Tucson Real Estate for May/June 2010

The Tucson real estate market continues to experience the fluctuations typical of all markets in the present economy, but the overall news is positive. Tucson real estate sales are up overall when compared to 2009 figures, and despite a decrease in May over April’s figures, the overall sales continue to trend upward. However, the sales prices are much lower, indicating that many more sales are being made but at significantly lower prices.

According to the Tucson Association of Realtors, sales figures for May, 2010, show an increase of 17.43% over May, 2009. This follows an increase of 36.44% for April, comparing sales in that month for 2009. The continued upward trend in sales reflects a slight dip between April and May of 2010, but the overall sales are much higher this year than in 2009 for both months, with a 20.75% overall year-to-date increase for 2010.

At the same time, Tucson real estate prices took a slight dip over last year. Average sales price was down 4.55%, from $204,125 to $194,838. List prices took an even sharper plunge, down 9.18% from May, 2009. Pending contracts were down 26.04% from last year’s figures, although April showed a gain of 16.58% over 2009.

The largest number of sales occurred in the $100,000-$180,000 range, with a total of 541 units, or 43% of all sales. The average number of days on the market was 66, with 182 units on the market over 180 days.

New listings are also down by 14.09% in volume, indicating that fewer houses are coming on the market. Possibly, the soft market over the last two years has made sellers leery of placing their houses on the market; alternatively, some people may not be able to afford the move to a newer home and choose to remain and renovate their existing structures.

The Tucson real estate market is experiencing a rebound from 2009 sales figures, despite the dip in price and listing numbers. The current Tucson real estate market seems to be recovering and increasing over the past year. Hopefully, this rebound is truly an upward trend and will continue throughout the year.

April, Association Of Realtors, Contracts, Current, Economy, Fluctuations, People, Plunge, Real Estate Market, Real Estate Prices, Real Estate Sales, Rebound, Tucson Association, Tucson Real Estate, Tucson Realtors, Upward Trend