The March Tucson homes sales statistics are out and show some notable signs that the Tucson house market is stabilizing after years of decline. More houses are selling and at higher prices. And the number of homes actively listed on the market continues to drop as buyers move in to take advantage of the low prices.
Both the average and median sale prices were up in March, both from February levels and from March of 2011. I said several months ago that we wouldn't have a definite trend until both sets of figures were moving in the same direction, and in March they did so.
The number of homes sold in March (1,387) was up a whopping 36% from February and up 18.6% from the same month in 2011.
Three statistics and trends that stand out:
- 63% of homes sold in March sold for less than $160,000. That price range is where the active market is right now. Homes in that range that are correctly priced for the market and in good condition are often selling in a matter of days and often getting multiple offers!
- Cash continues to be king! 38% of March home sales in the Tucson MLS were cash transactions.
- The number of homes actively on the market has dropped for 13 of the last 14 months and is at the lowest point since July 2005. At the close of March, there were 4168 homes on the market, down from 4560 homes in February and down a remarkable 37.8% from the 6703 homes on the market in March of 2011.