Tucson MLS Statistics for October 2006 (Now Available)

The Tucson MLS usually has the previous months statistics available on the 15th of the following month.   They have been getting a large number of requests from agents and the public to get those numbers out quicker.   The MLS reponded by having those number available to us yesterday November 7, 2006.   They came out so fast many thought they were revised September numbers.   I think some people will be shocked!

Tucson Housing Market October 2006 Summary

  • Average Sale Price
    • October 2005   $259,698
    • October 2006   $266,854    2.76%  up from  last year
    • Sept.         2006   $253.781    up $13,074 over last month
  •  Median Sale Price
    • October 2005   $224,000
    • October 2006   $211,500   19.96% down from last year
    • Sept.         2006   $210,000    up $1,500 over last mo.
  •  Average Days on Market
    • October 2005   31
    • October 2006   57   a 83.87% increase
    • Sept.         2006   50    up 7 days over last mo.
  •  Pending Contracts
    • October 2005   1766
    • October 2006   1101 a 37.66% decrease
    • Sept.         2006     747  up 354 over last mo.
  •  Active Listings
    • October 2005     5330
    • October 2006     9336 a 75.16% increase
    • Sept.       2006      9297  up 39 over last mo.
  •  New Construction
    • October 2006   62 Units Sold Average Price $311,658
    • Sept.       2006     57 Units Sold Average Price $277,496
    • This is an increase of $34,162 over last mo.

Tucson Housing Market October 2006 Analysis

Average Sale Price       (Resale)     and     (New Construction) UP!
                                                                    $13,074                                    $34,162

The Tucson Housing Market is bucking national trends and sale prices are actually increasing.   Meaning if you are a buyer waiting for prices to drop, you  might want to  re-think that strategy.

Median Sale Price   Up $1,500 over last month

This raises where the middle of the market is for October 2006.

Average Days on Market     Up 7 day

Seven  seems like a small number but it is  significant when homes are on market for at least a week more.   For a better understanding of Days on Market (DOM)

Pending Contracts   Up 354 over Sept.

September is always a slow month in Tucson so an increase of 354 is a good sign and goes along with the other figures in this summary.

Active Listings   Up 39

An increase of 39 isn’t significant.   Aug. was 9401 Oct. 9336 that is 65 less than August.
Again, September is usually a slow month and a lot of people will wait to put their home on the market till October when the snowbirds and winter visitors start to arrive.

New Construction

Builders are offering some incredible incentives as they try and clear inventory by year end.   There are some great bargins, if you know for sure you can keep the house until the builder is through building.   Before you consider one of these you should read
New Construction Buyer Be Aware.

The News For Sellers, there are more buyers coming to Tucson,  Sellers will have to  price  their  property right with the high availability of homes.   Sellers are getting a good return on their investment when they price it to sell.

The News For Buyers,  It is a buyers market, there is a lot to choose from.   But Prices are increasing not decreasing, there are good buys, but with the unemployment figures being as good as  they were last month, we might see  the  Fed raise interest rates and that could greatly impact your overall cash interest expense on a 30 yr. fixed mortgage.   This could more  than offset any perceived savings by waiting for prices to come down even more while the number show increases in sales price for both resale and new construction over the last month.

While the rest of the country  is seeing a continued decline in their Real Estate Markets, Tucson is showing healthy signs of bucking this national  trend.  

The Last Word:   Sellers, price it right and even in this market it will sell.   Buyers don’t look to national statistics to make a local decision.   Asking prices are coming down as they need to for this market, but the Average Sales Price is Increasing.   Don’t look for the bottom to fall out of the Tucson Real Estate Market.   There are some very reasonable buys in both resale and new construction.

For those that like to play with number and want to dig into the details here is the link to:

The Tucson MLS Statistics for October 2006


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