Every month, the Tucson Land Report releases information from the previous month about the Tucson Metro area land lot market from the MLSSAZ. This data shows current trends as well as interesting comparisons over the last few months and years. For realtors, this information is crucial in directing clients in the best times for buying and selling land.
While August 2019 unveils a few decreases in comparison to 2018, the real estate market for land lots remains in a good place. A slight increase in months supply of inventory and median price of sold lots is positive news for buyers and sellers since buyers have more options available and sellers are receiving money closer to their asking price or more.
August 2019 Land Report
- Median price of sold lots increased by 23% since August 2018 to $85,000 in August 2019.
- 84 new properties were under contract in the Tucson Lot and Land area in August 2019, which was a 30% decrease over the last year.
- Closings decreased by 25% with a total of 51 closings in August 2019.
- Year-to-date 2019 closings increased by 14% with 521 closings since year-to-date 2018.
- Months inventory of land lots up to 24.8 from the previous year of 21.3 in August 2018.
While decreases across the board for the month of August may seem like a negative thing, it’s not unusual for this time of year for sales to slow as the seasons shift and school begins again. However, overall for year-to-date 2019 closings, trends show an increase that speak positively for the rest of the year.
The Long Realty Company leads the market and area realtors with successful real estate sales. Throughout the year, Long Realty Company continues to take 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.
