2007 started out on a high note, with homes sales volume and unit sales very similar to numbers we saw in January 2006. Home sales volume decreased only 2.62% and the 930 units sold in January '07 reflected a decrease of 1.48% during that time. After a slight dip in median Sales Price in December '06, January '07 rebounded to $219,900, compared to $215,875 in January '06, indicating that sales prices are not declining in general.
While these numbers remain similar, others have changed. The average days on market increased 56.82%, from 44 days in January 2006 to 69 days in January 2007. Pending contracts fell to 863 in January 2007, a decrease of 48.39% from January 2006-although, the number of pending contracts has risen from the low of 678 we saw in December 2006.
December and January are typically slower for the Tucson real estate market, however, if we follow the historical seasonal trend the entire market picks up in early spring.
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