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We passed the “Normal” mark of 6 months inventory in June. The best month for closed transactions in 2009 with a reported 1139 closed transactions. However, that number has continued to rise slightly. As I write this post there are currently 1156 closed transactions in the Tucson MLS for June.
The overall Absorption Rate dropped by more than an month from 6.59 to 5.44 months of inventory. Several areas dropped into the 3+ months of inventory for June.
Let’s Do the Numbers
Your eye went to that 49.00 months of inventory for the XW didn’t it. Mine too when I saw there was only one sold for the month of June. But those 40 listings are such a small part of the overall listings on the market that they became statistically insignificant.
The X Extended Areas
It was just a couple of years ago that statistics were figured on all the listings entered in the Tucson MLS, then the board decided to limit this reporting to the 13 Areas around Tucson and not include listings in the counties and even Mexico in the overall stats. But I wonder at times if it isn’t time to remove the X areas from the reporting as well. Saharita and Green Valley (part of it) make up two of these areas which really shouldn’t be included in Tucson’s figures.
To see what effect it would have on the Absorption Rate for June I removed the X areas figures both listings and sold data. The change in the Absorption rate was from 5.44 to 5.27. Not a significant change.
There are already 187 closed transactions entered in the system for July. The Average Sale price at this writing in just over $210,000 with a median sale price at $155,000. Both of these number mean nothing in and of themselves. They will change as the month progresses. I’ll start putting the Daily Updates for July in the sidebar on Monday July13th.
The Tucson real estate market is doing much better an than many markets throughout the country. June is a good indicator of that fact.
I KNEW it!