Tucson Market Watch May 2007

May 2007 Real Estate Sales Statistics are in from Tucson MLS!

Average Sales Price (all residential types) Increased 4.22% from $269,217 in May 2006 to $280,589 in May 2007. After falling from January to February 2007, average sales price has continued to climb, reaching $280,589 in May 2007. For the second month in a row, average sales price has increased in year-over-year comparisons. The average sales price in May 2006 was $269,217 - more than $11,000 less than the average sales price in May 2007.

Median Sales Price Increased 1.02% from $221,250 in May 2006 to $223,500 in May 2007.

And fewer new listings are coming on the market:  new Listings Decreased 6.60% from 3,169 in May 2006 to 2,960 in May 2007.

In good news for area sellers, the average time on market in May 2007 reached 61 days. That's the shortest time we've seen so far this year. Days on market reached a high of 68 in January 2007 and has hovered in the mid-60s from February to April 2007.

Tucson market seems to be showing some signs of life, and with interest rates slightly nudging upward things may be looking better. How are things in your market?

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