Tucson October housing report: Inventory back up to over 5,000 listings

TARIconIn the Tucson October housing report, the number of existing homes for sale in the Tucson region surpassed 5,000 for the first time since May. The slight increase in housing supply helped to keep selling prices in check, according to new data from the Tucson Association of REALTORS® Multiple Listing Service (TAR/MLS).

Year-over-year, the region’s housing market has notably improved with stronger performances in virtually all areas.

The October inventory level reached 5,043 homes, a gain of 134 from September. The last time listings exceeded 5,000 was in May with 5,250 units. Since January, listings have decreased 760 homes, or 13.1%.
With total sales 10.8% higher year-to-date, the supply/demand balance is still a bit uneven. Based on the current pace of sales, there is about a 4.5-month supply of homes in the area, below the six-month level that is considered to be a balanced market for buyers and sellers.
From September to October, selling prices were stable. The Median Sales Price increased just a half percent and the Average Sales Price was 2.3% higher. Year-over-year however, the average is just a half-percent higher and the median up 3.8%.

Pending sales were fairly strong in October, an indication that overall sales should be solid through the end of the year. Long term, the TAR/MLS statistics still indicate that the region’s housing sector continues to move closer to normal market conditions.

YEAR-OVER-YEAR                                                       MONTH-OVER-MONTH

Category Oct 2015 Oct 2014 Change Category Oct Sept Change
Unit Sales 1,188 1,060 12.1% Unit Sales 1,188 1,203 -1.25%
Total Sales Volume $251.3M $223.1M 12.7% Total Sales Volume $251.3M $248.7M 1%
Median Sales Price $172,825 $166,500 3.8% Median Sales Price $172,825 $172,000 0.5%
Average Sales Price $211,566 $210,454 0.5% Average Sales Price $211,566 $206,766 2.3%
Active Listings 5,043 5,649 -10.7% Active Listings 5,043 4,909 2.7%
Pending Contracts 1,832 1,698 7.9% Pending Contracts 1,832 1,774 3.3%
YTD Unit Sales 12,404 11,191 10.8%

 

Quick Click for full report:  October TAR/MLS Residential Report

© Tucson Association of REALTORS® Multiple Listing Service

 



Tucson Residential Values Up 3.27% in June

tucsonskyEach month, the Tucson Association of REALTORS® Multiple Listing Service (TAR/MLS), releases Residential Statistics and Rental Statistics. Highlights follow with a link for the latest available data and full June reports.

Residential Sales Highlights:
• Total Sales Volume of $274,731,163 is an increase of 0.54% from May’s $273,255,331 and a 23.86% increase over June 2012.
• Average Sales Price for June of $196,376 is a 3.27% increase from May’s $190,156.
• Average List Price for June $202,547 is a 3.07% increase from May’s $196,508; and a 12% increase from June 2012’s level of $180,851.
• Total Under Contract (2,342) is down in June, a 13.32% decrease from 2,702 in May.
• Total Unit Sales decreased from 1,437 in May to 1,399 in June.
• Median Sales Price of $160,000 for June is 2.24% increase from May’s $156,500.
• New Listings increased 0.11% from 1,746 in May to 1,748 in June.
• Total Active Listings were 3,953, the same as in May; and have increased 13.79% since June 2012.
• Average Days on Market decreased to 53 for June from 57 in May.
• Conventional loan sales accounted for 39% of sales, continuing to exceed Cash sales of 28%.

See the full June report for a break down by areas.
RESIDENTIAL STATISTICS:  FULL JUNE REPORT: >> http://tucsonrealtors.org/tar-v2/statsJune2013.pdf

Residential Rental Highlights:
• Total Active listings for June were 998.
• The number of properties rented this month was 455.
• The Average monthly rent for Apartments was $550.
• The Average monthly rent for Condominiums was $874.
• The Average monthly rent for Mobile Homes was $1,050.
• The Average monthly rent for Manufactured Single Family Residence’s was $784.
• The Average monthly rent for Patio Homes was $1,050.
• The Average monthly rent for Plex’s was $675.
• The Average monthly rent for Single Family Residence’s was $1,262.
• The Average monthly rent for Townhomes was $887.
• Average Days on Market was 45.

RENTAL STATISTICS:  FULL JUNE REPORT > > https://tucsonrealtors.org/tar-v2/statsRentJune2013.pdf