10/28/08

03:34:09 pm 2008 Real Estate Review (3 Quarters) 

The four charts that follow this textual summary of the first three quarters of the Green Valley Real Estate market’s 2008 performance give a graphical representation of the trends.
Six Hundred and twenty four properties had been sold by the end of September. Prices have ranged from a low of $45,000 to a high of $975,000. The average time on the market has been 168 days, for all price ranges. The average sales per month have been 69. Two thirds of those sales have been in the price range from $100,000 to $250,000, with an overall 2008 average price of $200,125. The average time on the market for active listings has been 168 days. The normal supply is about 6 months. At the year-to-date average monthly sales rate, the active listings on 1 October represent a 12 month supply. Six months of supply represents a more normal inventory situation.
The first chart, entitled, “New Listings by Month”, shows an upward trend from a low of 54 in January to a high of 125 in September.
The second chart, entitled “Average New Listing Price by Month”, illustrates a downward trend from about $326,409 in January to a low of $246,415 in September.
Our third chart provides a graphical summary of the corresponding average sales price for each month. It shows a high in January of about $217,332 to a low in September of $171,231. Not shown, but of interest, the number of sales peaked in April at 109 and fell to their lowest total in July at 42. The average month produced 74 properties sold or placed under contract, which just equals the average number of new listings.
Chart number four illustrates the trend in amount of time listings remain on the market before being sold. Year-to-date the average Days-On-Market has been 168, which is 46% of a year or about 6 months.

03:30:00 pm New Listings By Month (3 Qtrs of 2008) 

03:28:26 pm Average New Listing Price By Month 

03:27:01 pm Average Sales Price (3 Qtrs of 2008) 

03:15:41 pm Average Days-On-Market (3 Qtrs of 2008) 

10/06/08

02:02:46 pm First 3 Quarters of 2008 In Review 

Through three quarter of 2008, there have been 698 residential properties either sold or placed under contract in the Green Valley MLS coverage area. Six Hundred and twenty four properties had been sold by the end of September. The average sales per month have been 70. Two thirds of those sales have been in the price range from $100,000 to $250,000, with an overall 2008 average price of $202,672.

Through three quarters prices have ranged from a low of $45,000 to a high of $975,000. The average time on the market has been 163 days, for all price ranges. The time on market is influenced by many factors (including price, neighborhood, views, condition, age, etc.), but the overarching variable has been price. The relationship between price and time on the market has been directly proportional, i.e., the higher the price the longer the average time on the market.

At the beginning of the fourth quarter, the active listings numbered 837. The average listing price was $284,084. Comparing the average list price ($284,084) to the average sales price for 2008 ($202,672) gives an indication of the current situation. The average listing price is 40% higher than the average sales price. That discrepancy is in part influenced by the preponderance of sales below $250,000, but it is also impacted by the failure of sellers to price in accordance with the current market.

It’s interesting to note that the average time on the market for active listings is 164 days, compared to 163 days for all 2008 sales to date. If the average sales per month continues to be 70, the current inventory represents a full year’s supply. The normal supply is about 6 months. Of course, with such a large inventory, tight credit and several foreclosure properties in the mix each month, prices continue to be depressed.

09/06/08

10:20:42 am Sold or Under Contract during August, 2008 

• Under Contract: 32
• Average Price: $163,795
• Price Range: $60,000-$379,900
• Residential Sales: 45
• Average Sales Price: $195,969
• Average DOM: 201
• Financing
o Cash 45
o Conventional Load 20
o FHA 1

10:15:32 am 1 September 2008 Active Listings 

Active Listing on 9/1/08
874 active listings
Average list price was $290,445.
Average Days-On-Market was 159

Leading Neighborhoods:
•Country Club Vistas 25
•Tubac 47
•Rio Rico 71
•Quail Creek 51
•Las Campanas 22
•Rancho Sahuarita 28

Listings By Categories:
•Single Family 565
•Condos 209
•Condos 49
•Mobile 10
•Patio 13
•Manufactured 27
•Other 1

08/05/08

11:04:20 pm July 2008 Summary 

Active Listings
At the close of July, 2008 there were 911 active listings in the Green Valley MLS. The average price of all listings was $299,098. Prices ranged from $45,000 to $12,000,000. The average time on the market for active listings was 160 days.

Sold Listings
During July, 2008, 85 properties were sold or placed under contract. Only 29 of that total were sold. The average sales price was $207,000 and occurred after an average of 207 days on the market. On average, the discount to list price was a little over 9%. Nine sales were cash deals; 13 were financed with conventional mortgages; 4 were done with FHA financing; 2 were VA financed, and 1 was contract-for-deed financed. The following chart provides additional details.

10:44:38 pm July 2008 vs July 2007