Tucson real estate market is 'recovering' - Tucson Local Media: Business

Tucson real estate market is 'recovering'

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Posted: Tuesday, June 17, 2008 11:00 pm

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.

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