Where are we going? Part II
Median sales price dropped from $220,800 in 12/2005 to $215,875 in 01/2006. The funny thing is that the average sales price went from $266,731 in 12/2005 to $273,690 in 01/2006. Both of these statistics are for SFR (Single Family Residence), TH/C (Townhouse/Condo) and MH (Manufactured Home). The fact that the average was much higher is because a large number of expensive homes sold for over $500,000 with 17 homes selling for $1,000,000 or more. These expensive homes push the average price up while the median price of $215,875 shows the middle of the range of sold properties, which is a much more accurate statistic.

Total listings under contract on 01/2006 was 1672 as compared to 12/2005 which was 1236. Compare this to the number of active listings in 01/2006 of 6499 and 12/2005 of 5457 listings – This may be a “holiday adjustment”… stay tuned!

Average days on market for 12/2005 was 39 days and now 01/2006 it has increased to 44 days. New listings in 12/2005 was 1638 compared to 3209 in 01/2006.

More homes on the market with a smaller pool of buyers is going to lead to higher number of day on the market, which is already happening.

I still see prices stabilizing but beware of some price softening over the next couple of months. Price your homes properly and it will sell in the range of 30 days. Buyers, be sure your Realtor does a market analysis so you can make an educated offer.

Interest rates are still low. Remember not that long ago there were days of 8% and higher… much higher! I do not see it going down again so buy now while you still have an excellent rate!

Thanks for taking the time to read my articles and please check back soon!

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Ability Realty
Barry Fotheringham, Broker
7360 E. 22nd Street,
Tucson, AZ 85710