July Residential Sales Statistics

The Tucson Association of Realtors has published the Residential Sales Statistics for July. The news is ALL GOOD.

The average sale price in July was $210,767, which is down 17.3% from July 2008, but up 0.87% from June 2009.

The median sale price was $167,830, down 16.04% from a year ago, but up 1.72% from June.

There were 6,075 active listings, which is down an incredible 22.8% from last year, and down 2.97% from June. This is extremely welcome news. While foreclosures and short sales are still a significant part of the market, and their low sale prices continue to drag down the value of non-distressed sales, we are finally working through the fire sales.

Even more exciting, 1,184 sales closed in July. This is a 23.4% improvement from last year, and a 3.95% increase from June.

With 6,075 listings and 1,184 sales, we have a 5.13 month supply of listings. This gets us below the magic number of six month inventory, which is considered a balanced market.

Prices have been stable all year, and the $8,000 tax credit for buyers who haven't owned a house in the past three years is definitely resulting in sales. If you've been waiting for the bottom, you might be looking at it right now.