December 2011 Tucson housing market statistics have been released! Some highlights are as follows.
- Total Sales Volume for December was 155,173,463, a slight decrease of 3.51% from November.
- Average Sales Price increased 1.92% from November.
- Average List Price increased significantly from $159,187 in November to $171,015 in December, a total increase of 7.43%.
- Total Unit Sales were up 5.95% from December 2010.
- The Median Sales Price shows a slight decrease of 1.64%
from November.
- New Listings decreased from 1,099 in November to 956 in December.
- There were 4,911 Active Listings in December.
You can download a copy of the statistics here
I’ve also run a market snapshot for the month of December 2011 to compare year over year statistics.
december2011 tucson housing statistics
You can see that our absorption rate has steadily declined month over month for the last year, and is now down to almost half of what it was a year ago. This is good news for sellers and has also created an interesting challenge for buyers in the sub 250K market segment. There is so little inventory and so much competition at this price point, that it has become normal once again to see multiple offers on any property listed at this price. Our average list to sell ratio is also above 99% at this time, which is very unusual for this time of year, and directly reflects the state of the market.
Sellers are selling for the price they want, and buyers are paying it. In many neighborhoods we are even seeing price increases over the last 6 months, although not substantial they are increasing.
It appears that 2012 could be the year our real estate recovery starts!
