Wednesday, December 19, 2007

November Residential Sale Statistics

The Tucson Association of Realtors has finally released the residential sales statistics for November.

759 properties sold last month. This is better than the low for the year, 683 in September, but it's 23% below November 2006.

The average sale price in November 2007 was $269,968, which is 2.9% higher than October 2007 and 0.9% higher that November 2006 (not 1.72% higher as stated in the Sales Snapshot on page 2).

The median sale price also remains stable.
November 2006: $218,000.
October 2007: $210,000.
November 2007: $213,000.

The problem of excessive listings continues.
November 2006: 9,238.
October 2007: 9,313.
November 2007: 9,234.

At least this is lower than 10,387, the all-time high number of listings reached in April 2007, so we're going in the right direction.

Like weather, the real estate market is local. Houses are selling if they are in good locations and have the features buyers want (garage, AC, open floor plan, big updated kitchen, closet space and landscaping). Of course, the seller has to be sure the house is priced right, easy to show and in excellent condition. It's a good time to buy a house.

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