Tucson Real Estate Absorption Rates May 2008

calendar June 12, 2008

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Here is the absorption rate table for showing April and May 2008 Absorption Rates. As you can see some areas are doing quite well while others are still struggling to get under the 11 months of inventory mark. However, it appears overall we are moving in the right direction. Down from the 10,000 + active listings of last year, we are over 8,000 and could drop below that this summer. Between 6,000 and 7,000 is considered a “normal market”. Does anyone still remember what a “Normal Market” looks like?

Area

May Listed\
May
Sold
May
AR
Apr Listed
Apr
sold
Apr
AR
Sold YTD
N 784 92 8.52 840 103 8.26 392
NE 463 50 9.26 463 61 7.72 198
NW 2172 271 8.01 2328 316 8.44 1132
XNW 127 12 10.58 127 15 7.40 46
C 1023 152 6.73 1086 205 6.46 586
E 641 74 8.66 543 71 7.89 304
S 514 60 8.56 523 107 5.21 273
SE 657 115 5.71 683 108 8.16 402
SW 675 57 11.84 702 63 11.60 316
XSW 311 27 11.51 326 38 8.39 134
XS 546 65 8.09 552 69 9.94 305
W 525 42 12.20 540 63 7.65 223
XW 76 6 12.66 80 8 9.38 27
  8,527 1045 8.15 8808 1008 8.73  

 

Summer is usually a slower time for most of the Tucson real estate market. The exceptions being those who are relocating their families here and waited till school was out to do so. And college students and parents looking to purchase a home, condo, town home, something close to the campus and with extra rooms they can rent to other students. This is our biggest summer segment.

By Dave Smith in Tucson Real Estate Market

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