Brenda's Tucson Housing Market Report
Strongest First Half in Recent Years
Sales Strong In May The strong first quarter carried through into May. This has been an exceptionally strong first half. May unit sales were up another 3.5% over an already stronger than normal April. Buyers are still out in force. May Unit Sales were up over 28% over May 2009.
Inventory is stabilizing. The inventory of homes for sale appears to have stabilized around 6,700 units staying within 100 units or so of that range for all of 2010. This appears to be an appropriate level with most zip codes averaging 6-8 months of inventory.
Homes that are priced aggressively continue to sell quickly while the overpriced ones languish on the market. Sellers, Listen to your agents on pricing. Study the documentation they provide to supporting their recommendation on pricing. It doesn't matter how much you "think or wish" your home is worth, the numbers don't lie. If you don't get it priced correctly at the start you'll have a discouraging road ahead of you.
Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed.
Key prior month statistics from the Tucson Association of Realtor’s June 2010 Report show:
Total Tucson Home Sales Units: 1,270, Increased 28.67% from May 2009. Increased 3.50% from last month.
Total Tucson Pending Sales: 963, Decreased 26.04% from May 2009. Decreased 38.58% from last month.
Tucson Average Sale Price: $194,838, Down 4.55% from $204,125 in 2009.
Northwest Tucson Average Listing Price: $237,880 Down from $246,639 last month.
Catalina Foothills Average Listing Price: $404,201 Down from $455,488 last month.
Total Tucson Active Listings: 6,742, Up 3.63% from 6,506 in May of 2009.
Northwest Tucson Active Listings: 1,736, Down 5 units from last month.
Catalina Foothills Active Listings: 728, Down 21 units from last month.
Total Tucson New Listings: 1,463, Down 242 units from 1,704 in May of 2009.
Northwest Tucson New Listings: 343, Down 212 units from last month.
Catalina Foothills New Listings: 205, Down 83 units from last month.
Some quick conclusions we can draw from these Tucson home sales statistics are:
Positive Market Indicators this month: Lots of Buyers still in the market. Total Units Sold up over 28% over last year. Total Volume (total dollars sold) up 17% last year & New Listings Decreased 14% over last year.
Negative Market Indicators this month: Average Sales Price down 4.55% over last year, Median Sales Price down 11.18% over last year, Pending Contracts down 26% from last year. Active listings up slightly over this time last year.
Market Outlook: Short term we are expecting slower sales in June as the market takes a breather from a robust spring season. Sales should start picking up again as we move into July and August.
The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.
Questions about current Tucson Housing Market Conditions?
Email Brenda or call her Today at 520-918-5968
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