Tucson Real Estate Snapshot Nov 2008

Tucson Real Estate Snapshot

Here is a quick snapshot of The Tucson Real Estate Market for November 2008.   Full analysis and statistics will be available when released by the Tucson MLS.   The data for the November report was pulled on Wed. Dec 3, 2008.

Total Closed Transactions: 626

Average Sale Price: $251,226

Median Sale Price: $176,500

This is the lowest number of closed transaction since 1997 for a November.   In 1997 there were 568 closed transactions.

That’s the snapshot.

This past week mortgage interest rates have taken a huge dip and activity for loan applications is up dramatically.   Anacdotally, there seems to be more activity in the market this week and December closing are expected to be closer to “normal” if there is such a thing anymore.   Normal not just in real estate, but normal in every sense of the word.

Anybody back in July predicting the price of gas would drop to around $1.50 at the pump?   If so, someone should let them out.   I’m sure they would have been locked up for such a prediction.