TUCSON HOUSING MARKET, according to the Tucson Association of
Realtors Multiple Listing Service Statistical Report for November 2008.
The Active Listing invetory of 7,996 units remains much lower than the
9,234 units in Nov. 2007 and the New Listings coming on the market
continues the downward trend.
November's Median Sales Price of $178,000 is the lowest Median for any month since January
2005, when it was $177,000. Of course, this is good news for homebuyers and for the affordability issues which have plagued Tucson in the past. As of the end of November there were 4,429 residential homes on the market below $250,000. In quoting a local lender, "A buyer, buying a $200,000 home, with 3.5% down payment, using a 30 year, 6% fixed rate FHA loan could have a principal & interest payment of $1157". A first time homebuyer, or someone who hasn't owned in 3 years could also qualify for the $7500 Federal Tax Credit. "More Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume: Declined 36.56% from $216,102,902 in Nov. '07 to $137,104,43 in Nov. '08
Home Sales Units Closed: Decreased 21.60% from 810 in Nov. '07 to 635 in Nov. '08
Average Sales Price (all res. types): Decreased 19.07% from $266,794 in Nov, '07 to
$215,913 in Nov. '08
Median Sales Price (price at which half the homes were sold above and half below):
Decreased 16.04% from $212,000 in Nov. '07 to $178,000 in Nov. '08
Average Days on Market for Month: Days on Market for Nov. '08 were 76 days
Pending Contracts (New Sales Opening Escrow in Month): Decreased 25.60% from
910 Units in Nov. '07 to 677 Units in Nov. '08
Active Listing Inventory: Declined 13.41% from 9,234 in Nov. '07 to
7,996 in Nov. '08
New Listings: Declined 27.38% from 2,224 in Nov. '07 to 1,615 in Nov. '08
Saturday, December 13, 2008
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