Tucson Real Estate May Market Report

Tucson Real Estate Market Report for May

Tucson Home Sales data is now out for May 2008 and the figures have been counted. It is evident that we have seen an increase in home sales for the third month in a row. We also surpassed the May home sales of a 1000. 

However, we are at the end of the busy Season for Tucson Real Estate Sales, and it will be interesting to see if the market continues to thrive in the next few months.

Personally, we are busier than we have been for the last two to three years, but have been dealing with many Tucson Short Sales and Foreclosures. Many of these are affecting our average sales price in many areas. 

We are seeing home inventory moving in the new home market, and most of that data does not  report into the MLS. In talking to one new home sales agent for Richmond American Homes in Tucson, one subdivision in the Northwest has sold over 10 new homes just this last month.

Our numbers in the Tucson area continue to support the theory of a recovering market.

Our volume last month was 4.12% over April of 2008, and  Home Sales increased 5.34% over April.

The plus factor is that new listings decreased by 6.51% and active listings by 3.19%.

Average days on market is now overall 77 days and the ratio between sales price and list price is 95.34%.

The key will be too see how many more adjusting mortgages will hit the market in Tucson  the rest of this year in 2008, and how much percentage wise it will affect the home sales price in many areas.

 

June should be an interesting month to follow and see if the current trend holds up in Tucson.