August Residential Sales Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for August. Average and median sale prices were down from July to August, as were units sold. The number of active listings changed negligibly month over month, and were down 22% from last August.

With 7,336 listings divided by 980 sales in August, we have a 7.5 month supply of listings.

The luxury market will remain soft for at least a few more years. With 1,038 properties listed at over $500,000, and only 37 sales in that price range, we have a 28 month supply of houses listed above a half million dollars.

The under $250,000 market is where the action is. Seventy-nine percent the sales were in this price range last month. Seven hundred seventy-two of the 4,487 listings under a quarter million dollars sold in August. This means we have a 5.8 month supply of these houses. A six month supply is considered a balanced market, so the advantage has shifted to the sellers of low to moderately priced houses.

I have seen a sudden increase in activity in my own business in the past few months, and I have been involved in several bidding wars recently. First time buyers tend to be looking for houses in the under $150,000 range, and we actually have an acute shortage of good houses for these buyers.