The Tucson Association of Realtors released their February 2009 MLS Statistics today and it paints an encouraging (if bland) analysis of MLS activity last month.
Here are the main highlights from the report:
When comparing this year to ’08 we see very moderate declines and a big improvement over the January comparison… This leveling off indicates we are experiencing more predictable activity and less drama.
The median sales price is now $178,000, 11% lower than last year but remarkably close to the ’05 median sales price of $186,500. It appears that realistic pricing is a strategy that’s taking hold.
Our current listing inventory counts are very encouraging. We now have 7,532 active listings as opposed to February ’08 when we had 9,168. That’s a 17.84% reduction and if you compare it to the mere .75% drop in sales you can see that we’re gaining ground.
The bottom line is that it was a pretty boring month. Which, in this market, is good news (funny how that works isn’t it?).
February 2009 Absorption Rate
Current Absorption Rate for the Tucson market stands at 11.4 months.
“Absorption Rates” means the average number of homes sold per month over a particular period of time. It is a solid indication of market conditions and predicting how long a property may be on the market before being sold.
At 11.4 months the absorption rate for February 2009 is an improvement over the 13 month absorption rate we saw in January.
What constitutes a Buyers Market, a Sellers Market and a Neutral Market?
The amount of inventory determines market sway. A “Neutral Market” is 6 months of inventory. Anything less than that is a “Sellers Market”, and conversely, an inventory of more than 6 months is a “Buyers Market.”
Tucson still is in the throes of a Buyer’s market but appears to be on the path to recovery. As I wrote in my January 2009 MLS Statistics post last month I think the Tucson market will continue to remain relatively anemic until mid-summer when things will being to actually pick up.
There it is folks, Tucson MLS Statistics for February 2009. To view the full report click here.
And for those of you who are wondering what the jousting image at the top of this post has to do with MLS statistics, the answer is.. nothing. BUT, the Arizona Renaissance Festival is in full swing and if you have a chance I would recommend stopping by!
Check out these possibly related posts:
- Tucson Real Estate Market – June 2007 Analysis
- Tucson Real Estate Market – May 2007 Analysis
- Tucson Real Estate Market – July 2007 Analysis
- Tucson Real Estate Market – April 2008 Analysis
- Tucson Real Estate Market – May 2008 Analysis
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