DAYS OF INVENTORY
DOI dropped yet again and as of June 2008 stands at 236 days or slightly under 8 months of available product. This represents a 8% decline from the prior month and within 11% of 212 DOI in June 2007.
The downward trend in DOI continues, each month a step closer to a balanced market. In some localized areas of Tucson DOI is a low as 3 months, so it is possible that in some market segments a bottom may have already been reached. In fact median pricing has held relatively steady in Tucson in 2008 – an important sign to potential stabilization.
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.
ACTIVE INVENTORY LEVELS
Active inventory levels in the Tucson MLS continue to trend lower. June 2008 saw 8,140 residential properties available. This represents a 6% decline from June 2007 and a 5% decline from May 2008.
Closings in June 2008 were at 1,034, up slightly from the prior month and 16% lower than June 2007.
This is the fifth month in a row Tucson has seen a reduction in active inventory along with an
increase in closings. There are some well priced properties on the market, and buyers would serve themselves well to work with a professional real estate agent who is knowledgeable in the local market to navigate to the best opportunities. Market conditions can vary greatly by geographic area and price – real estate is in fact very localized.
For more on the Tucson Real Estate Market, call Julie Nellis, Long Realty, 520-990-8477 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home to follow your dreams.
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