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.
Closed sales and new properties under contract saw a decrease from winter months and are noticeably lower than previous years. Though low, these trends could prove to be a good thing depending on whether you’re looking to buy or sell in the coming months.
March 2020 Land Report
- Median price of sold lots rose by 60% since March 2019 to $80,000 in March 2020.
- Active inventory was 995 in March 2020, a 27% decrease from 2019.
- 55 new properties were under contract in the Tucson Lot and Land area in March 2020, which was a 58% decrease over the last year.
- Closings dropped by 61% with a total of 33 closings in March 2020.
- Year-to-date 2020 closings decreased by 53% from last year’s YTD with 99 closings since 2019.
- Months of Inventory of land lots increased to 30.2 from 16.1 in March 2019.
March 2020 continues the trend of narrowing the gap between active listings and the months supply of inventory. Months supply of inventory remains higher than recent years, although the number of active listings continues to decline. The increase of months supply of inventory means that buyers have a greater chance of finding their ideal lot of land. And the noticeable 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.