May 2007 Tucson Real Estate Market Stats

The Tucson Association of Realtors® released the market statistics for May 2007. In summary, overall sales are improving each month. There are some positive gains in the median and averages sales price despite the overall market adjustment that Tucson has experienced. It is still a strong buyers’ market with inventory levels near record highs. Sellers are gradually becoming more realistic and flexible with the pricing of their homes. Homes priced competitively and in move in condition are selling in a reasonable amount of time.

Here are a few market statistics;

• Average sales price moved up for the second month in a row to $280,589.
• Active Listings fell from 10,387 in April 2007 to 9,741.
• Number of Units Sold in May decreased by 14% compared to May 2006 to 1313 units.
• Median Sales Price increased from $221,500 in May 2006 to $223,500 in May 2007.

Most active sales category is the single family home. The average price for a Single Family home is $302,475.

I prepared a comparative monthly sales trend graph between 2003 and 2007 using data from the Tucson Multiple Listing Service. It’s interesting to note that the 2007 sales are slightly higher than 2003 and the 2007 sales trend reveals a similar path as 2004, only at a lesser amount sold. The 2006 sales trend paralleled the record setting year of 2005. Will the 2007 sales trend continue to track the 2004 path promising a balanced market on the horizon? Time will tell.