TAR January Report: More Houses on the Market Longer at Lower Prices

Tucson Association of Realtors (TAR) has released statistics for January 2014.  Total sales volume decreased 19.79 percent from December 2013, but increased 4.49 percent since January 2013.

Year-over-year unit sales, sales volume, median and average sales price decreased, while active listings are up from the same period last year.

Here are the highlights of the January 2014 sales statistics:

The average sales price was $197,262 in January, a decrease of 2.51 percent over December and year-over-year an increase of 8.16 percent.

Median sales price fell slightly in January to $157,250, from $157, 900 in December, an increase of 7.8 percent from $145,000 in January 2013.

Average list price from $208,818 in December declined to $203,061 in January, a 2.76 percent decrease, but a 7.43% increase year-over year.

Total units under contract at the end of January was 1,804, a significant increase of 19.79 percent since December’s 1,506; a negative 25.30 percent from January 2013 (2,415).

January’s 854 total unit sales was a decrease of 17.79 percent from December’s 1,038.

New listings rose from 1,386 in December to 2,289 in January, a 65.15 percent increase.

The total active listings grew from 5,150 in December to 5,477 in January, a 6.35 percent increase and 22.83 percent increase from January 2013.

Average days on market increased from 54 days in December to 59 days for January.

Cash sales represented 38 percent of the sales volume only slightly higher than conventional loan sales of 34 percent in January.