Friday, September 9, 2011
Hot Off the Presses from TAR: August Tucson Real Estate Statistics
The Tucson Association of Realtors has just released the August sales statistics.
August Market Stats from the Tucson Association of Realtors
Prices continue to decline...no real surprise there. The median sales price for August was $122,200, down 2.24% from July and a full 18.94% from August 2010. The median sale price is now just under what it was 10 years ago.
Total unit sales for August (1106) were down 1.6% from July but up 25.4% from August 2010. Keep in mind the August 2010 total sales (882 units) may have been somewhat depressed by the early 2010 rush to get first-time buyers into homes in time to qualify for the Federal tax credit.
Active listings on the market in August were 5,167 which is also down from July (5,412) and down a whopping 27.94% from August 2010 when there were 7,170 homes on the market in the MLS. There are rumors of a rush of new foreclosures as the lenders clear up the paperwork management issues that have been so controversial, and resume the foreclosure process on many homes. Some say that real recovery in the real estate market will not happen until a large number of these foreclosures have moved through the system and been sold. Stay tuned!