View the June 2017 Tucson Market Report in our Market Data Center.
When the weather in Tucson gets hot, so do home sales.
Despite the 100+ temperatures, June is consistently one of the best months, if not THE best, for home sales in the Old Pueblo, and last month was no exception.
Total home sales (1675) increased 4% from May and 2% from June 2016.
The strength of June sales is correlated with the end of the school year. Many families schedule their moves to coincide with school getting out, and this has a domino effect on the rest of the market at large. Of course, some submarkets vary, particularly active adult communities and neighborhoods that are popular with part-time winter residents.
The plurality of market activity (703 sales) occurred in the $100,000 - $199,000 price band, representing nearly half of the closed sales for the month.
As for what buyers have to choose from, the answer is, "Not much."
Total inventory of homes for sale remained static, as it has all year. And there wasn't much in the way of new listings coming on the market, either.
The good news is that we are probably at the summer nadir of new listing activity right now. July is historically a slow month for new listings, second only to December (the holidays). We expect an influx of homes to be added to the market in just a few weeks.
Moving on to prices, June is a great time to sell a home. It always boasts one of the highest average sale prices of the year, and despite a small dip from May, this June's average sale price remained higher than last year's.
While it's great to see high average prices, we're also interested in the median sale price (not pictured), which hit an even $200,000 last month. Last June the median price was $190,000, and if we go way back to the bottom of the market in 2011, the median was only $127,000.
Overall, June performed as Junes usually do: Lots of closings, increased average price, and a slowdown in new listing activity.
Because the June report is coming at the tail end of July, we can also surmise what this month, July's, market report might look like. Anecdotally, we have experienced increased buyer activity on our listings, even for homes in the top 10% of the Tucson market ($300,000+).
What is typically a slow month may not be so slow after all!