Tucson Real Estate Absoption Rates June 2008
July 15, 2008
Post Tags: Tucson Real Estate , Tucson Real Estate Market , Tucson-Absorption-Rates-June-2008
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The overall absorption rate for Tucson in June was 7.88 months
The absorption rates improved for most of the Tucson areas in June. Some of the areas are actually showing a lower than normal inventory. The inventory for June dropped to 8,140 for all of Tucson and two area have just over 5 months of active inventory.
|
Area
|
June Listed\ |
June
Sold |
June
AR |
May Listed\ |
May
Sold |
May
AR |
Sold YTD
|
| N | 769 | 96 | 8.01 | 784 | 92 | 8.52 | 492 |
| NE | 455 | 40 | 11.37 | 463 | 50 | 9.26 | 242 |
| NW | 2131 | 254 | 8.38 | 2172 | 271 | 8.01 | 1404 |
| XNW | 133 | 8 | 16.62 | 127 | 12 | 10.58 | 52 |
| C | 1001 | 161 | 6.21 | 1023 | 152 | 6.73 | 751 |
| E | 422 | 83 | 5.08 | 641 | 74 | 8.66 | 390 |
| S | 527 | 60 | 8.78 | 514 | 60 | 8.56 | 334 |
| SE | 606 | 116 | 5.22 | 657 | 115 | 5.71 | 523 |
| SW | 666 | 66 | 10.09 | 675 | 57 | 11.84 | 385 |
| XSW | 309 | 32 | 9.65 | 311 | 27 | 11.51 | 166 |
| XS | 542 | 65 | 8.33 | 546 | 65 | 8.09 | 377 |
| W | 525 | 48 | 9.87 | 525 | 42 | 12.20 | 272 |
| XW | 72 | 5 | 14.40 | 76 | 6 | 12.66 | 33 |
| 8,140 | 1048 | 7.88 | 8,527 | 1045 | 8.15 |
The average sales prices have been coming down each month. At the moment it looks like July will slip a little lower yet. I’m not sure we will see 1000 closed transactions in July. I base this on only 951 pending contracts in June down from 1400 + in May.
Even with gas hovering at $4 a gallon, mortgage crisis continuing to plague the industry and wars and rumors of wars we see the Tucson real estate market progressing into the third quarter of the year. Many of the paper gains of 05 - 07 are now gone, but they were only on paper and will be back again in a couple of years.
As I’ve said before, “This is our Market, it is what it is”. It could be a little better, but it could be a lot worse.
