Friday, April 13, 2012

It's Beginning to Look A LOT Like Recovery

The Tucson Association of Realtors March Residential Sales Statistics make me want to sing! Average sale price has increased in FIVE of the last six months! At $168,153, it is 2.21% higher than in February, and 2.79% higher than March 2011. We haven't seen a year-over-year increase in average sale price since 2007.

Total units sold (buyers) soared up 36.11% from February to 1,387, which is 18.65% higher than March 2011.

Inventory and days on market continue to decline, as well. We had 4,168 active listings (sellers) in March, an 8.6% decline from February, and a 37.82% decline from March 2011. This is very exciting news.

4,168 sellers divided by 1,387 buyers means we have a three month supply of listings! This definitely favors the sellers, especially in the under $150,000 range.

Distress sales seem to be loosening their death grip on the market. 31% of the March sales were foreclosures, and 12% were short sales. In January, 56% of the sales were distressed properties, and in September 2011, distressed properties were 60% of the sales. I am so ready to return to a market where a normal sale doesn't involve dealing with bank bureaucracy and red tape.

If you are thinking of buying an investment or home, the message is clear: get them while they're hot!

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