March Home Sales Increase

Both nationally and locally in Tucson the number of existing sales rose last month. Nationally that is the sixth increase in the last eight months, demonstrating a trend of activity as people re-enter the real estate market due to favorable affordability conditions and a healthy supply of inventory to choose from. This 3.7% national increase in unit sales volume is encouraging and while still short of last year’s sales numbers it also bodes well that this year is improving without the aid of the federal tax credit which was bolstering sales at this point last year.

In Tucson total unit sales saw a 32.99% increase from February to place the March units at 1,169 which is identical with March of 2010, according to the Tucson Association of REALTORS. After a slight increase in the average price during February, March saw prices decline again with the average sales price coming in at $163,590. This increase in unit sales did shrink the available inventory by 3.51% from the month prior, even with a higher rate of new listings coming to the market than the month before. Local forecasts expect a bottoming of the Tucson market either later this year or into 2012, but with mortgage rates still attractive buying conditions are primed. Even some additional percentage decrease in prices will likely be less impactful to payments than a rise in interest rates.

Stephen Woodall
REALTOR, GRI @ Long Realty Company
Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.

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