Tuesday, July 10, 2012

June Residential Sales Statistics

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.