Tucson Market Statistics and Report – April 2010
May 18, 2010
The Quick Numbers:
- Single Family Home Average Sales Price: $219,188
- Single Family Home Median Sales Price: $169,000
- Single Family Home Units Sold: 887
- Single Family Home Months of Inventory: 7.1 months
- Townhouse Average Sales Price: $169,916
- Townhouse Median Sales Price: $158,250
- Townhouse Units Sold: 92
- Townhouse Months of Inventory: 7.2 months
- Condo Average Sales Price: $114,105
- Condo Median Sales Price: $104,750
- Condo Units Sold: 42
- Condo Months of Inventory: 11.8 months
- Citywide Average Sales Price: $210,426
- Citywide Median Sales Price: $162,500
- Citywide Units Sold: 1021
- Citywide Months of Inventory: 7.3 months
- Once again, sales were off the charts. April was a high sales units month, as was March. Sustainable levels? I’m not convinced. But the rise in activity has been welcomed.
- Typically, sales start to increase around this time of year as we head into our summer peak. It’s just that the values we’re seeing now are normally what we’d see at the apex of the year, not at the start of the upswing.
- There were 1021 units sold when I pulled data last week (and 1076 sales in April when checked today). Last year at this time, there were 775. We haven’t seen this many sales in April since 2007.
- The number of homes for sale ticked up slightly from 7350 to 7410 units. Normally, we’d be seeing inventory taper off, not increase at this time of year, so that’s unusual activity. If the number of homes for sale in Tucson continue to increase over the summer – even with steady sales – it’ll probably trigger a small drop in the market. Too much competition for the same number of buyers means prices go down.
- Speaking of prices, the Tucson citywide average sales price was $210,426 with a median of $162,500. Last year at this time, prices were at $196,629 on average, with a median of $164,195, which was an aberrant low value last April. Home sale prices have been wavering in the low $200s – $210s since 2009. It’s like Tucson is stuck at this value. Sign we’re hitting bottom? There’s too many other market forces to say that with confidence.
- Pending sales, it’s worth noting, went up between March and April, with 2601 pending sales in April 2010. Pending sales are those transactions where the home is under contract but not yet closed. It’s a good sign for strong sales to continue, at least for another month.
- Breaking down by type, the average single family home in Tucson cost $219,188, the average townhome cost $169,916, and a typical condo went for $114,105.
- There were106 sold short sales and 288 sold bank owned homes in March, making distressed property 39% of the market. Last month, distress sales were 37% 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.
