What Happened To All The Homes For Sale?
They’re sold that’s what happened! What a difference a year makes. As of May 2012, the inventory of homes in Tucson is down 37% from May 2011. The median price of sold homes was $140,000 for May 2012, that is up 10% from May 2011. Both sales and contracts are up significantly. The cry we are hearing from agents all over town is “there are no houses”!
For many buyers currently in the market for a home, there are very few homes to choose from. We have a solid sellers market developing from the lower price ranges and steadily working it’s way up. The situation in Tucson mirrors what is happening in Phoenix, where the inventory is down even more over the same period; almost 45% from May 2011. It is also happening nationally in many markets, take a look at this article which shows that California is leading the way to a housing recovery, which is excellent news for all of us on the west coast.
Many of the properties that are available are short sale and bank owned properties, since the non-distressed homes that are priced appropriately are being snapped up fast. The good news is that it is easier than ever to purchase a short sale or bank owned property since the process has improved over the last couple of years.
So if you are in the market for a new home, find a good agent that will work hard for you and get out there! If you are thinking about selling, put it on the market! There are people out there who want to buy your home!