Tucson Association of Realtors (TAR) has released stats for April 2016. Average Sales Price increased 3.88% this month to $221,260 from $212,988, while home sales pushed up 3.39%, according to the Tucson Association of REALTORS® Multiple Listing Service.
“The pace of home sales has been strong, but sustainable for the first four months of 2016. Current inventory levels are causing frustration among first time buyers, but the number of days it takes the average home sell is holding steady,” says TAR President, Eric Gibbs. “Looking forward, the announcement of the relocation of Caterpillar’s surface mining operations to Tucson will bring 600 new high paying jobs to Tucson is great news. This is sure to add momentum to our already positive year.”
The Average Selling Price of one year ago has increased 2.07 % over the year from $208,673 and the Median Selling Price has increased by $8,500 to $176,000 since April 2015.
Total sales volume of $326 million increased 3.39% from March’s number ($315 million), and year-over year 11.82% higher since April 2015.
The month-over-month, 1,473 homes in April compared to 1,480 homes in March was relatively unchanged (-.47%) and show a 6.5% increase from April 2015 (1,383 home sales).
The highest activity was in the Northwest area followed by the Central submarket.
Highlights from TAR’s Residential Sales Report:
- Total Under Contract increased by 3.69%.
- New Listings decreased 8.94% from March
- Total Active Listing of 4,525 on Tucson MLS is a decrease of 5.77% since March (4,802)
- Average Days on Market remained at 57 in April.
- Conventional loan sales of 39.1% exceeded Cash Sales of 26.8%
Lawrence Leung, NAR Chief Economist, says, “The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly. Additionally, a segment of would-be buyers at the upper end of the market appear to have been spooked by January’s stock market correction.” Only n17% of homes actively listed are in the price range of most first-time buyers. The share of first-time buyers is still barely 30%; no change from 2015.
Please refer to full April sales report for graphs and additional information at:
Full Tucson MLS sales report: April Residential Statistics
Tucson Rental statistics: April Rental Statistics
To view TAR’s new animated housing market report for April click here https://www.facebook.com/tucsonrealtors/videos/10154168510449414/