Weather, real estate market heating up

Spring brings the busy season for Tucson-area real estate agents, and this year is no exception. From mid-March to August, real estate agents keep busy as families prepare to make moves once the school year ends.  

March real estate statistics showed a big jump in activity, with home sales rising more than $100 million over February. Sales volume reached $369.81 million in March, up from $268.54 million in February, which amounts to a 37.71 percent increase. Year-over-year sales showed a more modest increase, jumping just 2.61 percent, according to the most recent report of the Tucson Association of Realtors.

The average sales price was nearly the same, rising only 0.66 percent to $261,168 from February. From March 2018, however, the average sales price rose 5.94 percent from $246,514. The median sales price rose 1.39 percent to $219,000 from $216,000 in February and 4.29% from March 2018 when the median price was $210,000.

Spring brought an increase in new listings. That number rose 10.93 percent to 1,888 units listed. However, total active listings decreased by 2.85 percent from February.

Total home sales were up for the month but down when compared to year-ago figures. A total of 1,416 units sold in March, up nearly 37 percent when compared to February but down 3.15 percent from March 2018. Nearly 80 percent of the residences sold in March were single-family homes.

The 85742 ZIP code (east of I-10 and south of West Tangerine Road) had the most homes sold in March, with 69 closed. Catalina Foothills (85718) area had the most active listings in March, with 238 homes listed for sale.

The $300,000 to $399,999 price range had the most number of active listings at 601, while the $200,000 to $249,999 had the most homes sold (252) in March.

Conventional loans still accounted for the largest chunk of financing (687), followed by cash (354).

Other blog entries

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Neighborhood spotlight: Red Rock Village (07/30/2019)
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