Tucson MLS Statistics for December 2008
January 17, 2009
Post Tags: tucson-housing-market-December-2008 , tucson-mls-statistics-December-2008 , Tucson-real-estate-December-2008
We have put 2008 behind us and many bid it a fond goodbye much the same as they did 2007 with the hope the new year will be a better year. We shall see. We are 3 days away from the new administration being sworn in and I know there have been a lot comparisons to another administration a while back and the first 100 days. The clocks begins in 3 days.
For now looking back here are the month over month number. There are not surprises here I can find.
Tucson MLS Statistics Nov 08 – Dec 08 Summary
| Category |
Nov
2008 |
Dec
2008 |
Diff.
|
| Avg. Sale Price |
$215,913
|
$200,055
|
- $15,858
|
| Total Units Sold |
635
|
775
|
+ 140
|
| Median Sale Price |
$178,000
|
$167,900
|
- $10,100
|
| Pending Contracts |
677
|
612
|
- 65
|
| Active Listings |
7,996
|
7,627
|
- 369
|
| New Listings |
1,615
|
1,501
|
- 114
|
We covered most of these figures, (which did not change dramatically) in the preliminary post last week. The total units sold improved over both November and December last year. November was greatly effected by the economic turmoil going on in the financial sector and the many rapid changes in Mortgage rates and speculation of a 4.5% 30 fixed interest rate.
This also had an effect on the number of pending contracts. You can not make an offer in Arizona with including a Loan Status Form (unless you are paying cash or not seeking a loan) this single fact could have had an effect on some buyers waiting till things settled down a little. There is the general perception among buyers that there is no hurry, prices will continue to come down. However, as I’ve stated in the past, price is only part of the equation. Interest rates and closing costs can quickly offset a lower sale price.
Tucson MLS Statistics Dec 07 – Dec 08 Summary
| Category |
Dec
2007 |
Dec
2008 |
Diff.
|
| Avg. Sale Price |
$257,162
|
$200,055
|
- $56,907
|
| Total Units Sold |
753
|
775
|
+ 22
|
| Median Sale Price |
$210,000
|
$167,900
|
- $42,100
|
| Pending Contracts |
799
|
612
|
-187*
|
| Active Listings |
8,708
|
7,627
|
- 1081
|
| New Listings |
1,590
|
1,501
|
- 89
|
One of the encouraging signs is the higher number of closed transactions in December over last December. The drop in the number of active listing even with foreclosures having risen dramatically compared to last year is a positive sign as is the number of new listing decreasing over last year.
Final observation: As we move into 2009 it would be a good thing for HOA’s to be looking to this new year and discussing the balance they need to strike between not wanting a lot of rental properties in a neighborhood and having property values and HOA dues collected fall. This year the true investors will have funds to buy foreclosed properties and properties in short sale. They have the time to wait for the transaction to complete and the funds to bring those properties back up to well maintained condition.
It might be wise for HOA’s to put into place a provision to allow investors who want to buy and resell, but not turn a property into a rental to do so. This year will be challenging and filled with opportunities in real estate.
Here is the link to the Entire Tucson MLS Residential Statistics Report for December 2008
