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!
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.
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: