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Tucson Market Review - 2nd Qtr 2008
Sales Price Trends 2005 to 2008 Estimating Your Homes Value
A lot has been presented about the problems of the U S housing market and how prices have fallen fromprior years. In some markets average selling prices have fallen 20 to 40%, but it is critical to recognize real estate is a local market NOT a National one. The chart - BELOW - presents the Average and Median Sales Price for home in Tucson since 2005. The years 2005, 2006 & 2007 are presented as year to year comparisons. Quarterly data is presented for 2008.
What the data indicates is that Average Sales prices from 2005 to 2007 actually increased and the Median Sales Prices remaind the same for that period. In 2008, Average and Median Sales prices have fallen - by less than 5% for the Average Sales Price and less than 10% for the Median. It is important to recognize that the Median price is heavely influenced by the number of homes sold at over $1,000,000. The fewer the high end homes sold the more the Median Sales price will decline.
Similiar data is available for each MLS area in Tucson. So if you want more information on what is happening in specific areas, just call us 1 866 316 5575 - or complete our contact form - and we will forward it to you.
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