November Residential Sales Statistics

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

Just when we usually go into the year-end sales slump, we saw a 3.36% increase in units sold from October to November, and a 27% increase in the number of homes sold from November 2010.

The average sale price was $158,434, and the median sale price was $122,000. Both of these figures have increased for two months in a row.

Of the 1,015 homes sold, 59% sold for under $140,000 and 78% sold for under $200,000.

Real Estate Owned (REO) or foreclosures were 39% of the sales. Fifteen percent of the sales were short sales. As long as 54% of the sales are distressed properties selling at below market value, these comparable sales will continue to drag down the values of non-distressed homes.