Tucson Real Estate Market Watch

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

End of year stats for Dec are out: Tucson MLS service states that Home Sale Volume is down 22.55% from $331,013.714. in Dec 2005 to $256,382,141. in Dec 2006.

Average Sales Price for all residential: prices are beginning to stablize  we saw a small drop of 2.02% with $266,731. Dec 2005 to $261,348. for Dec 2006

Median Sales Price: decreased 2.27% from $220,000. Dec 2005 to $215,000. Dec 2006

Average days on the Market continues to increase  64.10% from 39 days in Dec 2005 to 64 days in Dec 2006

Active listings: rose 56.09% from 5,457 in Dec 2005 to 8,518 in Dec 2006

New listings coming into the market in Dec increased only 9.28% from 1,638 in Dec 2005 to 1,790 Dec 2006

This shows that Tucson Real Estate inventory, total available properties on the market, continues to decline overall!   This total for Dec of 8,518 properties (15% are townhomes, condos, and mobile homes) is the smallest inventory seen since May 2006. This situation is likely to continue as fewer new listings are entering the market for the second consecutive month. In terms of closed sales there have been 20% fewer: 1,241 in Dec 2005 to 981 closed sales for Dec 2006.

Buyers wanting to take advantage of current low interest rates are beginning to realize that prices are holding. Tucson surpassed the 1,000,000 population mark in 2006, and personal incomes gains are expected around 6.5% for 2007 as Arizona topped the nation for the fastest job growth for 2006. Now is the time to buy!.

Search Tucson MLS: http://www.movingtomarana.com/Search_MLS_Listings/page_1156765.html
Tucson Area map with Market area designations: http://www.tucsonrealtors.org/documents/areaboundaries.pdf

 

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