Tucson Real Estate Agent - Brenda O'Brien
10445 N. Oracle, Suite 121
Tucson, AZ 85737
Office: 520-918-5968
Toll-Free: 888-825-8251 ext. 5968
Fax: 520-989-6114
email: Brenda@BrendaOBrienTeam.com

Brenda's Tucson Housing Market Report
May 2007 Tucson Home Sales

"Finally, A Drop in Inventory!"

Below is a summary of key Tucson Real Estate Market indicators from Top Tucson Realtor Brenda O'Brien. The full detailed reports are available at the bottom of the page.

The big news this month is that the inventory of homes dropped! Tucson Housing Inventory continues at high levels but this month we dropped below 10,000 to a total of 9721 active listings on the market at the end of May. The Tucson Multiple Listing service did adjust the total listings by dropping the out of county, out of state and Mexico listings from their totals which accounts for some of that drop but not all of it.

Tucson Homes are still selling! There were 1,313 homes sold in May. In this market your home needs to be priced according to the market or it will not sell. Homes that are priced appropriately are indeed selling.

Key current month statistics from the Tucson Association of Realtorís April 2007 Report show:

Tucson Home Sales Units: Decreased 13.96% from 1,526 in May of 2006 to 1,313 in May 2007. (Up 26 units from April)

Tucson Average Sale Price (all residential types): Increased 4.22% from $269,217 in May 2006 to $280,589 in May 2007. (Up $1,597 from April)

Tucson Average Days on Market: Increased 22% from 50 days in May 2006 to 61 days in May 2007. (Down 4 from April)

Tucson Active Listings: Increased 15.41% from 8,423 in May 2006 to 9,721 in May 2007. (Down 666 units form April) We will be watching this important statistic to see if this trend continues.

Tucson New Listings: Decreased 6.6% from the 3,169 listings added in May 2006 to the 2,960 listings added in May 2007. (Down 125 units from April) This is the 2nd month in a row where new listings have decreased by more than 6%!

Some quick conclusions we draw from these Tucson home sales statistics are:

The significant numbers we are seeing are a sizable reduction in total listings and also a reduction in new listings coming on the market. We'll be watching these two statistics closely. If they continue to head down that could mark the beginning of the long awaited upturn in the Tucson housing market.

Still a Buyers Market. Regardless of the good news in the May statistics we remain in a buyers market with lots of inventory to choose from. We will still need several months to work through this excess inventory. The more we nibble that inventory down the more prices will start firming up.

Prices staying mostly flat (Average Price Up 4.22%, Median Price up 1.02%) Prices are staying pretty flat, with small increases in both average price and median prices. Many sellers are still remaining firm on their prices. The Average Tucson Home Sales Price is up $11,372 from May of 2006 but is up $21,754 from May of 2005.

Lots of Bargains Same comment as last month, We will probably look back a year from now and say, Wow, was the summer of 07 a good time to buy or what! Real Estate is a cyclical market. We will eventually work our way through this excess inventory and the Tucson Housing Market will head back up. Stay Tuned, we may have just passed the turn around point!

Demand Building There is a lot of pent up demand building as many Baby Boomers are sitting on the sidelines due to negative media hype over the last year or so. When these guys come back into the market, watch out! I read an interesting statistic just last week, "7,528 people are turning 60 every day for the next 18 years" as the baby boomers mature. Now, that's a bunch of buyers getting ready to retire!

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

May 2007 Tucson Multiple Listing Service Report

Brenda's 2006 Year End Tucson Housing Report

2006 (Year in Review) Tucson Multiple Listing Service Report

Questions about current Tucson Market Conditions?
Email Brenda or call her Today at 520-918-5968

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