December Residential Sales Statistics
The Tucson Association of REALTORS Multiple Listing Service has released the Residential Sales Statistics for December. Several recent trends are continuing in this most recent month. Home sales volume and units sold continues to be significantly off last years pace. We have been between 20-30% below last years levels for the last several months. Prices have fared better than those numbers suggest. Average sales price for December was down .4% and median sales price was down 2.33% from a year ago. Pending contracts, those properties under contract but not yet closed, increased a healthy 17.84% over December 2006. We have seen this for the past several months now. That number needs to start translating to more closed sales. Perhaps the best news of last months stats is the inventory levels. We are on a several month decline in the level of inventory on the market. We have fallen below 9000 listings and are now at 8708, up only 2.23% over December of ‘06. The leveling off of inventory is good news for the market. Most forecasters that I have spoken to think that 2008 will be the year that our market levels off and some even see a slight uptick towards the end of the year. Statistics are telling us there are buyers in the market and homes must be properly priced and always “showing ready” to get their attention.
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