The Tucson MLS just released statistics for March 2012 and the market trend continues to look extremely positive. Reasons for optimism abound, but foremost among them is the steady average price increase we’ve seen over the last six months. The rate of foreclosures, while substantially down from the peak numbers, will continue to keep average prices in check and slow growth overall. However, the inventory levels remain low and with increasing demand that points to a gradual price recovery. In what perhaps was the bottom of the market in September, the average sales price came in at a low of $150,699. Since that time all but one month has seen an increase in average price, with March’s average the highest in some time at $168,153. That equates to a 11.58% increase in that time span.
Below are some other key statistics from March:
- Average Sales Price is up 2.21% from February
- Total Sales Volume increased by 39.13% from February and is up 21.96% from March of 2011.
- Total Unit Sales rose 36.11% over February
- Average Days on the Market dropped from 77 days in February to 73 days in March. This is down 13.10% from March 2011
- Under Contract increased 6.07% from February
It’s beginning to look as if a gentle recovery is taking hold within the Tucson market. There may well be some bumps in the road ahead, however it appears the worst is probably behind us at this point unless something substantial rocks the market. Even if prices do dip there simply isn’t too much lower that values are likely to fall and certainly not enough to pass up the incredible interest rates present today. Contact Team Woodall for more information.
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