August 2008 Tucson Housing Market Report

THE TUCSON REAL ESTATE MARKET OFFERS THE SMALLEST
INVENTORY OF RESIDENTIAL PROPERTIES SINCE MARCH OF 2006..
according to the Tucson Association of Realtors Multiple Listing Service
Monthly Statistical Digest for August 2008. One of the first signs that a real
estate market is improving is a decline in the listing supply. It appears the
decline in the August '08 listing suppply for Tucson is being caused by more
acceptable contracts opening escrow, fewer homes coming new to the
inventory, as well as many Sellers removing their homes from the market
when the reality of the pricing in the current market does not match their
expectations. The trend to a declining inventory has been consistent each
month this year.

The decline in the Median Sales Price could be being caused by a high concentration of closings occuring after or under the threat of foreclosure. This is very neighborhood cerntric, thus having a strong Realtor who is skilled in mining the MLS data for a particular neighborhood, should be the requirement of every buyer and seller. Many believe the decline in Median Sales Price is a "good thing", as it allows our marketplace to become more affordable, thus incresing the buyer opportunities, and we all know that "more Buyers are the answer for improving our Tucson real estate market".

Home Sales Volume:
Declined 27.97% from $299,005,952 in August 2007 to $215,369,442 in August 2008.

Home Sales Units:
Decreased 17.31% from 1,092 in August 2007 to 903 in August 2008.

Average Sales Price (all residential types)
Decreased 12.90% from $273,815 in August 2007 to $238,504 in August 2008.

Median Sales Price (the price at which half the homes were sold above and half below)
Decreased 16.25% from $220,900 in August 2007 to $185,000 in August 2008.

Average Days on Market:
Days on Market for August 2008 was 77 days average.

Pending Contracts:
Decreased 14.26% from1,024 in August 2007 to 878 in August 2008.

Active Listings:
Decreased 13.30% from 8,954 in August 2007 to 7,763 in August 2008.

New Listings:
Decreased 16.47% from 2,337 in August 2007 to 1,952 in August 2008.