Tucson MLS Statistics for May 2008
June 11, 2008
Post Tags: tucson-housing-market-May-2008 , tucson-mls-statistics-May-2008 , tucson-real-estate-May-2008
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The May 2008 Tucson MLS Statistic are out. Released to the public in June 10, 2008. Big Thank You to the timely nature in which the report has been released.
The overall picture shows some gains some declines but overall it very good picture of the Tucson Real Estate Market. While we are seeing sale prices decline we are seeing the inventory decline at the same time. The number of Closed Transactions once again above 1000 (as of this morning 1050). Now Let’s Do the Numbers
Tucson MLS Statistics April 08 - May 08 Summary
| Category |
Apr
2008 |
May
2008 |
Diff.
|
| Avg. Sale Price | $253,729 | $250,803 | - $2,926 |
| Total Units Sold | 1008 | 1045 | + 37 |
| Median Sale Price | $195,000 | $201,000 | + $6,000 |
| Pending Contracts | 1547 | 1485 | - 62 |
| Active Listings | 8,808 | 8,527 | - 281 |
| New Listings | 2,441 | 2,282 | - 159 |
Average Sale Price is down about $3,000 over last month, but sale prices are still running 95% of list prices. Remember this is an overall figure mixing in all types of Residential housing. I’ll provide a breakdown of residential types in a post yet this week.
Total Units Sold Showing 1025 on the report but 1050 are now in the system. While the media seems to see this as a bad thing because it wasn’t as high or higher than last year which was over 1300 we shouldn’t forget that last year in May was still before you had to actually qualify for a loan. Given the tighter credit requirements and the Mortgage industries ever changing picture to have 1050 closed transactions is incredible.
Median Sale Price moved up a little over last month from $195,000 in April to $201,000 in May. This is not a big change and statistically is insignificant.
Pending Contracts dropped slightly over May but are up significantly still over May of 2007 which continues to be a very positive sign of strength in the market.
Active Listings/New Listings another sign of the Tucson Real Estate Market is the decline in active listings and new listings. We have just over an 8 month inventory of homes overall and in some areas around a 6 month inventory which is considered to be “a normal inventory level”. Not sure who came up with that 6 month normal, but it does get quoted a lot.
The year over year figures show good strength in the areas of most importance. Moving to August and September will show how well we are doing compared to last year. If you look at the stats report at Total Units Sold you can see very quickly where the Mortgage Meltdown took hold. Here are the Year Over Year figures.
Tucson MLS Statistics May 07 - May 08 Summary
| Category |
May
2007 |
May
2008 |
Diff.
|
| Avg. Sale Price | $278,619 | $250,803 | - $27,816 |
| Total Units Sold | 1418 | 1045 | - 373 |
| Median Sale Price | $223,000 | $201,000 | - $22,000 |
| Pending Contracts | 1191 | 1485 | + 294 |
| Active Listings | 9,721 | 8,527 | - 1194 |
| New Listings | 2960 | 2,282 | - 678 |
The Economy of Energy and Fuel Prices
The bigger question at the moment is where are energy and fuel prices headed and how are these going to effect not only the Tucson housing market but the economy of Tucson, Arizona, and the nation. While it might seem self serving I think it is a good time for all of us to point out the possibility of Tucson AZ Real Estate Being A Bargain when taking all things into consideration.
I’ll post the Absorption Rates by Area tomorrow. It has been awhile since posted them, not because they were so bad but because it takes quite a bit of time and work to get those charts prepared. Time I haven’t had because besides writing for all the blogs, I work in Real Estate.
