Highlights of Tucson’s Residential Housing Market for May 2018:
*** Watch the video below ***
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 housing market report for May 2018.
In May 2018, the Tucson housing market continues to shows signs of a strength heading into summer. Inventory levels continue to remain low putting upward pressure on home values and lowering the average days a home is on the market.
Tucson home prices continue to rise as a result of low supply and high demand!
Check out what home prices are doing in Tucson, AZ May 2018.
Highlights of the Tucson Residential Housing Market Report for May 2018 are below:
- Total Sales Volume of $413,401,140 is an increase of 10.09% from last month’s number of $375,510,677 and an increase of 14.51% over May 2017.
- The Average Sales Price of $261,480 is an increase of 1.11% from $258,616 in April.
- Average List Price of $267,234 increased by 1.05% over April’s 264,467.
- Total Under Contract decreased 1.52% since last month going from 2,167 to 2,134.
- Total Unit Sales of 1,581 is up this month over April’s number of 1,452, resulting in an 8.88% increase, and is up 7.55% over May 2017.
- The Median Sales Price of $216,500 is an increase of .70% since April’s 215,000.
- New Listings of 1,981 are down from 2,006 in April but are an increase of 3.28% from May 2017.
- Total Active Listings of 3,048 is a decrease of 1.58% from April.
- Average Days on Market decreased this month to 41 from 43 in April.
- Conventional loan sales of 45.2% exceeded Cash Sales of 24.9%
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 2018.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of May 2018 were 1,581 units sold. Which was up by only 129 units or 8.88% from the previous month as shown in the chart above.
In May 2018, the average sales price of a home in Tucson, Arizona was $261,480. Which was an increase of 1.11% from the previous month as shown in the chart above.
In May 2018, the median sales price of a home in Tucson, Arizona was $215,500. Which was an increase of .70% from the previous month as shown in the chart above.
In May 2018, the average days a home was on the market was 41 days. Which was 2 days less from the previous month and 5 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 2018 was 3,048 listings, which is a 1.58% decrease from the previous month as shown in the chart above.
This number is one to keep an eye on.
If this downward trend in inventory continues, look for the market to continue to strengthen and prices to move up which has created a seller’s market in Tucson, Arizona.
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 to getting your offer accepted.
TUCSON HOME SELLERS
As the number of listings decreases 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?
SOLUTION
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 powered by eXp Realty in Tucson to work for you. We would love to earn your business!
LINKS
The difference between average and median?
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