Tucson, Arizona September Condominium Statistics
As of October 1, 2009 there are 384 condominiums for sale in Tucson. During the month of September 45 condos sold with a median price of $107,000. 384 condos with a monthly absorption rate of 45 condos per month gives us 8.5 months of inventory (amount of time it would take to sell our current inventory if no new properties became available). 6 months worth of inventory is what most experts believe is a balance market.
There are currently 9 condos Active Capa (Can Accept Purchase Agreement), 41 Active Contigent and 23 pending. Not all of these properties will close in October or at all, but based on the number of units currently under contract it is realistic to expect October's closings to beat the 45 we saw in September.
The condo market is fueled by winter visitors so as the weather cools sales will pickup and more properties will become available, 60 new condo listings in September.
If you would like additional information on Southern Arizona's condo market contact James Servoss at jservoss@longrealty.com.
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