10. |
| Home Sales Units Decreased 27.71% from 1,418 in May 2007 to 1,025 in May 2008. Graph on page 4. |
Pending Contracts (not yet closed in escrow) Increased 24.68% from 1,191 in May 2007 to 1,485 in May 2008. Graph on page 7. |
| Average Sales Price (all residential types) Decreased 9.98% from $278,619 in May 2007 to $250,803 in May 2008. Graph on page 6. |
Active Listings Decreased 3.19% from 8,808 in April 2008 to 8,527 in May 2008. Graph on page 9. |
| Median Sales Price Decreased 9.86% from $223,000 in May 2007 to $201,000 in May 2008. Graph on page 7. |
New Listings Decreased 6.51% from 2,441 in April 2008 to 2,282 in May 2008. Graph on page 11. |
It appears that Tucson is over the worst of the housing slump for now, with active listings down from their high of over 10k in March/April of 2007. Pending contracts are up to their highest level since June of 2006 which indicates a rise in market activity. From what I’ve seen on the MLS the past few months, there aren’t nearly the same amount of foreclosures or bank-owned homes in Tucson as there were several months ago. I have no doubt short sales and foreclosures will be around for quite some time but it does not appear to be as prevalent as it was before.
So there you have it, Tucson real estate news for May 2008. If you have any questions or are in the market for a home in Tucson please feel free to contact me on my Tucson Real Estate website!
To view the past market statistics report visit my Tucson Real Estate Statistics Page.
