Tucson Real Estate Market Report and Statistics – March 2010
April 14, 2010
The Quick Numbers:
- Single Family Home Average Sales Price: $222,124
- Single Family Home Median Sales Price: $165,000
- Single Family Home Units Sold: 861
- Single Family Home Months of Inventory: 7.2 months
- Townhouse Average Sales Price: $166,920
- Townhouse Median Sales Price: $137,250
- Townhouse Units Sold: 88
- Townhouse Months of Inventory: 7.5 months
- Condo Average Sales Price: $88,611
- Condo Median Sales Price: $83,400
- Condo Units Sold: 36
- Condo Months of Inventory: 13.5 months
- Citywide Average Sales Price: $212,312
- Citywide Median Sales Price: $161,900
- Citywide Units Sold: 985
- Citywide Months of Inventory: 7.5 months
- WOW. March was a huge month for Tucson. The number of sales increased over 50% from last month. A sign we’re starting the upswing into our summer high sales season.
- There were 985 sales in Tucson in March, and only 630 last month. I expected sales to increase because sales usually start to pick up around this time, but not quite that much. I’d chalk the extra activity up to the $8000 home buyer tax credit that is expiring soon – home buyers trying to secure a home sooner rather than later.
- Which also probably means we’re just borrowing sales from the future. If I had to guess, I’d say we’re going to have a long slow winter sales season. Unless we see some radical market shift between now and then. If you’re thinking about selling your house, now is the time. Activity is up, inventory is down, and there’s a small window of opportunity here that I personally don’t think is going to last very long. Thru summer at best.
- But I’ve been wrong before, and I’ll be wrong again. Only way to know is to wait and see.
The average sales price and median sales price in Tucson really just hasn’t moved all that much in a year. The average sales price for a home in Tucson in March was $212,312 with a median of $161,900. If you look at the history of those values, you’ll see they’ve had some small fluctuations, but overall the average has been hovering at the bottom $200ks and the median at the mid $160ks for a good year now. Looking at a 3 month moving average, prices are still heading down, but much more slowly overall.- Inventory improved in March – active listings went up slightly to 7350 but the increase in sales more than offset that bump, going from 11.3 months of inventory last month to 7.5 this month. Another sign we’re in our Summer high sales season. Pending sales were up too, from 1712 in February to 2370 units in March.
- Breaking down by type, the average single family home in Tucson cost $222,124, the average townhome cost $166,920, and a typical condo went for $88,611.
- There were 99 sold short sales and 270 sold bank owned homes in March, making distressed property 37% of the market. Last month, distress sales were 44% of the market.
- Don’t forget to watch for the market reports for each part of town – there will be updates to those in the coming weeks: Northwest, North, Northeast, West, Central, East, Southwest, South, and Southeast. If you find errors, have comments or suggestions, please let me know!
Data gathered from the Tucson MLS and is deemed reliable but not guaranteed. Figures quoted here include only single family homes, townhomes, and condos in the 9 areas that make up the Greater Tucson Area: NW, N, NE, W, C, E, SW, S, and SE.
