Saturday, August 15, 2009

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.

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