Tucson Association of Realtors (TAR) have released stats for November 2013. Here are the highlights from its Residential Sales Report:
Home unit sales decreased by roughly 6 percent changing hands in the Tucson area last month vs. a year ago. Unit sales of 933 in November 2013 vs. 944 homes sold in November 2012. While total sales volume of $178.92 million decreased 17.72 percent from October’s number of $217.45 million, a decrease of 1.39 percent from this time last year.
Observers see the 933 home closings reported for November showing an increase in median sales price for the third month in a row with November ($159,500) 3 percent higher than October ($155,000) and 10 percent higher than median sale price for a single family home in November 2012 ($144,627).
At the end of November, overall inventory of residential properties rose to 5.6 months in the Tucson area. There were 5,286 properties available, up by 19 percent vs. a year ago, and an increase of 2 percent from September.
On average, residential properties spent 51 days on the market, four days longer than September this year which was the shortest market days mark of 47 days since before 2009. With 1,724 sales pending at the end of October, pending sales are down 30 percent from a year ago.
The median price for a single-family home in the Tucson market, rose from October’s $155,000 to $159,500 in November, representing a 9.3 percent increase from $144,627 a year ago.
Year-to-date, there has been 12,905 home closings in the greater Tucson area, a 3.8 percent increase from the 12,506 closings reported through November 2012.
Conventional loan sales accounted for 35 percent of the all sales, continuing to exceed cash sales of 32 percent, according to TAR’s tracking.
Please refer to the full November TAR sales report for graphs and additional information at >> https://tucsonrealtors.org/tar-v2/statsNov2013.pdf