Tucson Real Estate Market Statistics for May 2007

By
Real Estate Agent with Moving to Marana - Tierra Antigua Realty

Real Estate Sales Statistics are in from Tucson MLS!

Average Sales Price (all residential types) Increased 4.22% from $269,217 in May 2006 to $280,589 in May 2007. After falling from January to February 2007, average sales price has continued to climb, reaching $280,589 in May 2007. For the second month in a row, average sales price has increased in year-over-year comparisons. The average sales price in May 2006 was $269,217 - more than $11,000 less than the average sales price in May 2007.

Median Sales Price Increased 1.02% from $221,250 in May 2006 to $223,500 in May 2007.

And fewer new listings are coming on the market:  new Listings Decreased 6.60% from 3,169 in May 2006 to 2,960 in May 2007.

In good news for area sellers, the average time on market in May 2007 reached 61 days. That's the shortest time we've seen so far this year. Days on market reached a high of 68 in January 2007 and has hovered in the mid-60s from February to April 2007.

Tucson market seems to be showing some signs of life, and with interest rates slightly nudging upward things may be looking better. How are things in your market?

Comments (4)

David Spencer
Keller Williams Northland - Kansas City, MO
Show Me real estate in Kansas City

Tina,

I have been told that there are some new housing developments around Florence and Coolidge. Are you aware if this is accurate?

David Spencer 

 

Jun 16, 2007 05:50 AM
Tina Furtado
Moving to Marana - Tierra Antigua Realty - Marana, AZ
Realtor Tucson, AZ

David,
Yes, lots of building going on in that area of Pinal County. Great location. Far enough from Phoenix to feel out in the country, but not so far that the commute is trying. We are also seeing a lot more movement north from Tucson. Area around Oracle Junction, Saddlebrooke is also seeing some interest from developers. But back to Florence and Coolidge, some builders currently up in that area  Pulte, K Hovnanian, Royce, just to name a few.

Royce builders, out of Phoenix,  is currently building at Coolidge Commons http://phoenix.roycebuilders.com/community/coolidgecommons

Pulte Anthem at Merrill Ranch  http://www.pulte.com/homefinder/community.asp?commorg_acctcode=2991

Manors at Magma Ranch - K Hovnanian
http://www.khov.com/Home/AZ/ESTATESATMR/_Properties_AUTH.htm

Jun 16, 2007 06:27 AM
Lexa R. Montierth
NextHome Complete Realty - Tucson, AZ
Real Estate Sales Agent and Marketer

I noticed when the statistics came out for Tucson, they are no longer including outside the County.  That is a little harder for me in Cochise county to get Benson and Willcox Statistics.  I might have to do it the hard way and figure them out myself.  Can you believe the amount of growth we are STILL getting in Arizona here?  Crazy huh!

 

Lexa Montierth

 

Jun 17, 2007 02:11 PM
Tina Furtado
Moving to Marana - Tierra Antigua Realty - Marana, AZ
Realtor Tucson, AZ
Sad too in a way as there is a lot of development currently in Benson.
Jul 07, 2007 07:50 PM