July’s Preliminary Tucson Real Estate Sales

My home sale prediction months ago was for 927 residential homes sales in the Tucson metro area for the month of July. TARMLS set 8:00 AM August 5th for the deadline for Realtors to get their July sales submitted. As of the date of this writing, there have been 919 sales. One percent accuracy in predicting sales. Not bad. I am hoping to be in error in the other direction once more sales are entered into the system.

Though sales are not increasing significantly, what does this tell us? If we can predict residential home sales months in advance and have some success in accuracy, the market is stabilizing in terms of number of Buyers willing to commit to purchasing a home. Does this mean that inventory has dropped to  normal  levels? Not by any means. It is a good market for buying a home though. Add to that the Federal Government tax incentives for home Buyers who purchase a home between April 9, 2008 and June 30, 2009…you have a great time to buy.

Unofficially the median selling price is $200,000, average selling price $256,770, there are 304 home pending sale, an additional 1,213 homes that have an offer on them, with 7,845 homes still waiting for an offer; we broke the 8,000 mark. In a few weeks the official numbers will be reported for everyone to see. Lets see how close those numbers are to this preliminary report.

For Golfers, there were sixteen home sales for golf properties. The average selling price was $524,453, the median was $360,750. The lowest priced golf home was $137,850 the highest priced sale was $2,850,000.

This entry was posted on Monday, August 4th, 2008 at 7:46 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.

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