Brenda's Tucson Housing Market Report
May 2012

Rocking & Rolling thru April

Green Arrows Across The Board! April Sales Strong As Expected

Average Days On Market = 74 ~ Sales Price as a % of List Price = 95.70%

As strong as the first quarter was, April turned out to be our Best Month this year. We sold 12 homes in April, 3 home sales a Week! This market has been on fire. While we don't expect this to continue, it is good evidence that the buyers are really here and they're really buying.

This month's graphic is "Active Listings". The colored bars cover the last 6 years. Look at the huge drops in active listings every month this year. A picture says a Thousand Words.

More homes are selling, less distressed inventory is entering the market and basic Supply & Demand theory indicates that higher prices must result if these trends continue.

Tucson Active Listings: Active listings now stand at 3,770! These are levels not seen since the height of the boom back in 2005. The flood of distressed properties entering the market is OVER!

New Listings Down Sharply: There were 1,497 New Listings in April, a decrease of 474 units less than were listed in March. This is yet another validator that less distressed properties are entering the market.

Average Sales Price: April stands at $175,766, up from $173,981 in April 2011. One more month of year over year price increase under our belt. We are optimistic that we will continue to see year over year percentage gains as we move through the summer, particularly if inventory remains at these levels.

Days on Market: Now sits at 74. We expected this number to drop this month but it didn't. We think it will be a lower number next month.

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 May 2012 Report show:

Total Tucson Home Sales Units: 1276, Increased 10.76% from April of 2011. Decreased 8.00% from last month.

Total Tucson Homes Under Contract: 3,319, Increased 27.16% from April of 2011. Increased 19.52% from last month.

Tucson Average Sale Price: $175,766 Up 1.03% from $173,981 in 2011.
Northwest Tucson Average Listing Price: $224,269 Up from $213,164 last month.
Catalina Foothills Average Listing Price: $417,100 Up from $384,554 last month.

Total Tucson Active Listings: 3,770 Down 39.86% from 6,269 in April of 2011.
Northwest Tucson Active Listings: 1,063 Down 108 units from last month.
Catalina Foothills Active Listings: 439, Down 33 units from last month.

Total Tucson New Listings: 1,497, Up 101 units from 1,396 in April of 2011.
Northwest Tucson New Listings: 402, Down 112 units from last month.
Catalina Foothills New Listings: 137, Down 66 units from last month.

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

Positive Market Indicators this month: Active listings decline sharply again this month, Units Sold increasing Year over Year, Average sales prices are up month over month and Year over Year, Median sales price up month over month & year over year, Units under contract Up month over month and year over year and new listings down 474 units from prior month.

Negative Market Indicators this month: There are no negatives in this market at this time!

Market Outlook: April was our strongest month so far this year. We expect to see a dip is sales in May as the snowbirds continue their annual migration home. We are optimistic about summer and expect a stronger than normal season this year.

We also expect to start seeing "Buyer Urgency" as the buyer mindset is definitely switching over from "I want the deal of the Century" to "I hope I get this one". With inventory levels getting so low the market is market is shifting rapidly to a Sellers Market. May Heat Map

Phoenix Tops List of 10 Turnaround Markets: "The fast-rising Phoenix-Mesa, Ariz., metro continues its remarkable turnaround......"

The Arizona Luxury Market Breathing Life: "There seems to be a renewed interest in the Arizona Luxury Market......"

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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