Ability Realty

Each month that goes by has brought a longer “average days on market” until sold.  The number for March was 67 days.  If you take into account that 8585 homes came on the market from January through March and only 3224 homes sold during that same timeframe, we will see larger and larger numbers of homes listed in MLS each month.  Many expire and are not re-listed or are withdrawn from the market, but I expect the totals to increase.  We will see many investor homes, foreclosures, and builders offering incredible incentives all competing for the buyers out there.

March was not a bad month for Solds with 1246 having recorded.  The problem is the number not selling, and the new listings coming on the market.  We have very good interest rates around 6.25% but many buyers are reluctant to step in right now for fear their purchase will go down in value after they close.

On whole our average sales price and median sales price are fluctuating around a range that does not indicate large reductions.  In fact, March showed a good increase.  I really believe we have hit the stabilizing range but just not enough buyers to reduce the inventory.  Summer is coming and I expect we will see more sales happening.

If you have any questions or comments I would be happy to speak with you at (520) 296-7143 or e-mail me at barry@barryfotheringham.com.

(the full March statistics release by the Tucson Association of Realtors, Multiple Listing Service can be found here)