Good Morning everyone, the [tag]Tucson Association of Realtors[/tag], (TAR), has released the Tucson Housing Market sales statistics for June 2007. Here is a summary of the important points:
Sales Analysis
Average and Median Sales Price Increases
Average and median sales price both increased in June 2007. Average sales price jumped to $298,477 – up 9.05% from June 2006 and up more than $17,000 from last month! Median sales price also rose $5,500 from May 2007.Active Listings Continue Declining
Active listings have been falling slowly since April 2007, reversing the increases we saw between January and April of this year. The number of active listings is now lower than it was at the start of 2007.Days on Market Rises Again
Average time on market continues to fluctuate month-to-month, with 64 days being the average time for June 2007, up three days from May 2007.
Home Sales Snapshot |
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| Home Sales Volume Decreased 12.27% from $417,120,100 in June 2006 to $365,932,899 in June 2007. Graph on page 4. |
Average Days on Market Increased 39.13% from 46 days in June 2006 to 64 days in June 2007. Graph on page 11. |
| Home Sales Units Decreased19.55% from 1,524 in June 2006 to 1,226 in June 2007. Graph on page 3. |
Pending Contracts (not yet closed in escrow) Increased 18.92% from 1,712 in June 2006 to 2,053 in June 2007. Graph on page 9. |
| Average Sales Price (all residential types) Increased 9.05% from $273,701 in June 2006 to $298,477 in June 2007. Graph on page 5. |
Active Listings Decreased0.69% from 8,725 in June 2006 to 8,665 in June 2007. Graph on page 10. |
| Median Sales Price Increased 1.78% from $225,000 in June 2006 to $229,000 in June 2007. Graph on page 8. |
New Listings Decreased12.75% from 3,232 in June 2006 to 2,820 in June 2007. Graph on page 12. |
Compared to the Tucson housing statistics from May 2007, June figures are very similar. The [tag]Days on Market[/tag] (DOM) continues to hover around the same level, this month clocking in at 64 days. Median sales price rose to $229,000 from $223,500 in May. The number of active listings declined for the second straight month from 9,721 in May to 8,665 in June.
I think the most telling statistic, however, is [tag]Tucson’s Total Unit Sales in June 2007[/tag]. Located on page 3 of the Tucson Housing Market June 2007 Statistics report, we see that the total number of sales for June 2007 was 1,226 units. The reason this is such an important factor is that historically the summer months have been the busiest few months of the year. Tucson, however, has hovered at nearly the same total unit sales level for the past four months, just around 1,300 units, which could indicate a slight stagnation in sales. The total unit sales for 2006 show much the same trend on the same graph and I believe [tag]Tucson’s July Housing[/tag] report will be very telling in the status of the Tucson housing market.
As I wrote in my previous post (Tucson May 2007 Housing Report), median prices continued to rise. I believe this may occur another month or two before the summer season cools off. A large part of the decreased number of active and new listings in the market can be attributed to two things:
- unrealistic sellers who had their property overpriced
- the number of “feeler” sellers trying to see if they could still fetch high prices that were around a few years ago
So there you have it, [tag]Tucson real estate news for June 2007[/tag]. 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!
[tags]Tucson Real Estate[/tags]
Michael Krotchie
{ 2 comments… read them below or add one }
Hi-
The above stats are a bit confusing regarding the median price of homes in Tucson. I see 229K and 298,477.
Please clarify what the median price of a SFR is.
Thanks-
Roger thanks for stopping by! I’d be glad to explain what you were wondering about.
The average sales price for June 2007 is $298,477. This is simply the total sales volume divided by the number of listings sold.
The median sales price is $229,000; what this means is that half of the homes sold for less than this amount and half of the homes sold for more than this amount.
The median sales price gives us an idea of where the most movement is in our market. Average sales price is easily skewed by a few luxury home sales and don’t really reflect market movement.
Hope this helps!