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Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
Contact Me

Tucson Real Estate April Sales Report

The official numbers are out from the Tucson Association of Realtors. Tucson home sales volume increased by 5.86% and total home sales increased by 8.1% over that of March 2008. Good news for home sellers and the local market. The numbers of available homes decreased by 2.37%. Indications are there to show the Tucson real estate market is heading toward a healthy market again. Tucson has always remained in better condition than many areas of the nation.

Prices decreased, what buyers want to hear. The average sales price dropped by 2.08% over that of March, while the median price lowered by 2.5%. More good news. Especially with interest rates holding in the high 5% to low 6% range. Changes have been very slight for months. Which brings to mind, a client with exceptional credit and savvy loan shopping closed on the purchase of his home a few weeks ago for 5.375%. So, those deals are out there.

The number of pending sales increased by 9.71%. Not too many months ago we had over 10,000 homes on the market. Which in comparison to the 50,000 on the market in the Phoenix area is not bad.

By the numbers:

Home Sales Volume: Increased 5.86%

3/08 $233,207,940
4/08 $246,878,039

Average Sales Price: Decreased 2.08%

3/08 $259,120
4/08 $253,729

Pending Contracts: Increased 9.71%

3/08 1,410
4/08 1,547

Active Listings: Decreased 2.37%

3/08 9,022
4/08 8,808

New Listings: Decreased .12%

3/08 2,444
4/08 2,441

Home Sales Units: Increased: 8.1%

3/08 900
4/08 973 (as of this writing there were an additional 27 reported late)

Median Sales Price: Decreased 2.5%

3/08 $200,000
4/08 $195,000

Golf Property Sales remained close to previous months by numbers with 34 homes sold in April. The lowest priced home sold for $150,000 for a 1,772 square foot home, the highest was $2,715,000 for a 5,950 square foot home. If looking at all the sales, the average price was $506,000. Removing the homes that sold for $1,370,000, $1,750,000, and $2,715,000 the average sales price was approximately $366,300. The median sales price was $380,000. Nearly 10% of the golf property homes that sold were for over $1,000,000.

I predicted back in December that April 2008 Tucson real estate sales would be 932. I am happy to say that as of today the recorded sales are 1,000. Lets see prices are down, sales have increased, predictable sales are 6.8% better than anticipated. It may be too early to say, however, the indicators are there that the Tucson real estate market is on the rise and the good deals are beginning to decrease. Has the Tucson real estate market begun to correct itself? Is now a good time to buy a home?

This entry was posted on Tuesday, May 13th, 2008 at 7:43 am and is filed under Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Are there separate statistics kept on duplex/4-plex market?

May 24th, 2008 // Don Ricketts
Don - I would have to run separate numbers for residential income properties. Since the numbers are so low and categories so broad, I usually run those numbers on an individual basis to get specific numbers for that client’s needs.

May 25th, 2008 // Doug

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