Tucson May Real Estate Report

Tucson’s May home sales remained close to the number of sales in March and April with an unofficial 1369 sales. Real estate sales did fall nearly 10% short of what I predicted for the month. The number of homes for sale remains high with 10,290 homes for sale; a slight drop from April. Two days ago it was at 10,333. The positive sign is that there is just over 9 months of inventory. To return to a healthy market where home values will appreciate at a strong rate, inventory needs to drop to approximately 7,000 homes. Though the drop from April to May is not a strong sign of inventory dropping, it is encouraging. 

When comparing sales from 2000 through 2007 it is important to remember that from 2004 to mid 2006 sales were unrealistic. In the first chart to the right you will see what I mean. By excluding the sales of the frenzy of 2004 to 2005 in chart 2 to the left you can see that sales in 2007 are stable and strong. Though sales are not as high as predicted, they have remained stable and consistent. The weren’t falling or declining. Which is a good sign.  

Home Market Stabilizing, But Economy Still Slowing was the headline in the Arizona Daily Star this morning. ”Existing home sales in Tucson have stabilized, but residential permits for new construction are still down, according to a mid-year economic report.” Jobs slow down when building of new homes decreases.

I stand by what I said in 7 Ways To Sell Your Home In A Buyers Market when I commented that sellers should evaluate whether they want to sell or need to sell.  It makes hard for buyers to know whether a seller is serious or not.  

Watch for an update in a few weeks when TARMLS (Tucson Association of Realtors Multiple Listing Service) releases their official report.

Feel free to click on the Home Search feature on the left panel to see homes in the Tucson area to compare to your area. Example: 3 bedroom 2 bath, 1750 to 2000 square feet searching all areas, you will find 200 homes ranging from $699,900 to $339,000.

This entry was posted on Thursday, June 7th, 2007 at 6:21 am and is filed under Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Submit Email For Feed

Categories

• Real Estate News
• Tucson Real Estate
• Tucson Golf Courses
• Tucson Golf Community
• Tucson Golf Events
• Tucson Golf Resorts
• Tucson News & Events
• Just Because

Archives

• November 2008
• October 2008
• September 2008
• August 2008
• July 2008
• June 2008
• May 2008
• April 2008
• March 2008
• February 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• August 2007
• July 2007
• June 2007
• May 2007
• April 2007

Favorites

Tucson Golf

• The Pines
• Tucson Municipal
• Starr Pass Golf Course
• The Gallery
• El Conquistador
• La Paloma
• Ventana Canyon
• Tucson National
• Arizona National
• Heritage Highlands
• Grand Valley GC
• Forty Niners
• Tubac Golf Resort
• Torres Blancas
• Canoa Hills
• Conoa Ranch

Blogroll

• Real Estate Tomato
• Tomato Blogs
• Tomato Tutorials
• SoundBiteBlog
• A Mortgage Guru
• Posh’d
• Consumer Mort Rep
• Central Denver
• Inspector Chronicles