Tucson Arizona Real Estate Market Report: August 2012
Good news for home sellers and real estate values in general because housing inventory continues to go low. Over the past year it's dropped by 31% from 5167 homes for sale to 3564. This helps because it creates more competition on existing homes for sale and thus selling those homes at or above asking price. And it's the way our home values gradually inch upward over time. And and at a safe rate this time around
Recent Sales Activity:
1179 homes sold in August 2012 in Tucson which was an increase of 173 homes over last year for the same month.
The average list price for homes that sold was $186,303 compared to $162,537 last August.
The average selling price was $180,193 for homes that closed in August which is nearly $24,000 higher than last year at the same time.
What this means: Houses that closed in Tucson during August 2012 sold for 96.72% of asking price. And last year they closed for 95.33% of asking price. Do the math and you'll see home sellers earned about $2500 more this year.
Number of days on market has improved also. 65 days to sell a home this August and 73 days last years.
2525 homes went under contract in Tucson during August 2012. Which is up from 2121 for last August and yet another good sign that sales activity looks good and housing inventory continues to decline.
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Thinking of buying or selling a home in Tucson, Arizona? I welcome the opportunity to serve you. I'm Kevin Wood of Keller Williams Realty, and I'm the author of this post. You can reach me through email at Kevin@LiveHereTucson.com , 520.260.3123, or visit my website at LiveHereAz.com. I have helped people like you move in and out of Tucson for over 7 years. Thanks again for visiting!
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