Tuesday, February 9, 2010

January Residential Sales Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for January.

Average sales price was the same as in December, and at $201,219, was 2.37% lower than than January 2009. Median sale price was $160,000, which is 3.9% more than in December, and 1.84% less than January 2009.

With 6,618 active listings and 712 sales in January, we have a nine month supply of listings. This is the highest supply we have seen in months. The high inventory can be explained by the 2,424 new listings that came on the market last month, a 35% increase from the previous January. Fortunately, last month also saw a 16% increase in units sold compared to a year ago.

An interesting new table was added to the statistics this month. On page 2, you can see the percentage of active listings that sold in January, arranged by zip code. The highest inventory reduction was southeast of Irvington and I-19 in 85706, where 27% of the listings sold. Unfortunately, 20 of the 34 sales, or 59% were bank-owned houses, meaning the previous owner lost the house to foreclosure. The second highest inventory reduction was southwest of Irvington and I-19 in 85746, where 22% of the listings sold, with 17 out of 30, or 57% of the sales being foreclosures.

I was shocked to find that ever-popular 85719 along Campbell Avenue had the lowest rate of inventory reduction, with only 6 out of 171 listings, or 3.5% sold last month.

As usual, most of the demand is for houses priced under $250,000. With 4,975 listings and 543 sales in this price range, we have a nine month supply.

In the $250,000 to $500,000 range, we have 1,788 listings and 140 sales, for a 13 month inventory.

A 35 month supply plagues owners of homes priced over $500,000, with 1,010 listings and only 29 sales in January

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