Tucson Residential Sales Statistics

The Tucson Association of Realtors has release the Residential Sale Statistics for April.

The average sale price continues its bumpy trend. From December 2010 to January 2011, it went down 10%. Average sale price was up 9% in February, down 10% in March, up 6% in April to $173,981.

With 6,269 listings divided by 1,152 sales in April, we have a 5.44 month supply of listings. A six month supply is considered a balanced market, with no advantage to buyer or seller. So by this measure, this could be a seller's market for the first time in years.

But who are the sellers who are in charge of this market? Banks, mostly. When I search the Multiple Listing Service for sales in April, I find 1,235. I don't know why it's more than is reported by the Tucson Association of Realtors. Of those sales, 502 were Real Estate Owned, or REO, meaning they are owned by a bank that foreclosed on the previous owner. Short sales, where the seller owes more than the house is worth, and needs his lender's approval to sell the house, accounted for 110 sales. So REOs and short sales accounted for 50% of the sales last month.

We used to call a sale where the seller had equity and we didn't have to deal with an uncooperative bank a normal sale. The new normal is REOs and short sales.

Forty-two percent of the sales were under $120,000 and 74% of the sales were under $200,000.