Tucson MLS Statistics for February 2007
March 18, 2007
Post Tags: Tucson Real Estate Market , Tucson-Housing-Market-February-2007 , Tucson-MLS-Statistics
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The Tucson MLS Statistics for February were released on March 15th. I’ve been wanting to write this update since then but sometimes the actual selling of real estate can get in the way of writing about real estate.
Here is the summary breakdown and analysis from month to month.
Tucson MLS Statistics Jan 07 - Feb 07 Summary
| Category |
Jan |
Feb |
Diff. |
| Avg. Sale Price | $270,540 | $258,377 | - $12,163 |
| Total Units Sold | 930 | 912 | - 18 |
| Median Sale Price | $219,900 | $218,900 | - $1,000 |
| Avg. Days on Market | 69 | 64 | - 5 |
| Pending Contracts | 863 | 1094 | +231 |
| Active Listings | 9742 | 9847 | + 105 |
| New Listings | 3649 | 2376 | - 1273 |
| Avg.Sale Price NC | $286,465 | $266,038 | - $20,427 |
February saw us in the heart of the First season of real estate in Tucson. As I write this the beginning of the second season is upon us. It start early with parents of U of A students coming to town looking for student housing. This is the beginning of the season of families moving to Tucson after school is out.
Average Sale Price was down in February by $12,163.
This is a normal trend since most of the buyers in the market in February are buying second or retirement homes and many of them want smaller homes if they are second homes, or are downsizing if they are planning on retiring.
Median Sale Price was down in February to $218,000 reflecting the same dynamic mentioned above, smaller homes attracting Active Adult buyers.
Average Days on Market was back to December 2006 levels of 64 days. However, 55.7 % of all homes sold were sold in under 60 days. and 34.9% were sold in under 30 days.
Pending Contract is a very bright spot and reflects the level of activity in our market for the end of January continuing into February. There were 1094 pending contract an increase of 231 over January. Since most contract close in 30 days, expect Marches Total Units to be up significantly.
Active Listings increased by 105 over January with a total of 9847 in February.
New Construction The average sale was $266,038. Some builders are continuing to offer upgrade and closing cost incentives.
The next table is the year over year figures. I don’t expect to see a significant change in these figures until May or June. That is when the market started to increase inventories and homes under contract began to decrease.
Tucson MLS Statistics Feb 06 - Feb 07 Summary
| Category |
Feb |
Feb |
Diff. |
| Avg. Sale Price | $274,948 | $258,377 | - $16,571 |
| Total Units Sold | 1058 | 912 | - 146 |
| Median Sale Price | $227,000 | $218,900 | - $19,000 |
| Avg. Days on Market | 45 | 64 | +19 |
| Pending Contracts | 1796 | 1094 | -702 |
| Active Listings | 7174 | 9847 | + 2673 |
| New Listings | 2973 | 2376 | - 597 |
| Avg.Sale Price NC | $272,435 | $266,038 | - $6,397 |
March is just half over. There are a lot of buyers in the market. The second home buyers and people planning on retiring are in the market and buying homes. The parents of college students are coming to town, and we have already worked with some of these families.
From a personal perspective we were busy in February and continue to be very busy in March. When we find homes that are price right they are among those selling in under 30 days.
For Sellers If you own a home in an Active Adult community or a community which is attractive to winter visitors now is the time to have your home on the market if you want to sell it. In another 6 weeks this season will be over. The winter visitors will have returned to their summer homes with cooler temperatures and green grass and trees.
If you own a home in Central Tucson near the U of A now is also the time to have your home on the market. For the next two months parent are going to be looking for homes for their students. Sam Hughes, is one of the areas that comes to mind as well as Blenman for student homes which will hold their value.
For Buyers There are some great homes available in the Tucson Real Estate Market. Now is a good time to find something that is prefect for you. However, there are still some homes that are overpriced for the market. Make sure you do your due diligence and have a comparative market analysis (CMA) done before you make an offer on any home.
Finally, there is no average for all of Tucson, sale and asking prices change from subdivision to subdivision. Sometimes block to block makes a difference depending on amenities and school districts. Every home and neighborhood is different and unique. That is one of the things that makes Tucson such a desirable place to live.
The entire Tucson MLS Statistics for February 2007 are here for those that want to take a look. We also post a link to them on our website Tucson Real Estate Tucson Homes community page.
