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There is gold to be mined in this past months statistics. Some of it shining on the surface, some not as easy to see. But we will pan for it all and reveal the nuggets in this past statistics.
Month Over Month
The average sale price dropped overall. This is much expected with all the REO sales taking place putting downward pressure on the total. However, when grouped by area, there are some doing better and some doing worse. It really does depend on location and the number of REO sales in a given area.
Pending contracts have remained strong for the past six months. The 947 is quite a bit lower than the 1,287 for October but compared to last November there were 270 more pending contracts.
Active listings are up slightly while New listings are down almost 500 over October.
Median sale price showed a slight gain for the November of October.
Year Over Year
Here is where we see the decline in values over the past 12 months.
The drop in sale price lead to increased volume. More people are in the market this November than were last. Remember last November? Presidential elections, economy on near total free fall, 401K savings became 101K saving almost over night. The party was over, the pocketbooks zipped shut along with credit.
This year it is a different story, most with saving in the market have seen a return to near profitability. They put off moving to Tucson last year and now they can get more bang for their buck.
December has been pretty strong so far. We currently have 528 transactions already closed. December 08 ended with 802. This means we have 274 more to add to reach last December. It the last couple of weeks are like the past few months we would expect to blow right by that number. I’m not so sure. Lots of holiday activity going on as the year winds down. Time will tell.
I’ll keep you posted with the Daily Tucson Real Estate Market Updates in the right hand sidebar.
The entire Tucson MLS Statistics report is available under Documents in the sidebar.
