Tucson Real Estate Housing Market Report – Sept 2014
Each month the Tucson Association of Realtors® Multiple Listing Service comes out with Tucson’s monthly housing report.
Highlights of the Tucson Real Estate Housing Market Report for September 2014 are below:
- New Listings increased 5.19% from August to September.
- Total Unit Sales dropped from 1,158 in August to 1,038 in September resulting in a 10.36% decrease.
- The Median Sales Price for September was $165,000, a 1.23% increase from last month, and a 6.18% increase over September 2013.
- Total Sales Volume decreased this month going from $237,488,113 in August to $209,188,655 in September, a 11.92% decrease.
- The Average Sales Price decreased 1.73% from last month.
- Average List Price for September was $207,472, a 1.68% decrease from last month’s $211,024.
- Total Under Contract increased 1.69% from August.
- Total Active Listings of 5,437 is an increase of 5.74% since August’s number of 5,155 and is an increase of 15.26% since September 2013.
- Average Days on Market decreased to 59 this month from 65 in August.
- Conventional Loan sales of 39.7 exceeded Cash Sales of 26.7% this month.
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Below are some important charts of data we compiled to give you a visual of how the Tucson housing market is trending.
In September 2014 there were 1,038 closes sales for the month. Which is inline from September 2013.
In September 2014 the average sales price of a home in Tucson, Arizona was $201,530. Which is up 6% from the previous year.
In September 2014 the median sales price of a home in Tucson, Arizona was $165,000. Which is up also up 6% from the previous year.
As of September 2014 the average days a home was on the market was 59 days. Which is 6 days less than the previous month and 12 days more than the previous year.
The number of active listings in Tucson, Arizona in the month of September 2014 was 5,437 listings. This number is one to keep an eye on.
Inventory levels have begun to rise. It is typically not good to see inventory levels go up. Normally this is a concern. But all other numbers look to be positive. This is a sign, that people’s home values have gone up no longer putting people upside on their home. Consequently, homeowners can sell and get out of their home at break-even or better preventing them from short selling or even letting their home go back to the bank.
In my opinion, the increase in home values has caused more people to list their homes for sale.
This is a positive sign but a number to keep your eye on. If days on market go up, home sales and prices flatten and inventory levels continue to rise it becomes something to be concerned about for the health of the Tucson real estate market.
The difference between average and median?
For a complete break down of the Monthly Statistics for September: CLICK HERE
