A review of the recently released Tucson MLS Statistics show moderate continued improvement in the area’s real estate market. Among the positive indicators are an increase in Median Price by 3.57% from July to $145,000, which is up from August 2011 by 18.66%. Much of the growth in the market has been fueled by the lower price points of the market and this continued rise in median price continues to fuel the positive momentum into ever higher price points. Total Sales Volume also saw a rise of 2.68% from July and was 23,97% higher than this time last year. This meshes well with the increase in Total Unit Sales which increased by 3.69% from July and 6.60% from August 2011. Average days on the market also took a slight dip again to 65 days.
Other indicators while not increasingly strong are still positive signs of a steady recovery. One of these stats is the Average Sales Price which very slightly decreased by 0.98% to $180,193, showing stability even without additional improvement. As we’ve indicated previously, the number of distressed sales in the marketplace is still abnormally high (although decreasing) and will temper price increases from getting out of control. Total Under Contract also decreased a bit by 2.70% from July, but still remains 19.05% above last year. Part of this slowdown is likely attributable to the lack of good inventory on the market. Thankfully the number of active listings did increase slightly from 3,477 in July to August’s 3,564. Having more choices is a great thing for buyers and unless a flood of new homes hits the market the lower inventory still bodes well for sellers too.
For more detailed information about the Tucson housing market be sure to contact Team Woodall.
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