Tucson Market Statistics - May 2007
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| Average Sale Price: | ||||||
| Existing Homes | $266,831 |  3.6% from Apr | ||||
| New Homes | $305,824 | 5.5% from Apr | ||||
| Median Sale Price: | ||||||
| Existing Homes | $214,000 | 2.0% from Apr | ||||
| New Homes | $249,526 | 3.5% from Apr | ||||
| Total Sales: | ||||||
| Existing Homes | 1,536 | unchanged | ||||
| New Homes | 588 | 10.3% from Apr | ||||
| Active Listings | 9,721 |  6.4% | ||||
| New Listings | 2,960 | 4.0% | ||||
| Under Contract | 1,191 | |||||
| Ave. Days on Market | 61 | 6 from Apr | ||||
| *Information provided by Tucson Association of Realtors Multiple Listing Service and The Arizona Daily Star | ||||||
If you would like more detailed statistics, a comprehensive PDF document produced by the Tucson Association of Realtors/MLS is available for viewing HERE. | ||||||
| ARCHIVED STATISTICS | ||||||
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Market Recap: By Michael Oliver
Prices for Tucson homes seem to be reversing their past trend of decline by posting a 3-5% advance month over month. Active listings are down, which is much needed to get the market back to a balanced state vs. the current buyers market Tucson has been experiencing for the past 22 months. As before indicated, the current down market has lasted 22 months. On average, Tucson down markets last about 28 months, but Tucson has also never experienced the appreciation that occurred from mid 2004-2005. All indications suggest that the current buyers market will continue until Tucson's active listings fall to the 5000-6000 homes level (currently at 9721). In a buyers market, prices tend to go down since more sellers are competing for fewer buyers and have to lower prices to entice the buyer to buy their home. (The reverse is true in a sellers market.)
Buying Opportunities
Buying opportunities exist in Sahuarita — Rancho Sahuarita in particular — and other outlying areas of Tucson. Rancho Vistoso in Oro Valley has many homes that seem very reasonable. Brand new construction should be another area that will yield very good deals for buyers ready and willing to purchase a spec home — also known as an inventory home — and move in within 60 days. All Tucson builders seem to be pricing their spec homes in the majority of their subdivisions (also known as communities) at very reasonable prices, and many will still negotiate lower prices if you know what to ask for. None of the home builders in Tucson want to be sitting on excess inventory in the current marketplace and are discounting heavily. Some homes are priced at cost or just below ("cost" meaning costs to build the property). If you are considering buying a home in Tucson's current market, you should seriously consider using Michael and his team's knowledge of the current inventory and negotiation abilities. He knows what to ask for and how to negotiate with all sellers, especially the New Home builders and his knowledge can save you literally tens of thousands of dollars in many cases. Make sure you call him at (520) 247-4134 before you visit any new home builder's site or home. Going without an agent can set you back when it comes to negotiating the purchase of a property.
Investment Opportunities
Investment opportunities in Tucson Arizona (AZ) exist across the city. The same opportunities have been available to keen investors for the past few months. Please read last month's article regarding investment opportunities to get an idea of what these strategies are.
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