Steady is the word to describe the current Tucson Real Estate Market, meaning we aren’t seeing any remarkable changes either positively or negatively.

February pending sales and closings exceeded January’s, with pendings up 8.4% and closings up 12%.  Comparing this year to 08, we see only moderate declines.  January pending sales were down 22% from 08, but February was down only 12% from last year.  Closed sales comparitively were very much the same, with 659 this year to 664 in February 08.

It appears as if we are leveling off .  And the median sales price is currently $178,000,  11% lower than last year, but within sight of the ‘05 median sales price of $186,500.

Listing inventories have come down as well;  last February we saw a staggering 9,168.  As of last month we now have 7,532.  Kimberly Clifton, MLS President asserts that with the “mere .75 drop in sales you can see that we’re gaining ground.” This improved inventory vs. sales ration is encouraging.  You can view the full statistical report here.

Denise McCreary