The Tucson Association of Realtors(TAR) reports that the number of homes on the market increased during February to the highest level since May 2011. There are 2,085 new listings, and there were 5,721 homes in inventory at the February month-end, according to the Tucson Association of REALTORS® Multiple Listing Service.
In May 2011, there were 5,795 homes for sale in the region. Then, listings generally trended downward, reaching a low of 3,474 units in June 2012. From that point, the housing supply trended upward until dipping during the spring 2013 selling season.
As inventory rose in February, selling prices continued to improve year-over-year. The average selling price gained 5.4%, and the median selling price gained 6% compared to February 2013.
February 2014 TAR/MLS highlights:
• Unit Sales of 961 homes was 12.5% higher than January (854 sales); and 10 more than Feb. 2013 (951 sales)
• Total Sales Volume of $188.9 million was 12% higher than January ($168.5 million); and 6.5% higher than Feb. 2013 ($177.3 million)
• Medium Sales Price of $158,000 was $750 higher than January; and $9,000 higher (+6%) than Feb. 2013 ($149,000)
• Average Sales Price of $196,581 was $681 lower than January ($197,262); but about 5.4% higher than Feb. 2013 ($186,482)
• Active Listings increased 4.5% to 5,721 from 5,477 in January; and were 32.3% higher than Feb. 2013 (4,325 listings)
• Conventional Loan Sales were 36.8%; cash sales were 37%
TAR reported that at the end of 2013, Tucson was considered to have a tepid local economy, federal government tapering and concern over mortgage rates. TAR/MLS characterized the region as a “recovering” market.
The complete 2013 Tucson MLS Residential Year-end Review is online at: http://tucsonrealtors.org/tar-v2/StatsYE2013.pdf .