Tucson Real Estate Blogs » May Real Estate Sales Report For Tucson

Tucson Real Estate & Golf Properties

Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
Contact Me

May Real Estate Sales Report For Tucson

The official numbers from TAR are encouraging. Tucson home sales volume increased by 4.12% over that of April. Total home sales increased by 5.34% over that of April 2008. Continual good news for home sellers and the local real estate market. The numbers of available homes decreased by 3.9%. Increasing demand and decreasing supply? Sounds like a real estate market that is well into recovery. What else would you expect from Tucson?

Not too many months ago we were seeing 10 and 11 months of inventory. With a current inventory of 8.12 were are very close to a normal and healthy market. Depending on who you talk to, 6 to 7 months of inventory is a desired market. Above that and its a Buyers market with too many homes for sale. Below 6 months and prices sky rocket. Buyers who are waiting for the market to fall further may find that they have waited too long. Numbers may not be what they were in 2004 and 2005. Those were unrealistic years that created a lot of problems. Sales are quickly returning to the more productive years of 2000 to 2003.

My prediction for May 2008 Tucson real estate sales was 1,035 sales. The officially reported number or 1,025 (collected June 4th) was very close. Checking this morning there were 25 additional sales not reported on time which increases the number of sales to 1050. Being able to predict sales and seeing those sales come true is a good sign for the Tucson real estate market. Seeing repeated months of good is a great sign.

By the numbers:

Home Sales Volume: Increased 4.12%

4/08 $246,878,039
5/08 $257,072,764

Average Sales Price: Decreased 1.15%

4/08 $253,729
5/08 $250,803

Pending Contracts: Decreased 4.0%

4/08 1,547
5/08 1,485

Active Listings: Decreased 3.9%

4/08 8,808
5/08 8,527

New Listings: Decreased 6.15%

4/08 2,441
5/08 2,282

Home Sales Units: Increased: 5.34%

4/08 973 (1008 actual)
5/08 1,025 (1,050 as of this writing)

Median Sales Price: Increased 3.7%

4/08 $195,000
5/08 $201,000

This entry was posted on Wednesday, June 11th, 2008 at 6:36 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.

Homebuilders are raising their prices lately. What does this mean?

I am seeing this with 2 homebuilders in zip code 85757, KB Homes and Richmond.

July 19th, 2008 // MJ

Tucson Real Estate Blogs & Golf

Submit Email For Feed

Really Simple Syndicate

May Real Estate Sales Report For Tucson

Leave a Reply

Categories

Archives

Favorites

Tucson Golf

Blogroll