Available inventory in Tucson’s residential real estate market continues to shrink. I guess we could say, living in the desert that, it is drying up.
February available inventory was 4,560 properties. This is 34% less than a year ago.
Absorption Rates for Tucson – February 2012
| Area | Feb Listed | Feb Sold | Feb AR |
|---|---|---|---|
| N | 490 | 77 | 6.36 |
| NE | 301 | 44 | 6.89 |
| NW | 1295 | 263 | 4.92 |
| XNW | 72 | 10 | 7.20 |
| C | 523 | 123 | 4.25 |
| E | 252 | 87 | 2.89 |
| S | 157 | 77 | 2.03 |
| SE | 280 | 105 | 2.66 |
| SW | 274 | 79 | 3.46 |
| XSW | 295 | 37 | 7.97 |
| XS | 355 | 64 | 5.54 |
| W | 204 | 50 | 4.08 |
| XW | 43 | 03 | 14.33 |
| TOTAL | 4,560 | 1019 | 4.47 |
Six months of inventory is considered “normal”; in three areas of Tucson we have under 3 months of inventory in the residential real estate market.
Closed transactions are up. Mortgage rates remain at historic lows and prices are the best they have been in 5 years. Across Arizona and in other parts of the country we are hearing the same thing, available inventories are drying up.
