In 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.
|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