May 2007 Market Statistics - The Quick Rundown
The Tucson MLS just released their statistics for May 2007.
In short:
- Average sales price (all residential types) is $280,589.
- Median sales price (all residential types) is $223,500.
- Active listings are at 9721 listings
- Number of sales units is at 1313 units.
- Average days on market is 61 days.
The Average Sales price is still trending upwards, and the Median Sales price is inching up as well, though not consistently as the Avg Sales price.
The number of listings has actually taken a small drop for the first time this year, which is a trend I’d like to see continue. Inventory has been rising fairly steadily since 2006. We’re still near record-setting levels of inventory, so it’s nice to see an adjustment downward for May.
The number of sales has been about the same for the past 3 months, which is a trend to keep an eye on. The Tucson real estate market should be starting the summer sales season, when more houses trade hands than in any other time during the year.
Days on market isn’t my favorite measure, for reasons you can read in other places in this blog. However, 61 days on market is a decrease in that figure.
Calculating Months of Inventory, using the global Tucson MLS figured provided, we’re at 7.5 months of inventory, a small decrease from last month. It seems like we’re making a slow wiggle downwards in months of inventory, which is a nice trend as well. Time will let us know if this will continue or not.
It’s been a long couple of days. I’ll break out some of the per area and per residential type figures a little later on this weekend. Questions? Comments? Anything in particular you’d like to see in market statistics for Tucson?
