Statistics released by the Tucson Association of REALTORS© show mixed results overall in the local housing market. Here’s a general breakdown of the positive signs:
- Total Unit Sales increased from May by 5.21% to 1,312 and are up 12.14% over June 2010
- New Listings held relatively steady from may at 1,272 (up 1.68%), but substantially down from June 2010 by 15.48%
- Average Sales Price and Median Sales Price down just 0.76% and 0.79% from last month respectively
- Active listings fell 3.95% from May 2011 to 5,566 and down a significant 18.77% from a year ago
- Total Under Contract dipped a bit over last month but up 88.91% from June 2010
Not everything was entirely positive though. Most of the negativity relates to sales prices which have fallen from a year ago as they continue to see downwards pressure from distressed sales. Although recent reports of substantial, substained slowing in foreclosure notices means that getting all of these distressed properties off the market might bode well for a market recovery in the future. Here are some of the negative stats:
- Average Sales Price down 11.66% from June 2010 to $167,172
- Median Sales Price also is down from a year ago by 15.69%
On the whole the statistics continue to look positive for long term improvement. In the near term it’s unlikely we’ll see substantial real improvements in values, but as we’ve pointed out consistently we’ve done a good job in the Tucson market of moving through foreclosed properties at a good rate. Now that foreclosure notices are decreasing it’s likely we’ll soon regain a more stabilizied pricing structure. Realistically it remains a very opportune time to make wise investments in real estate for the long term as replacement costs on many homes is above current value. Combined with rental rates now exceeding monthly housing costs in some areas the pendulum may switch to buying being a more attractive option for those staying in town long term. Stay tuned!
Connect With Us!