Each month the Tucson Association of Realtors® Multiple Listing Service comes out with Tucson’s monthly housing report. The numbers are out for the Tucson residential real estate market report May 2016.
Check out what home prices are doing in Tucson, AZ for May 2016.
Highlights of the Tucson Residential Real Estate Market Report for May 2016 are below:
- Total Sales Volume increased to 327,650,182 this month, a .53% increase from April’s number of $325,916,149, and a 9.03% increase since May 2015.
- The Average Sales Price this month was $214,290 from $221,260 in April, a 3.15% decrease.
- Average List Price of $217,902 is a decrease of 4.42% from April’s number of $227,974.
- Total Under Contract decreased by 4.35%.
- Total Unit Sales was up this month to 1,529, a 3.80% jump from last month and has not been up this much since 2006.
- The Median Sales Price rose to $179,000 in May from $176,000 last month, a 1.70% increase.
- New Listings decreased 1.36% from April.
- Total Active Listings of 4,408 is a decrease of 2.59% since April’s number of 4,525.
- Average Days on Market was 55 from 57 in April.
- Conventional loan sales of 39.7% exceeded Cash Sales of 22.6%.
These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?
Below are some important charts of data we compiled to give you a visual of how the Tucson housing market is trending for May 2016.
In May 2016, the average sales price of a home in Tucson, Arizona was $214,290. Which was a decrease of 3.15% from April 2016 as shown in the chart above.
In May 2016, the median sales price of a home in Tucson, Arizona was $179,000. Which was an increase of 1.70% from April 2016 as shown in the chart above.
As of May 2016, the average days a home was on the market was 55 days. Which is 2 days less than the previous month and 7 days less than the previous year as shown in the chart above.
The number of active listings in Tucson, Arizona in the month of May 2016 was 4,408 listings as shown on the chart above.
This number is one to keep an eye on. If this up trend in inventory continues look for the market to soften and prices do move down which sets up for a buyers market. Inventory levels are trending down which leads to a sellers market causing home values to rise.
TUCSON HOME BUYERS
As home inventory levels begin to decrease there is less to chose from. So when you see a home that you like that is properly priced moving quickly is key in getting your offer accepted.
TUCSON HOME SELLERS
As the number of listings decrease sellers are poised to sell their home faster and for more money. Marketing and making your home look great are keys to selling your home FAST and for MORE MONEY.
As a seller, your home is one of three listings:
- The home that sells!
- The home that gets showings but sells the house down the road.
- The home that gets no showings and does not sell.
Which type of listing do you want to be?
Having a skilled real estate team is the key to saving thousands of dollars when buying or selling a home with the least amount of hassles. Put the Tyler Ford Real Estate Team to work for you. We would love to earn your business!
The difference between average and median?
For a complete breakdown of Tucson Home Prices Monthly Statistics for May 2016: CLICK HERE