Sales of existing homes in the Tucson market rose nearly 14 percent in 2011, with 13,418 sold, according to the latest figures from the Tucson Association of Realtors Multiple Listing Service.
But sales remain far below their peak of over 18,000 sold in 2005, and the average sales price declined by nearly $26,000, or about 14 percent, to $163,527 in 2011.
Median sale prices, which reduce the effect of the highest and lowest sale prices, were not available on an annual basis.
The median home price for December was $120,000, down from $139,500 in December 2010, the MLS reported.
The increase of about 1,600 home sales was the third straight year of higher sales and was the biggest jump yet since home sales fell precipitously from 2006 through 2008, MLS President Sue Cartun said.
In other findings, the MLS report said:
• The total dollar volume of sales decreased slightly to $2.2 billion, even with increased units sold.
• Total units listed fell by about 7 percent, to 29,719.
• Average days on market, the time it took to sell a home, decreased to 82. It was 88 in 2010.
• The list-price-to-sales-price ratio was about the same as in 2010, at about 95 percent.
• Homes sold for cash increased to 35 percent, up from 28 percent in 2010. About 30 percent of 2011 sales involved conventional loans, and 24 percent were FHA loans.
Tucson home sales
Average sale price
2011: $163,527
2010: $189,352
2009: $201,155
2008: $242,066
2007: $272,273
Unit sales
2011: 13,418
2010: 11,802
2009: 11,661
2008: 10,578
2007: 12,939
Average days on market
2011: 82
2010: 88
2009: 78
2008: 78
2007: 67
Total listings*
2011: 29,719
2010: 31,914
2009: 22,170
2008: 26,592
2007: 33,022
*Median prices and active listings not available on an annual basis.
Source: Tucson Association of Realtors Multiple Listing Service
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