FOR IMMEDIIATE RELEASE: September 10, 2008
ACTIVE LISTING INVENTORY CONTINUES TO DECLINE
The Tucson market continues its path to stabilization as our active inventory continues to decline. With 7,763 active listings, this shows a 13.95% decrease over a 2008 high of 9,022 in March. From July 2007 to August 2007, there was a 3.01% increase in active listings; from July 2008 to August 2008 there was a -1.43% decrease in active listings.
As we approach the end of the summer, we can see that the market continues to follow seasonal trends. In August and September, we historically see a dip in total unit sales and this year is no exception. When comparing August 2008 to August 2007, we see that pending contracts and closed sales are less in 2008, however the gap is consistently decreasing month to month.
Even though the Tucson market conditions are better than many other markets in the west for short sales and foreclosures... these closings are definitely impacting Tucson's median sales price downward but not dramatically.
Although the bottom of our market will continue to be bumpy the positive aspects reinforce that we are in a recovering market.
Kimberly Clifton 2008 MLS President