Tucson Association of Realtors (TAR) has released encouraging stats for April 2014. A broad-based leveling of prices helped push home sales up a strong 15% in April, according to the Tucson Association of REALTORS® Multiple Listing Service.
In April, 1,301 units sold compared to 1,131 in March. Year-to-date, 4,247 homes have sold, only 240 fewer than during the same 2013 period. Much of the drop is due to fewer foreclosures being purchased by bargain-hunting investors.
The Average Selling Price decreased $3,413 compared to March, yet is currently just $196 lower than in January ($197,262). Increases in the Median Selling Price appear to be leveling off, having risen only 4.9% since January from $157,250 to $164,900 in April.
Total sales volume of $256.4 million increased 13 percent over March ($226.7 million), and year-over year 1 percent higher (+ $2.2 million) than April 2013 ($254.2 million).
An increase month-over-month, 1,301 homes were 15 percent higher than March (1,131 homes) it almost enough to make up year-over-year unit sales, which were still in the negative 1.7% compared to April 2013 (1,323 sales).
<strong>Here are the highlights from TAR’s Residential Sales Report:</strong>
Observers see the 1,301 home closings reported for April showing an increase in median sales price of $164,90, up by $2,900 since March; and $7,900 higher (+5%) over April 2013 ($157,000).
The average sales price of $197,066 was $3,413 lower than March ($200,479); but about 2.6 percent higher than a year ago, that of $192,160 in April 2013.
At the end of April, overall inventory of residential properties was 5,466 an insignificant decrease. Year-over-year active listings are 35.73% higher than April 2013 (4,027 units).
In May 2011, there were 5,795 homes for sales in the region, with listings generally trending downward since then, reaching a low of 3,474 units in June 2012. From that point, the housing supply began trending upward until dipping during the spring 2013 selling season.
On average, residential properties spent 65 days on the market in April, 18-days longer than September 2013’s 47-days, the shortest market time since before 2009. With 2,127 sales pending at the end of April, pending sales are trending down by 2.11 percent over end of March.
Conventional loan sales accounted for 37.4 percent of the all the sales in April, continuing to exceed cash sales of 30.5 percent; while FHA and VA loans combined accounted for the remainder according to TAR’s tracking.
Please refer to full April sales report for graphs and additional information at
Full Tucson MLS Report:
https://tucsonrealtors.org/tar-v2/statsApr2014.pdf
Tucson Rental statistics:
https://tucsonrealtors.org/tar-v2/statsRentApr2014.pdf