Tucson MLS Statistics for May 2009
June 8, 2009
Post Tags: tucson-housing-market-May-2009 , tucson-mls-statistics-May-2009 , Tucson-real-estate-May-2009
The Tucson Real Estate Market continues a slow and steady return to health. May showed continued improvement in the numbers with almost all the number going in the right direction. Inventory DOWN, Average sale price, median sale price Closed Contracts UP, these are great signs for sellers and for the confidence level of buyers.
We have already seen the May closed transaction jump to 1000 and still climbing. Climbing slowly but I’m sure a few more will be added.
I’m not going into the usual breakdown this month, the chart is big enough and easy to read. Pluses where we want them minuses, the same.
I will predict we will see a drop in Average and Median Sale price in June. Why? because we are clearing a lot of foreclosure and short sale inventory right now. The number of closed transaction is moving along for June but expect to see these two indicators I must mentioned drop rather steeply. It will take a few more sales in the high end market to raise these numbers. We shall see.
This should be our last month for the astrick on the Pending Sales. Next month we will start comparing apples to apples once again. And for one final time I’ll explain. Pending contracts used to be reported as “All contracts with a status of Pending” this meant that if a contract was pending close with a close of escrow date three months out that transaction would show up for three months. As of July last year this was changed to Pending = the month in which a sale goes “Pending” result, reported once.
The real story this month is absorption rates. Those have dropped steadily since the first of the year and we are closing in on the elusive “normal” of 6 months inventory. Some areas of town are already well under that with 4 areas in the 4 months of inventory. Absorption rates will be reported tomorrow.
The link to the full report is in the sidebar under documents. Or Tucson MLS May 09 Statisitcs Report.
