Nearly all non-price metrics - existing home sales, rising home order volumes, a jump in multifamily construction - indicate that the housing sector hit bottom last year and has started along a path of slow recovery.
(PRWEB) June 18, 2012
A new real estate report from Homes.org highlights the latest trends and activity in the Tucson real estate market during May 2012. Both month-over-month and year-over-year the most recent Tucson sales figures are indicative of a market that is well on its way to recovery.
Below are some key findings for the Tucson area:
- Total closed sales in May 2012 were 1,318, 5.69% higher than May 2011
- The Average List Price in May 2012 was $180,905, down 2.47% in May 2011
- The number of Active Listings in May 2012 was 3,544, down from 5,795 in May 2011
- May 2012 homes under contract were at 2,864 in the Tucson area, up from 2,239 in May 2011
- Median Sales Price in the Tucson area was $140,000 up 10.24% in May 2011
- Average Sales Price in the Tucson area was 173,987 up from $168,453 in May 2011
The Tucson real estate market is becoming a much more balanced market compared to the same time last year. Total sales and inventory levels in the Tucson area indicate that buyers have become more active. The average sales price was down 1.01% from April to May, however, during that same time period the average listing price also decreased by 1.5%.
Even though a few figures are down, experts are optimistic. Chief economist for the Fiserv Case-Shiller Indexes David Stiff said “nearly all non-price metrics - existing home sales, rising home order volumes, increased spending on home improvement, a jump in multifamily construction - indicate that the housing sector hit bottom last year and has started along a path of slow recovery.”
Tucson Real Estate Market Latest Information and Statistics
Zip Codes in the City: 85701-85726, 85728, 85730-85737, 85739-85754, 85775, 85777
Population (Metro): 989,569
Total Households (2006-2010): 207,313
Median Value Owner Occupied Housing (2006-2010): $171,200
May 2012 Total Home Sales in Tucson: 1,318
May 2012 Median Sale Price in Tucson: $140,000
May 2012 Average Sale Price in Tucson: $173,987
Renters vs. Owners (2006-2010): 47.1% vs. 52.9%
Type of Home:
73% Single Family
Popular Tucson Neighborhoods Seeing Improvement in Sales
- Armory Park
- Palo Verde
- San Gabriel
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.