TAR: Tucson Housing Report Inventory Up to Highest Level since May 2011 along with Prices

TARIconTucson Association of Realtors (TAR) has released the Tucson housing report for February 2014. Total sales volume increased 12 percent from January, and up 6.5 percent since February 2013.

Year-over-year unit sales, sales volume and median sales price as well as active listings were all up over 2013.

Here are the highlights from TAR’s Residential Sales Report:

Home unit sales were 961 homes, an increase of 12.5 percent changing hands in the Tucson area since January (854) and ten more than February 2013 unit sales (951). While total sales volume in February was $188.9 million, 12 percent higher than January’s $168.5 million, and 6.5 percent higher than February 2013 ($177.3 million).

Observers see the 961 home closings reported for February showing an increase in median sales price of $158,000,  $750 higher than January; and $9,000 higher (+6%) than February 2013 ($149,000).

The average sales price of $196,581 was $681 lower than January ($197,262); but about 5.4 percent higher than a year ago, that of $186,482 in February 2013.

At the end of February, overall inventory of residential properties increased to its highest level since May, 2011. Boosted by 2,085 new listings, there were 5,721 homes in inventory and month-end, or 5.9 months of inventory in the Tucson area.

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 63 days on the market in February, 16-days longer than September 2013 which was 47 days, the shortest market days since before 2009. With 1,961 sales pending at the end of February, pending sales up by 8 percent from January.

Conventional loan sales accounted for 41.6 percent of the all the sales in February, continuing to exceed cash sales of 41 percent; while FHA and VA loans combined accounted for the remainder according to TAR’s tracking.

Please refer to full February sales report for graphs and additional information at https://tucsonrealtors.org/tar-v2/statsDec2013.pdf

Tucson Rental Statistics can be found here: https://tucsonrealtors.org/tar-v2/statsRentDec2013.pdf