Tucson real estate March sales picked up smartly from February and increase nearly 20% in sales volume although the average sales price decreased more than 10% from the February price of $182,388.  The average list price of properties in Tucson is $173,590, and the average sales price is $163,590. The last time the average sales price hovered near $163,590 was September 2002 ($163,591).

Nearly 33% more homes were sold in March than in February, jumping from 879 to 1,169.

Out of 1,169 properties sold, 37.4% were purchased with cash (437) and another 29% (329) purchased with a conventional loan.  This may indicate investors are swarming Tucson looking for the best buys.

A total of 56.9% of the homes sold (665) were priced at $139,999 or lower, and the median price of all homes sold was $125,000.  (The median price in October 2001 was $125,000). These homes are located in the northwest  (280 units), the central area (122) and the southeast (129).  The average sales price to list price was 94.46% of the last listing price.

Tucson has a high end market with a total of 210 properties $1,000,000 or more for sale, 180 properties between $750,000 and $999,999, and 482 homes in the $500,000 to $749,999 price bracket.  Many of these properties sold for considerably more during the mid 2000’s.

At the end of March, 2,152 homes were under contract and this number should be reflective in higher numbers for April closings.

Looking at the zip codes, the story of foreclosures and short sales rings through the numbers since the greater percentage of homes  sold during March are in areas such as Sahuarita, Green Valley, Midvale, Rita Ranch, Starr Valley and Rancho Del Lago.

These are areas which experienced rapid growth during the first decade of the 21^st century and where builders offered come on pricing of zero down with a fixed and adjustable rate mortgage.   These second mortgages are coming due and the real estate market is seeing these homes selling for far less than what is owed.

Resources:

For a detailed report:  http://www.tucsonrealtors.org/tar-v2/statsMar2011.pdf

An 11.36% increase in Tucson, Arizona homes sold during August statistically illustrates positive movement in the real estate market, and coupled with a decline in inventory of 21.82% and an increase of 39.19% of total listings under contract, the figures demonstrate the numbers of homes on the market in Tucson is decreasing.

This is good for the real estate market. In July 990 homes went under contract and in August 1,378 had contracts. A total of 792 homes were sold in July and 882 or 11.36% more homes sold in August. The median sales price inched up $750.00 from $150,000 to $150,750. and the number of new listings decreased from 1861 in July to the August total of 1,455. However, the total of active listings rose to 7,180 from 6,668 or 7.53% reflecting spillover inventory.

Looking at the percentage of homes sold in each zip code, the areas with more than 20% of homes sold include the downtown area with 23.33% where 7 out of 30 active properties sold; 85746, the southwest area which includes Midvale Park, where 24.86% of the properties sold or 45 out of 181 properties, and 85738, Catalina, where 100% of the properties sold or 1 out of 1 listing.

The Northwest area of town has the most properties on the market with 1,826 homes for sale. During August, 219 homes sold. That is followed by the central area of town which includes the University area, with 921 homes on the market and 102 sold in August. Rounding out the top three is the North section of town which includes the Catalina Foothills with 676 properties on the market and only 69 sold during August.

Price wise, the properties between $120,000 and $250,000 had the most sold and also accounted for the most inventory. Less than 10% of the properties priced above $250,000 were sold in August.

Types of financing were nearly evenly split between FHA loans which 242 buyers selected, conventional loans for which 275 buyers opted, and 245 buyers elected to pay cash. The remaining financing was split between VA loans, owner carry backs, cash to loan and other types of financing.

The average sales price decreased 2.9% from $192,072 in July to $186,562 in August while the median sales price increased about one half of one percent to $150,750.
The average number of days in the market increased by four days to 91 from 87. West side homes took the longest to sell on average at 114 days, while the extreme northeast only took an average of 59 days.

When looking to purchase or sell property, studying the statistical data can give you insight as to how long it may take to sell property and where the price points are located for people looking to purchase property. It also shows up/down movement in the market. Make sure you have the latest Multiple Listing Monthly Statistics to help you make a good decision and ask your Realtor® to help you interpret the data for your specific need.

Resources:
Tucson Association of Realtors August 2010 Monthly Statistical Report:
http://tucsonrealtors.org/tar-v2/aug10.pdf

     Although the average price of a Tucson home in November this year decreased more than $10,500 from October of this year, the average sales price of a Tucson home was closer to the September price of $217,397 or less than $1,500.  The median sales prices dipped $2,000 to $178,000 from $180,000 in October.  

    These numbers mirror November 2004,  the beginning of the real estate boom.  The average sales price in November 2004 was $214,183 and the median sales price in November 2004 was $177,000.  

      Reflecting the beginning of the holiday season when home sellers and home buyers are less active, sales in October totaled $186,356,109 and in November, $137,104,343.  This is a decrease of more than $49,000,000.

    Many buyers remained on the sidelines waiting for the outcome of the November Presidential election.   In any Presidential election year, home sales tend to decline, a factor pegged to “uncertainity” about a new administration and fiscal policies.   Fear about the economy was certainly parlayed into an election year mantra and such talk does not bode well for home sales.

    Active listings on the Tucson Multiple Listing Service increased by a mere 8 listings from 7,988 to 7,996.  This shows that inventory is stabalizing.  A total of 635 units were sold in November, a decrease of 185 homes.  New listings to the market decreased by 417 listings, from 2032 in October to 1615 in November.  If this number holds throughout the next six months, inventory levels will abate to pre run up levels. Pending contract, those contracts waiting for close of escrow, also decreased from 755 to 677 contracts.

   The majority of homes on the market now fall between the $200,000 and $249,9000 price range (1,043).  521 listings are priced between $120,000 and $139,999; 592 between $140,000 and $159,999;  636 homes between $160,000 and $179,999; and 590 homes priced between $180,000 and $199,999.  Approximately 600 homes in the Tucson Multiple Listing Service are priced below $120,000.

   Between $250,000 and $299,999 there 758 homes on the market;  985 between $300,000 and $399,999; 503 homes between $400,000 and $499,999; 669 between $500,000 and $749,999; 294 homes between $750,000 and $999,999;  and 358 homes on the market priced at $1,000,000 or above.

Resources:

http://www.tucsonrealtors.org/tar-v2/november_stats.pdf

     It must be evident to whomever read yesterday’s blog that I am new to this game.  I apologize for the table spill over to the second column.  I will get the jist of this eventually.  I didn’t realize this faux pas until I had published.  Just goes to show there is always something new to learn!

    Our Tucson real estate market place is definitely picking up, and the numbers from January through June tell the story.  Comparing the month of January to the month of June, the total volume increase is more than 68 million dollars, and the number of active units on the market has decreased from 9168 in January to 8140 in June. New listings too have decreased by nearly 1700 from 3744 in January to 2095 in June.  Less inventory on the market is a good sign right now. 

     The average sales prices since January has decreased about $9,000 from $266,450 to $257,449 and the median price has gone from a January high of $203,500 to $200,000.  The number of days on the market now stands at 78 whereas in January, it was 83 days.  But the number of properties sold has nearly doubled from January from 594 at the beginning of the year to 1034 in June.  The market is finding balance.

     These statistics from the Tucson Multiple Listing service include all homes within that MLS area.  Charlie Kentnor, a well known Realtor based in Sonita, echoed the same sentiments in his blog,

http://www.realtown.com/ckentnor/blog/market-trends-and-statistics/sonoita-real-estate-june08-update

     By the time the press gets around to saying the market is improving, those who wanted to get on the real estate boat, will find the boat has passed them by.