Tucson MLS 1022 Closed Residential Transactions for October 2009
Bridging the Gap between buyers and inventory
The number of closed residential transactions for October far exceeded anyone’s expectations. In October of 2008 there were 846 closed transactions; in October of 2007 884. There were no high expectations the number would go above 900 this year. But as the week progressed the sales blew right through the 900 mark.
Tucson MLS Data Pull
The data was pulled this morning for the October Statistics report. As usual we expect there to be some late sales entered into the system. This is pretty common even at $250 a pop. The number of late entries have slowed since the fine was imposed for missing the deadline to have transactions entered, but it still amounts to between 10 and 20 sales per month. Yes, that is enough to make a statistical difference.
Here is the quick rundown.
1022 Closed Transactions
93 Short Sales
341 REO Sales
$195,743 Average Sale Price
$158,950 Median Sale Price
The number of Short sales and REO transactions make up just over 42% of the total transactions for the month. This removes even more of these homes from the active inventory.
Tucson Market Trend Indicators
I’ll be looking to see what the number of active listings are going into November. I’m also interested in the Absorption rate for the various areas of Tucson. I know it is getting hard to find exactly what buyers are looking for. (I’m not just talking price either) The number of homes on the market has declined significantly this year.
The fact of a falling inventory seems to have been lost in the media. It has focused instead on foreclosures and the lack of new construction. The number of homes available for purchase and move in have been reduced to a point not seen in several years.
The last thing I want to see which is the other indicator of the direction of the market is the number of Pending contracts going into November.
Positive Signs for Tucson Real Estate Market
There are a lot of positive signs in this market and if I were a builder I’d be thinking strongly about getting some new homes ready for purchase. It looks like there will be buyers in the market going into 2010 and there aren’t a lot of homes ready for them to purchase.
Post from: Tucson Real Estate
