http://www.tucsonrealestateblogs.com Tucson Real Estate, Golf Communities, Golf Courses, and Events Mon, 14 Jul 2008 14:10:38 +0000 http://wordpress.org/?v=2.3 en http://www.tucsonrealestateblogs.com/2008/06/11/may-real-estate-sales-report-for-tucson/ http://www.tucsonrealestateblogs.com/2008/06/11/may-real-estate-sales-report-for-tucson/#comments Wed, 11 Jun 2008 13:36:19 +0000 Doug http://www.tucsonrealestateblogs.com/2008/06/11/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

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