The median sales price of Tucson homes was $193,000 in March, up 9 percent from the same time last year.
Also, the average days a home sat on the market here decreased to 47, a nearly 18 percent drop β or improvement, from a sellerβs point of view β from March 2016, according to the latest figures from the Tucson Association of Realtorsβ Multiple Listing Service.
Thatβs especially welcome news because March, and the spring sales season in general, are traditionally prime times in residential real estate.
Overall, itβs a sellerβs market now, says Long Realty vice president Kevin Kaplan in his monthly housing report. He says thatβs strongly true in all price ranges up to $350,000.
Above that price, the current market becomes more balanced between sellersβ and buyersβ interests, and then, in the most expensive brackets, trends to the buyerβs favor, he says.
In March, 1,614 sales closed, 10 percent more than a year earlier, Kaplan reports.
Part of the reason is less inventory for buyers to choose from: Active listings in the Tucson market were down 22 percent year-over-year in March.
The average list price was $230,186.
The average sales price was $224,815, but the median price β $193,000, an 11 percent increase over the same time two years ago β is considered a better indicator of the overall market because it lessens the skewing effect of very high and very low sales prices. The median price in February was $189,000.
Some other March numbers of note from the Tucson Association of Realtors:
- A quarter of the sales were of homes between $100,00 and $159,000.
- The largest number of actively listed homes is in the $200,000 to $399,000 price range.
- Ten homes sold for more than $1 million.
