March 2013 Residential Real Estate Market Report-Sales and Rentals

March 2013 Residential Real Estate Market Report-Sales and Rentals

Sales Results:

1329 residential homes, condo's and townhomes sold last month which was down from 1387 last March.

The average listing price of properties that sold was $198,009 last month.

The average listing price of properties that sold was $171,723 in March 2012.

All types of properties sold for 97% of asking price this past month compared to selling for 98% of asking price last year. Good to see homes that are priced right sell fastest.

The average selling price citywide last month was $191,881 while it was $168,153 last month.

Active listings rose slightly to 4210 last month compared to 4168 a year ago. Yet another sign the quantity of housing inventory is consistent.

Days on market was 58 on average last month compared to 73 last March. And 2712 new listings entered the market last month and 2777 did last year for the same month.

The highlight of the current market is stability. We haven't experienced big swings in inventory for nearly 18 months. This is a sign the banks are slowly running out of foreclosures that feed into our market and others across the country.

Search Tucson area homes, condos, and townhouses for sale

March Rental Activity:

 Total Active listings for February were 886.

 The number of properties rented this month was 377.

 The Average monthly rent for Apartments was $550.

 The Average monthly rent for Condominiums was $935.

 The Average monthly rent for Mobile Homes was $607.

 The Average monthly rent for Manufactured Single Family Residence’s was $796.

 The Average monthly rent for Patio Homes was $1,110.

 The Average monthly rent for Plex’s was $635.

 The Average monthly rent for Single Family Residence’s was $1,188.

 The Average monthly rent for Townhomes was $894.

 Average Days on Market was 50.

All sales and rental statistics courtesy of the Tucson Multiple Listing service.

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Thinking of buying, selling, or renting a home in the Tucson Area? I welcome the opportunity to serve and be resource to you.

I'm Kevin Wood of Keller Williams Realty, and I'm the author of this post. You can reach me through email at Kevin@LiveHereTucson.com , 520.260.3123, or visit LiveHereAz.com . Thanks again for visiting.