Tucson real estate sales statistics for May

The latest Tucson real estate sales statistics for May show that our market is beginning to pick up a little steam, at least in the short term. Tucson's median sales price, home unit sales and home sales volume increased over the previous month's numbers, but these numbers were still down from May 2007.


- Tucson again saw a decrease in our average sale's price in May; we saw an average price of $250,803, a 1.15% decrease from April's average of $253,729 and a 10% decrease from May 2007 ($278,619).

Tucson average sales price for April

- Tucson's median sales price for May '08 was $201,000, a 3.07% increase from April's median price of $195,000, but a 9.86% decrease from May 2007's median price of $223,000.

- There were 1,485 Pending contracts in May 2008, a decrease of 4% from the number of Pending's in April (1,547). It's a 24.68% increase over the number of Pending contracts in May 2007 (1,191).

- The average days on market decreased to 77 in May 2008, a 1.28% increase from April '08 (78) and a 24.2% increase over May 2007 (62).

Tucson average days on market for April

- Tucson had 8,527 Active listings in May, a 3.19% decrease from 8,808 in April 2008, and a 12.28% decrease from May 2007 (9,721).

- Tucson saw 2,282 New listings in May 2008, a 6.51% decrease from April 2008, and a 22.9% decrease from May 2007 (2,960).

- The number of units sold in May 2008 (1,025) increased by 5.34% over April's number of 973. It's a 27.71% decrease from May 2007 (1,418).

It's hard to predict what's going to happen with Tucson's housing market. When you look at the average sale's price over the last five years, prices have generally increased during the Spring and early Summer months, dropped slightly in July and August, and then slowly increased through the Fall. Looking at 2008's statistics, we've seen a steady decrease since January. The median sale's price has hovered around the $200K mark since January. Active listings have decreased each month since January as total unit sales has increased, so it looks like there's hope on the horizon. As food and fuel prices continue to increase it's going to be interesting to see how the economy affects Tucson's housing sales.