July Property sales were 1,096, up 19.8% from 915 in July of 2014 and 2.4% lower than the 1,123 sales last month. July 2015 sales were at their highest level compared to July of 2014 and 2013. July YTD sales of 6,547 are running 7.5% ahead of last year’s year-to-date sales of 6,089.
The Median Sales Price in July was $168,000, up 1.8% from $165,000 in July of 2014 and down 1.2% from $170,000 last month. The Average Sales Price in July was $209,697, up 5.1% from $199,463 in July of 2014 and down 3.2% from $216,566 last month. July 2015 ASP was at the highest level compared to July of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of July was 3,576, down 19.1% from 4,422 last month and down 22.4% from 4,608 in July of last year. July 2015 Inventory was at its lowest level compared with July of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2015 MSI of 3.3 months was at its lowest level compared with July of 2014 and 2013.
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 July was 89, up 4.7% from 85 days last month and up 3.5% from 86 days in July of last year. The July 2015 DOM was at a mid level compared with July of 2014 and 2013.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The July 2015 Selling Price per Square Foot of $111 was down 2.5% from $114 last month and up 3.6% from 107 in July of last year.
Selling Price vs Original List Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The July 2015 Selling Price vs Original List Price of 97.6% was up from 97.5% last month and up from 97.3% in July of last year.
Click here to access the full report – Market Action Report Tucson
To search for real estate in Tucson, go to www.ColdwellBankerHomes.com/AZ/Tucson
To search for real estate throughout Arizona, go to www.ColdwellBankerHomes.com/Arizona
Copyright © Coldwell Banker Residential Brokerage – Data is provided courtesy of Arizona Regional Multiple Listing Service, Inc.; Tucson Association of Realtors and Prescott Area Association of Realtors and may not reflect all relevant real estate activity. Coldwell Banker Residential Brokerage does not guarantee the accuracy of this information. It is the responsibility of any buyer or seller to verify any and all information relevant to such consumer’s real estate transaction.