Good Morning everyone, the Tucson Association of Realtors, (TAR), has released the Tucson Housing Market sales statistics for April 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 April 2008. Average sales price declined to $253,729 - down 8.91% from April 2007 and down nearly $6,000 from last month! Median sales price also declined nearly $30k from April 2007.Active Listings Continue Declining
Active listings have declined since January and in April 2008 stood at 8,808 units. With the summer season coming up we should see a slight rise in inventory.Days on Market Rises Again
Average time on market continues to float near our highest level in several years with 78 days the average DOM for April 2008.
Home Sales Snapshot |
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| Home Sales Volume Decreased 49.31% from $367,164,710 in April 2007 to $246,878,039 in April 2008. Graph on page 5. |
Average Days on Market Increased 35.3% from 65 days in April 2007 to 78 days in April 2008. Graph on page 10. |
| Home Sales Units Decreased 26.17% from 1,318 in April 2007 to 973 in April 2008. Graph on page 4. |
Pending Contracts (not yet closed in escrow) Increased 27.11% from 1,217 in April 2007 to 1,547 in April 2008. Graph on page 7. |
| Average Sales Price (all residential types) Decreased 8.91% from $278,577 in April 2007 to $253,729 in April 2008. Graph on page 6. |
Active Listings Decreased 15.2% from 10,387 in April 2007 to 8,808 in April 2008. Graph on page 9. |
| Median Sales Price Decreased 13.3% from $2224,921 in April 2007 to $195,000 in April 2008. Graph on page 7. |
New Listings Decreased 20.87% from 3,085 in April 2007 to 2,441 in April 2008. Graph on page 11. |
Tucson is feeling the final repercussions of the housing market decline and credit crisis. All market indicator bearings are in the red and the sole statistic that is on the rise is the Days on Market! All of this points to the Tucson market finally coming to terms with the events of the past few years and sellers who are finally realistic about the value of their home.
As I wrote about last year (Tucson May 2007 Housing Report), a large part of the inflated market that seemed to exist in Tucson were the homeowners who still believed that they could fetch top dollar for their homes like they could back in 2004-2005. Once it became apparent this was not the case homes began to fall off the market and/or were priced more realistically.
Foreclosures and short sales continue to have a place in the Tucson market but it certainly seems that these two issues are not nearly as rampant as they were in the better part of last year. Perhaps a sign of things to come?
So there you have it, Tucson real estate news for April 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!
2 comments ↓
The foreclosures are still at an all time high here in Mesa.
Great info on the Tucson market.
Thanks for stopping by Mary! Hopefully the markets will level out soon…
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I've also deleted the rel='nofollow' for hyperlinks, I think anyone who leaves a comment deserves a link to their site!