May Residential Sales Statistics

The Tucson Association of Realtors has released the Residential Sales Statistics for May. It's all good news. The average sale price was $204,125 and the median sale price was $170,000. These were 6.14% and 3.72% increases since the previous month. The number of units sold was up 6.93% and the number of listings was down 5.57% since April. With 6,505 listings divided by 987 sales, we have a 6.6 month supply of houses. A six month supply is considered a balanced market, with no advantage to the buyer or seller. This is a huge improvement from the dismal 13 month supply we had in December.

The under $300,000 market continues to be strong. I have seen bidding wars and quick sales. Many buyers are realizing that these low interest rates can't last forever. The $8,000 tax credit for people who haven't owned a home in the last three years will expire December 1 this year. Now's the time to make a move, before -- dare we say it? -- the inventory dips below a six month supply.