Listing inventory numbers could be on the way down, as an overview of our MLS statistics for February '07 may indicate. A review of the Feb. '07 new listings of 2,376 shows a decrease of 1,373 from the Jan. '07 number 3,649, and a decrease of 527 units when compared to Feb. '06. Another factor than may contribute to fewer properties being on the market would be the increase in the number of pending contracts of 1,094 units, which is the highest number since June '06 and 231 units above January '07.
After January '07's significant increase in average sales price, the February '07 average of $274,948 fell back to the end of '06 averages. The Feb. '07 residential median sales price of $218,000 still hovers near the '06 full year median of $220,000. The Feb. ;07 median sales price for a single-family home was $229,950; for a town home or condo was $167,550 and a manufactured home was $63,500.
Of the 912 total units sold in February '07, 744 (81.6%) were single family 162 (17.8%) were town home/condos, and 6 (0.7%) were manufactured homes.
The Tucson real estate market is becoming a balanced market, which stabilizes home sales prices, establishes a sustainable sales pace, and adjusts to a more appropriate six-to-nine month listing inventory period. Sellers looking to realize gains akin to the previous few years are going to be disappointed. Buyers looking to buy at 20-25% less than a market-supported asking price will also need to adjust their expectations.
For more Tucson Real Estate information visit my website at http://www.tucsonhouses4you.com/
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