Tucson real estate market is 'recovering' - The Explorer: Business

Tucson real estate market is 'recovering'

Print
Font Size:
Default font size
Larger font size

Posted: Tuesday, June 17, 2008 11:00 pm | Updated: 8:01 am, Thu Mar 24, 2011.

Greater Tucson’s residential real estate market had more sales and fewer new listings during May, according to the Tucson Association of Realtors’ Multiple Listing Service.

“With May behind us, our local numbers continue to support the direction of a recovering market,” said Kimberly Clifton, president of MLS for 2008.

In its monthly statistical digest for May, MLS reports “an increase in unit sales” for the third consecutive month.

Home sales volume was up 4.12 percent from April. Home sales units increased 5.34 percent from April. New listings were down 6.51 percent, and active listings declined by 3.19 percent.

Average days on the market remains steady at 77 days.

“We hope to see the recovery process continue,” Clifton said.

In an annual comparison, the value of homes sold is consistently lower than a year ago. In May, for example, home sales volume was $257.07 million, down just under 35 percent from $395.08 million in May 2007.

The number of homes sold was down from a year ago (1,025, compared with 1,418 in May 2007), and the average price of homes sold was $250,803, down 10 percent from $278,619 in May 2007.

MLS had 8,527 active listings in May, compared with 9,721 a year ago. The Northwest has the most listings, 2,172.

© 2014 The Explorer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More about

More about

More about

Welcome to the discussion.

Oro Valley Audiology

Oro Valley AudiologyAddress: 2542 E Vistoso Commerce Loop Rd, Oro Valley, AZ 85755Phone:(520) ...

Oro Valley Audiology

Oro Valley AudiologyAddress: 2542 E Vistoso Commerce Loop Rd, Oro Valley, AZ 85755Phone:(520) ...

Spacer4px

Follow us on Facebook