July 2008 Market Report

Posted at 1:48 PM, Aug. 12, 2008

No real surprises this month. In 2007, we had 4 home transactions and in 2008 we had 6. The total volume was down about 10% as the increased number represented more less expensive homes being sold. For the homes sold in 2008, the median price per square foot was $206. Land sales accounted for 2 transactions this July and 3 last July. Dollar volume in 2007 was considerably higher.

The year to date numbers are probably more meaningful. For 7 months in 2008, there were 20 home sales. The median price was $225 per square foot and the average time on market was 216 days. In 2007 we recorded 22 home sales at a median price of $193 per square foot and 101 days on market. Land sales are the real story of this year as they are definitely sparse or spotty. This year for the first 7 months, 26 lots were sold at a median price of $15,450 per acre. But, in 2008, 51 lots sold at a median price of $19,500 per acre! Where have all the folks gone that want to build their dream home in the Mountain Empire??

How about actual deals in July 2008? Well, one home and one lot went into escrow. Certainly nothing positive to write home about.

As the Tucson market continues to stabilize, our market will again trend up both in price and activity. For those of you waiting for a "better deal', I would not hang out on the sidelines much longer. I just had a client lose a home in a bidding war and this home had been on the market for almost 9 months! I have a small business for sale. In over nine months there has been minimal activity on this opportunity. Now there are three people expressing serious interest.