Brenda's Tucson Housing Market Report
April 2008 Tucson Home Sales

The March MLS Statistical report shows a mixed bag of signals, most of which are very positive and are indicating that we are, in fact, starting to climb out of the bottom and begin the normal cyclical trend that always follows a down market.

Despite what you read in the media, this market is presenting solid statistical data which indicates an improvement is beginning to occur. As we noted last month we expected inventory to drop under 9,000 units and it did. Current inventory stands at 8,808 units! Most of the last year and a half we have had well over 9,000 units for sale and a couple of months there were over 10,000 units for sale!

We are changing our reporting format a little bit this month to add in detailed data on Northwest Tucson and the Catalina Foothills, two areas that we specialize in. This should give you a better focus on what is happening in those MLS Districts.

Key current month statistics from the Tucson Association of Realtor’s April 2008 Report show:

Total Tucson Home Sales Units: 973, Decreased 26.17% from April 2007. Increased 8.1% from last month.

Total Tucson Pending Sales: 1,547, Increased 27.11% from April 2007. Increased 9.71% from last month.

Tucson Average Sale Price: $253,729, Down 8.9% from $278,577 in April 2007.
Northwest Tucson Average Sale Price: $312,358, up from $298,496 last month.
Catalina Foothills Average Sale Price: $466,000, down from $513,740 last month.

Total Tucson Active Listings: 8,808, Down 15.2% from 10,387 in April of 2007.
Northwest Tucson Active Listings: 2,328, Down 101 units from last month.
Catalina Foothills Active Listings: 840, Down 1 unit from last month.

Total Tucson New Listings: 2,441, Down 20.8% from 3,085 in April of 2007.
Northwest New Listings: 579, Down 41 units from last month.
Catalina Foothills New Listings: 258, up 33 units from last month.

Some quick conclusions we draw from these Tucson home sales statistics are:

Positive Market Indicators this month. Large decrease in Active Listings. Large decrease in New Listings which dropped 20% from April 2007. A huge increase in Pending Contracts (up 27% over April 2007).

Negative Market Indicators this month. Home Sales Units sold and average prices were down this month. While these appear to be negative indicators they are, in reality, normal occurrences as the market begins coming out of a down cycle.

Fewer sales indicate that sellers are firming up on their price so buyers looking for unbelievable bargains are leaving empty handed. Another contributing factor to fewer sales is the much more stringent lending requirements than we had a year ago. Lower prices on current closings are actually sales that occurred some time ago, typically 30 to 60 days ago.

This Market is Changing!. Look for inventory to continue to creep down. We also expect average sales prices to start picking up in the next couple of months or so as many distressed sales are being flushed out of the market.

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

March 2008 Tucson Multiple Listing Service Report

NEW 2008 1st. Quarter Report - Northwest Tucson

NEW 2008 1st. Quarter Report - Catalina Foothills

2007 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2007 Year End Tucson Housing Report

Long Realty 2007 Year End Market Report

Tucson Housing Market Report Archives

Questions about current Tucson Housing Market Conditions?
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