The release of the Tucson Land Report offers a glimpse into how the Lots & Land properties in the Tucson Metro area are doing based on the year-to-date statistics and month-to-month comparisons.
Based on the localized market, the data provides real estate agents with up-to-date information on the best times for clients to buy or sell land in the area. It’s also important to note that fluctuations and changes within the market should be expected.
The June 2019 Land Report offers interesting information from May’s numbers and highlights how the rest of the summer will continue. Overall, the changes in the market offer positive options for individuals looking to buy or sell. Let’s dive into more detail on those numbers for May.
June 2019 Land Report
- Median price of sold lots increased by 12%, which was $84,900 in May 2019.
- 117 new properties were under contract in the Tucson Lot & Land area in May 2019, which was a 1% increase over the last year.
- Closings decreased by 23% with a total of 57 closings in May 2019.
- Year-to-date 2019 closings increased by 12% with 327 closings since year-to-date 2018.
- Months inventory of land lots increased to 23.7 from the previous year of 20.6 in May 2018.
Based on the statistics laid out from May 2019, it’s clear that the market is favoring buyers. However, land sellers also benefit due to the average increase of median prices. While May 2019 saw fewer closings overall, year-to-date closings increased by a large jump.
Once again, the Long Realty Company leads in successful real estate sales for May. Long Realty Company takes pride in connecting buyers and sellers with the property they want.
If you or someone you know is looking to buy or sell land, reach out to me, Rick Sack, at rick@buytucsonlots.com to determine your best options.
