Click here for full report – Tucson 2011-05
May Property sales were 985, up 1.2% from 973 in May of 2010 and 10.3% higher than the 893 sales last month. May 2011 sales were at their highest level compared to May of 2010 and 2009. May YTD sales of 4,064 are running 2.6% ahead of last year’s year-to-date sales of 3,960.
The Median Sales Price in May was $122,000, down 17.6% from $148,000 in May of 2010 and down 2.4% from $125,000 last month. The Average Sales Price in May was $166,799, down 9.3% from $183,996 in May of 2010 and down 3.2% from $172,396 last month. May 2011 ASP was at the lowest level compared to May of 2010 and 2009.
Inventory & MSI
The Total Inventory of Properties available for sale as of May was 4,913, down 11.2% from 5,533 last month and down 15.9% from 5,841 in May of last year. May 2011 Inventory was at its lowest level compared with May of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2011 MSI of 5.0 months was at its lowest level compared with May of 2010 and 2009.
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for May was 91, down 6.2% from 97 days last month and up 31.9% from 69 days in May of last year. The May 2011 DOM was at a mid level compared with May of 2010 and 2009.