Tucson Market Stats
Latest Data Available is from March 2008.
Overview
Unit sales volume ticked up this month to 757 units, a 28% increase over last month. This is in line with out seasonal trend - sales tend to increase over the next few months, beginning to taper off in July and August.
The city average sales price was $274,460, not even $2000 different from last month. The average sales price has been bouncing around for quite some time now citywide, but at the individual area level this month, 3 areas increased in average sales price: Northwest, Northeast, and Central - while the rest went down.
The median sales price citywide is at $210,500. It’s been hovering around $210k for a good 7 months now.
Months of inventory is down from 14.5 months in February to the current 11.1 months.
There’s something to point out here: the number of new listings usually go up between february and march, but this year, they went down. Combine that with the uptick in unit sales, and you’ve got a decrease in months of inventory to the lowest we’ve had in 6 months. Ideally, if we can keep new listings low and continue the seasonal increase in unit sales, it will cause a better balance to supply and demand.
On the not so bright side, there were 8412 listings in March - there’s still a glut of inventory out there. The South and Southwest especially continue to fare badly. Those areas had a big run up of prices as the new construction moved in that direction. Now, the builders are undercutting resale, and the bank owned foreclosed properties have slashed list prices in order to get those homes off the bank books.
Best area award this month goes to Central, for a 17% increase in average sales price - although Central is such a diverse housing area that the average sales price tends to have large swings. Honorable mention goes to the East side, for the lowest months of inventory, at 7.2.
Don’t forget to look at the individiual areas of the city by clicking on the links to those areas near the top of the page. Not only is all real estate local, but it can change widely from one side of this city to the other.
Citywide Average and Median Sales Price
Citywide Active Listings, Pending Transactions, and Sales
Citywide Months of Inventory
See Market Statistics Reports for:
Statistics provided here are compiled using data provided by the Tucson Association of Realtors Multiple Listing Service. Areas are limited to Greater Tucson, which includes the NW, N, NE, W, C, E, SW, S, and SE only. No extended areas are used in compiling these statistics. Data is deemed reliable, but not guaranteed.
