HOUSING

 

Housing Statistics:

• Average Sale Price (6/08): $257,449

• Median Sale Price (6/08): $200,000

• Total Units Sold (6/08): 1,084

• Total Sales Volume (6/08): $266,202,280

• Average Days on Market (6/08): 78

• Active Listings (6/08): 8,140

Source: Tucson Board of Realtors, MLS, June 2008

Multifamily Housing:

HUD Estimates for Fair Market Rents (FY 2008):

 

Tucson

Scottsdale

Studio:

$501

$609

1-bedroom:

$588

$715

2-bedroom:

$769

$862

3-bedroom:

$1,110

$1,256

4-bedroom:

$1,246

$1,498

Residential Permits

During 2007, residential permits were down 34.4 percent over 2006. Permits issued during 2007 were as follows: 

• Total Residential Units: 6,014 (down from 9,097 in 2006)

• Single-Family Detached: 4,846 (down from 7,831 in 2006)

• Townhomes: 127 (down from 320 in 2006)

• Multifamily Units: 616 (up from 367 in 2006)  

Pima County Residential Construction Distribution:

 

2003

2004

2005

2006

2007

Rank

• Northwest:

18.6%

18.2%

18.6%

11.0%

18.5%

3

• Westside:

14.4%

12.8%

14.7%

10.4%

10.2%

5

• Southeast:

18.6%

20.5%

23.9%

34.2%

31.2%

1

• Southwest:

27.0%

29.1%

26.7%

17.9%

20.0%

2

• Casas Adobes:

4.2%

0.9%

1.2%

5.3%

2.9%

8

• East:

5.9%

8.1%

3.0%

3.9

3.4%

6

• Catalina Foothills:

4.1%

2.3%

2.3%

2.6%

3.1%

7

• Central:

7.2%

7.9%

9.6%

14.6%

10.6%

4

Housing Stock, First Quarter 2008

• Total Metro Area Housing Stock: 432,562 (up 2.04% over first quarter 2007) 

• Single Family Units: 246,851 (57.1% of total units)

• Townhouses: 32,478 (7.5% of total units)

• Multifamily Units: 100,223 (23.2% of total units)

• Mobile Homes: 57,010 (12.2% of total units)

Ownership/Affordability

According to Census 2000, owners formed 64 percent of all Pima County households, and the median value of all owner-occupied homes was $114,600. The median rent for all occupied rental units was $544, and about a third of metro area renters spent more than 35 percent of household income on rent.

In 2005, the American Community Survey reported that 65.1 percent of Pima households owned their home. Median rent was $633, up 16.4 percent since 2000. Approximately 39 percent of renters spend more than 35 percent of household income on rent. About 10.9 percent of owners spent over 35 percent on housing costs.

In 2006, Tucson home prices rose about 5.6 percent in all categories. The average sales price rose from $253,556 in 2005 to $267,855. Sales did slow somewhat with days on the market increasing from 33 days to 50 in 2006. The following link leads to a chart of sales price and days on the market over the past decade.

As the affordability of new single-family housing has lessened, used housing has acted as a substitute. Growth in real incomes has not kept pace with housing costs, an issue that is coming to the forefront regionally. When housing returns to be priced as shelter rather than an investment, stability will return to the market.

Source: Pima Association of Governments

Links to Information about Residential Permit History and Home Sales:

City of Tucson Residential Units Permitted, 1960-2006 (Table) (PDF 46KB)

Pima County Residential Permits (Table) (PDF 14KB)

Pima County Residential Permits (Chart) (PDF 42KB)

U.S., Pima County & Tucson Home Ownership: 1980-2005 (PDF 15KB)

Residential Home Sales – Pima County

Mean Price 1989 - 2008 (Chart)

Listings-to-Sales Ratio 1997-2008 (Chart)