Tucson building lots show price increase trend for 2012
The Tucson real estate market just might be starting to show some stabilization.
New figures from national and local analysts indicate the pace of home sales is 13 percent better than 2010. Average and median sales prices ticked up ever so slightly in October from September. There is positive movement in total sales, according to the Tucson Association of Realtors Multiple Listing Service. The reports show a 13 percent higher pace of sales and 2011 sales should now surpass the 2010 total of 11,295 homes.
The levels appear to be comparable to 2007 in terms of units sold and up from last year figures.
The numbers show inventory is leveling off and fewer foreclosures are stabilizing prices.
For the same period, the average sales price inched up $1,113 to $151, 812. The average days on market dropped from 80 to 74 days. The property prices of land near Tucson has never been more affordable according to Tricia Friedrich, marketing director at Red Hawk at J6 Ranch near Tucson who said “land is such a good investment right now that the unique opportunity to buy at this price and not have a deadline to build is just a smart investment.”
Some analysts feel that Prices will soar in 2012 showing a trend that as the market continues to adjust its supply-demand balance, average home prices in Tucson are projected to increase 13.4 percent from June 2012 to June 2013. Nationwide, home prices are expected to drop 3.6 percent through June 2012 before rebounding 2.4 percent during the same 12-month period. The projections are according to new data from the Fiserv Case-Shiller Home Price Index. Even national investors are taking notice of the new opportunities in real estate in the Tucson Area.