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8540 N. Oracle Rd. Oro Valley, AZ 85704 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-989-6114 email: Brenda@BrendaOBrienTeam.com |
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Brenda's 2007 Year End
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"2007 was a Challenging Year as the Market Continued to Adjust"
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Challenging though it was, we had a great year Selling 101 Homes and I want to thank all our loyal clients for their trust and faith in us. The Tucson MLS has released their Year End Report for 2007 Key year end statistics show that 2007 was an "adjustment year" with prices fractionally increasing over 2006. According to the 2007 Year End Report the Average Price increased from $275,597 in 2006 to $272,601 in 2007. The median price of $220,000 remained unchanged. Tucson Home Sales Volume: The Volume (total dollars) of sales did decrease from $4.266 Billion in 2006 to $3.499 Billion in 2007. Even so, with sales of almost $3.5 Billion, 2007 ranked as the 3nd best year for real estate sales in Tucson's history. Tucson Home Sales Units: Total units sold for 2007 were 12,840, which was 2,869 fewer than in 2006 marking 2007 as the 6th best year ever for number of homes sold. Tucson Average Sale Price (all residential types): Increased by $1,004 over 2006. Average Sales prices of residential units at the end of 2007 are the highest they have ever been. Tucson Average Days on Market: Increased from 49 days in 2006 to 67 days in 2007. This is due entirely to much larger inventories of homes on the market. This number will begin dropping again as inventory slowly declines as we work through the current excess inventory. Tucson Active Listings: Increased 2.21% from 8,518 in December 2006 to 8,708 in December 2007. As a Top Tucson Realtor Brenda O'Brien draws some quick conclusions from these Tucson home sales statistics: Prices were Fractionally Higher! Compared to the rest of the country the Tucson Housing Market is doing Fine!. To remain basically flat when other parts of the country are in decline speaks well for this market. This is also an indication that we will probably recover much faster than other areas that had those large declines in value. We still have an excess of inventory at the end of 2007, However, we only experienced an increase in inventory of 190 Units in 2007! If we compare that to the prior year where 2006 had a gain of 3,061 Units it is clear that the rate of increase in inventory has virtually stopped. Overall inventory should trend lower during 2008. The 2007 Year End Tucson Market Report below will give you a detailed look inside the 2007 Tucson Housing Market. |
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2007 (Year in Review) Tucson Multiple Listing Service Report
2006 Tucson Housing Report | |
