Tucson Real Estate Statistics – May 2010
June 11, 2010
The Quick Numbers:
- Single Family Home Average Sales Price: $206,514
- Single Family Home Median Sales Price: $161,000
- Single Family Home Units Sold: 882
- Single Family Home Months of Inventory: 6.7 months
- Townhouse Average Sales Price: $138,002
- Townhouse Median Sales Price: $124,000
- Townhouse Units Sold: 91
- Townhouse Months of Inventory: 6.8 months
- Condo Average Sales Price: $92,833
- Condo Median Sales Price: $81,500
- Condo Units Sold: 52
- Condo Months of Inventory: 9.2 months
- Citywide Average Sales Price: $194,664
- Citywide Median Sales Price: $155,000
- Citywide Units Sold: 1025
- Citywide Months of Inventory: 6.8 months
- May brings us new lows in Tucson home prices – I’ve been tracking real estate statistics in Tucson since 2006, and haven’t seen anything this low yet. Sure, we flirted with these levels back in November and April of 2009 – but the median was $10k higher at the time.
- Overall, the average sales price in Tucson was $194,664 with a median of $155,000. Last year at this time, the average price was $212,442 with a median of $175,000. The average Tucson sales price has been hovering in the low $200ks for a while now, but there was a fairly decent dip in prices between April and May of this year.
- Couple of other things I don’t really like: While the number of sales stayed strong, at 1025 units, pending sales were down and the number of active listings didn’t drop as much as one would hope as we’re just about halfway through what is traditionally a summer high sales season – we’re just over 7k listings.
- No surprise that pending sales were down though, given the tax credit deadline was the end of April. There’s a large set of those tax credit purchases that are all going through the system as a lump, and a good portion of them ought to have closed by now.
- However, the months of inventory – or absorption rate – in Tucson went down slightly due to the slightly lower number of active listings – it came in at 6.8 months.
- There were109 sold short sales and 320 sold bank owned homes in March, making distressed property nearly 42% of the market. Last month, distress sales were 39% of the market.
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.
