Tucson MLS Statistics for November 2007
December 19, 2007
Post Tags: tucson-housing-market-November-2007 , tucson-mls-statistics-November-2007 , Tucson-real-estate-November-2007
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The Tucson MLS Statistics for November were finally released late afternoon Wednesday, December 18th. This is pretty much behind the rest of the nation and seems to perpetuate the notion that Tucson and the MLS are just a jerk water town. However, I have reason to believe this is about to change. We shall see if this holds true come January when we will see the December and all of 2007 Statistics report.
Now to the numbers.
Tucson MLS Statistics October 07 - November 07 Summary
| Category |
Oct
2007 |
Nov
2007 |
Diff.
|
| Avg. Sale Price | $262,251 | $267,678 | + $5,427 |
| Total Units Sold | 840 | 759 | - 81 |
| Median Sale Price | $210,000 | $213,000 | + $3,000 |
| Pending Contracts | 993 | 910 | -83 |
| Active Listings | 9,313 | 9,234 | -79 |
| New Listings | 2,399 | 2,224 | - 175 |
The swing in the pendulum of the Mortgage industry is having a huge effect on the Real Estate industry all across this country. The new construction starts are down, but that has little to do with them Mortgage industry. The residential resale market is being hit now with the difficulties in attaining a mortgage.
We are finding it isn’t only the mortgage industry but the insurance industry as well having an impact on the resale market here in Tucson. It is a chain reaction of sorts. Issues with a home that were never “issues” have to be resolved before the house can be insured. The mortgage company won’t fund a loan without insurance on the home. So the end result is delays in closings sometimes more than a month. This is just one small piece of the pie.
The number you see in my breakdowns won’t match the report in some areas. This, as mentioned each month, has to do with the apples to oranges reporting in the Tucson MLS Statistical Report. In May of 2007 they started limiting the numbers to the Tucson area. This was a welcome change to the way the data was/is reported. However, they are still comparing last years all areas number to this years Tucson only areas. Which paints a very different picture from the one when apples to apples are compared.
The best example of this is the Active Listings. It is reported there were 9,238 active listings in Nov. 06 and 9,234 Nov. 07. Not much but 4 fewer listing than last year, hey at least we are holding our own, right? NO very WRONG! there were only 8,657 Tucson area listings in Nov. 06 which is 577 fewer listings than this year.
I’m not going to go into the break down of each section. Since we are getting these numbers with December almost over, there isn’t any reason to break them down any further than the report table.
Here are the numbers for Year over Year.
Tucson MLS Statistics Nov 06 - Nov 07 Summary
| Category |
Nov
2007 |
Nov
2006 |
Diff.
|
| Avg. Sale Price | $267,678 | $269,967 | - $2,289 |
| Total Units Sold | 759 | 966 | - 207 |
| Median Sale Price | $213,000 | $218,000 | - $5,000 |
| Pending Contracts | 910 | 891 | - 19 |
| Active Listings | 9,234 | 8,657 | + 577 |
| New Listings | 2,224 | 2,258 | - 34 |
So here is the question I suppose, based on what the Arizona Daily Star is reporting, you would think all who are in Real Estate are standing on street corners with sandwich boards saying “Will sell your home for food”. They really come up with the most accurate picture of the Tucson Real Estate Market.
So it is time for us to get ready of 2008. I bough the plywood and I’m about to go cut out a sandwich board for Barbara and myself. They aren’t hard to make, and I have paint and everything else I will need. Now I just have to come up with what we will write on the signs.
December 19th, 2007 at 3:57 pm
Yeah… the active listings did look better yesterday. What’d you do to them overnight, Dave?!;-))
December 21st, 2007 at 2:40 pm
Hi Dave - I should have read your post BEFORE I read yesterday’s business section of the Star and maybe then I wouldn’t have been so bummed by that article. Sure sounds like they’re painting 2008 even more dismally than even a few weeks back. Its looking a bit scary - should we really be concerned?
Erin
December 21st, 2007 at 9:38 pm
Erin,
“Should we really be concerned?” Short answer for you “NO”. Will it be a little harder to find a buyer? That we won’t know till the spring and we see what continues to unfold with the mortgage industry. But overall, priced right, you should be fine.
Of course the media and the naysayers will continue the assault on the market but homes are still selling, and for 95% of asking price.
You home is beautiful and well kept. That is what it takes in this market. You will be fine.
December 23rd, 2007 at 11:58 am
Thanks Dave! Following the new year we’ll be doing the touch ups to get it ready!