Tucson Real Estate Market News

Recent report on the Tucson Real Estate Market is enclosed.

In Light of the barrage of recent newspaper articles nationally, we are posting the latest news that has been received from the Tucson Association of Realtors with regards to the Tucson Real Estate Market.

As many of you know, statistics are different in specific  parts of the country and are area sensitive.

Tucson appears to be holding its own at present ,when comparing the statistics posted in October 2007 by the MLS to those of October 2006.

In the last 5 months,  more escrows have been opened in 2007 than the same time last year  in 2006.

A good indicator that sellers are being  more realistic and there are buyers out there that are making offers on Tucson homes !

In October 2007, there were 790 homes that closed, which is an increase of 107 homes over September of 2007.

The average sales price according to our MLS statistics  in Tucson, Arizona is $274,480.

A small decrease in average Tucson  sales price from 1.72% from $266,854 in October 2006 to $262,251 in October 2007 has also taken place. 

Inventory of Tucson homes for sale has been decreasing with  9,313 in October 2007, compared to 9336 in October of 2006.

There has also been   a decrease in new listings to  2,399 in October 2007 compared to 2886 in October of 2006.