Tucson MLS Statistics for November 2006
December 11, 2006
Post Tags: tucson-home-sales-statistics-November-2006 , tucson-mls-statistics-November-2006 , Tucson-real-estate-market-trends
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The numbers for November 2006 are in from the Tucson Assoication of Realtors. Here is a summary breakdown of the number for the Tucson Housing Market November 2006.
- Average Sale Price
- November 2005 $265,947
- November 2006 $267,493 0.58% up from last year
- Oct. 2006 $266,854 up $639 over last month
- Median Sale Price
- November 2005 $226,000
- November 2006 $218,000 3.54% down from last year
- Oct. 2006 $211,500 up $6,500 over last mo.
- Average Days on Market
- November 2005 34
- November 2006 60 a 76.47% increase OLY.
- Oct. 2006 57 up 3 days over last mo.
- Pending Contracts
- November 2005 1528
- November 2006 891 a 41.69% decrease
- Oct. 2006 782 up 109 over last mo.
- Active Listings
- November 2005 5554
- November 2006 9238 a 75.16% increase
- Oct. 2006 9336 down 163 over last mo.
- New Construction
- November 2006 44 Units Sold Average Price $280,991
- Oct. 2006 62 Units Sold Average Price $311,658
- This is a decrease of $30,667 over last mo.
Tucson Housing Market November 2006 Analysis
Average Sale Price (Resale) UP!
$639 this month but tied to last months $13,074 increase
This is still a very healthy market.The Tucson Housing Market is strong. It was just reported that Arizona has seen a 16.4% increase in value of homes over the last year. While this isn’t the 33% increase we saw last year it is still a good sign of a strong market. The Tucson Market was reported to be increasing through the third quarter at 14.9%.
Median Sale Price Up $1,800 over last month
This raises where the middle of the market is for November 2006. More people are buying more house, and the interest rates have dipped a little in the last month. Asking prices have decreased at the some time contributing to this increase.
Average Days on Market Up 3 day
Three days longer than last month on average indicates it is still taking longer than last month to sell a home but an increase of 3 days is a lot less than the increases we have seen in previous months. This is a good indicator. For a better understanding of Days on Market (DOM)
Pending Contracts Up 109 over Oct.
A total of 891 pending contracts shows the market is continuing to pick up; tie that to the decrease of 506 new listings over the previous month indicates more homes are selling and fewer homes are coming on the market.
Active Listings Down 506
This is very good news for sellers. Part of this has to do with New Construction decreasing the number of new homes available on the market and a slowing in people putting their home on the market for various reasons.
New Construction
Builders are still offering some incredible incentives as they try and clear inventory by year end. The number of homes they have available has decreased significantly as they are clearing homes off their inventory. The huge discounts during the month of October, some as much as $100,000 contributed to the average sale price for new construction decreasing by $30,667 over last month. 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, the second wave of snowbirds will be here in January. Sellers still need to price their property right. Sellers are having to be more realistic with their “Asking Price” which continues to come down to the market while “Sale Price” continues to rise. With a 14.9% increase in sale price through the third quarter sellers are getting a good return on their investment when they price it right for the market.
The News For Buyers, It is a still very much a buyers market, there is a lot to choose from. Yes, “Asking Prices are decreasing, but “Sale Prices” are increasing, there are good buys, but don’t think you can come in with a ridiculous low ball offer and sellers will accept it. That isn’t going to happen. We are seeing some buyers try low ball offers thinking the market is bad or down, and some sellers are coming back with counter offers higher than the original asking price.
The Last Word: Sellers, price it right and be aware of the Seasons of Real Estate for the Tucson Market. Selling in a Buyers market might not be as bad as you think. Buyers don’t look to national statistics to make a local decision. There is no Tucson Housing Bust, asking prices are coming down as they need to for this market, but the Average Sales Price is increasing.
For those that like to play with number and want to dig into the details here is the link to:
The Tucson MLS Statistics for November 2006
