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|
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.