Saturday, October 6, 2012

September Residential Sale Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for September. Average sale price was $182,041, up 1% from a month ago and up 21% after bottoming out exactly a year ago.

The report says days-on-market dropped from 65 in August to 45 in September. Next month we'll see if that is an aberration. There sure have been a lot of bidding wars lately, so it seems possible.

The 938 closed sales indicated a 20% decline in units sold in one month. Again, that looks like a fluke. However, we do typically see a less dramatic decline in sales from September through December. Sale activity has historically accelerated after the holidays.

Short sales and foreclosures are still 41% of the sales.

In September 2011, 38% of the sales were cash. Cash buyers are frequently investors. Last month, 30% of the sales were cash. This is probably because the prices of houses are going up, and the opportunities to fix and flip for profit are getting scarce.

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