Each month, the release of the Tucson Land Report offers data and trends for the previous month on the current situation in the land lot market for the Tucson Metro area. This information is helpful to realtors who wish to see a bird’s eye view of the numbers from previous months and years in comparison to the recently released numbers. With this data, realtors can assist clients in knowing the best time for buying or selling land.
As we head into the season of autumn, the numbers for September 2019 follow the trend of wintering seasons. Many of the categories of data have seen a drop, but this could be a good thing depending on whether you’re looking to buy or sell in the coming months.
September 2019 Land Report
- Median price of sold lots rose by 9% since September 2018 to $61,000 in September 2019.
- Active inventory was 1,221 in September 2019, a decrease of 13% from 2018.
- 79 new properties were under contract in the Tucson Lot and Land area in September 2019, which was a 29% decrease over the last year.
- Closings dropped by 49% with a total of 31 closings in September 2019.
- Year-to-date 2019 closings increased by 6% with 554 closings since 2018.
- Months inventory of land lots increased to 39.4 from the previous year of 23.1 in July 2018.
September 2019 shows a narrowing of the gap between active listing and the months supply of inventory. The increase of months supply of inventory means that buyers have more chance of finding their ideal lot of land. Meanwhile, the increase of median price of sold lots shows that sellers are more likely to receive their desired price.
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.
