May Tucson MLS Statistics Released

The Tucson Association of REALTORS has just released the statistics for the month of May and overall the market continues to show strength. Most notably the number of Active Listings continues to drop and at month’s end totaled 3,544 homes compared with 3,770 homes in April and 5,795 a year ago. This continued decreasing supply will help bolster pricing with the demand still remaining pretty strong. In fact the total number of homes sold in May increased from 1,276 in April to 1,318 in May. Also showing an increase, for the fifth straight month, was the Median Sales Price. That figure sits at $140,000 which is up from $134,000 in April and $127,000 a year ago. About the only number that did take a very slight dip was the average sales price which fell only 1.01% to $173,987.

Looking forward the summer months may slow down slightly which wouldn’t be uncommon for the area given the seasonal demand in the fall and winter months from outside visitors. This sign of summer adjustment is reflected in the statistics by a decrease in Total Under Contract from 3,319 to 2,864. We’d foresee this as a seasonal adjustment at this time and will in the coming months likely mean a dip in the overall volume, unless the lack of supply continues to spark increased prices. However, foreclosure filings have been rising again after the banks recent settlement over fraudulent foreclosure proceedings and we’d forecast this will reign in price increases from being exceptionally high.

Overall the outlook remains exceptionally positive and there will be some up and down statistics in all likelihood moving forward which we’d expect in a slower recovery.

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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