The Tucson Association of Realtors has released the residential sales statistics for January 2009.
Average and median home sale prices were down 21.51% and 19.58% from January 2008. Average sale price was $208,133 and median was $163,250.
January is the slowest month of the year, and number of units sold was down 5.31%. Fortunately, new listings were down 36.94% and active listings were down 16.08% from the previous year.
Divide 7,694 active listings in January by 588 sales, and we have a 13 month supply of listings. The buyer is at a strong advantage in this market. The successful seller prices his house appropriately, and he is meticulous about the condition and appeal of his house. Sellers who have a take it or leave it attitude will find that buyers will be happy to leave it.
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