The Tucson Association of Realtors has released the Residential Sale Statistics for September. The best news is that number of sales increased 20% from September 2007 to September 2008. However, average and median prices declined 20% and 16% respectively during that period. The number of active listings was down 14% in the past year, which is a good thing.
Dividing the 7,858 active listings in September by the 934 sales indicates we have an 8.4 month inventory of listings. We are getting closer to a six month inventory, which is considered a balanced market, i.e., neither a buyer nor a seller market.
The average sale price in Tucson is now $218,397 and the median sale price is $180,500. In September, 78% of the sales were under $250,000.
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