Another month has passed and the Tucson market is showing steady signs of stability, four months actually! Here are a few notable trends:
- Number of closed transactions are up 6.2% over August 2008
- Pending contracts are up 45.1% over August 2008 and 3.8% over July 2009
- Average sales price was $199,626, down 5.3% over July 2009
- Average median sales price was $162,595, down 3.1% over July 2009
The overall Tucson MLS active listing inventory at the end of August 2009 is 6,062 which is 21.9% less than August 2008!
Another strong indicator, Months of Inventory, depicts a trend towards a balanced market. In general, the Tucson market has 6.4 months of inventory versus 9 months of inventory in August 2008. A rule of thumb, a market is considered “balanced” when “Months of Inventory” is around 6.
Tucson is experiencing an increase in buyer activity especially in the price bands up to $300,000 which comprises of approximately 86% of the market sales activity. See below:
Now is the time if you have been thinking about relocating to Tucson or wanting a second home. If you would like more detailed reports or have a Virtual Home Finder search set up for you, just send me an email and I will follow up with you right away.
Until next time,
