The Tucson Association of Realtors has published the Residential Sales Statistics for June. Dividing the 3,474 sellers by the 1,269 buyers, we have only a 2.74 month supply of listings. Supply and demand favors the sellers by far. The average sale price was $174,793, a 16% increase since last September. The median sale price was $140,000, up 19% since last the market hit bottom last fall.
Foreclosures accounted for 27% of the sales, and only 14% of the sales were short sales. Bidding wars are common, and bargains are rare.
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