Following the end of the month, information about the real estate market is compiled and
released in the Tucson Land Report. The data and statistics in this report cover the Lots & Lands properties in MLSSAZ for the Tucson Metro area. Beyond using this information to check the health of the real estate market, real estate agents use this information to inform their interactions with clients who are interested in buying or selling land.
While March 2019 has shown some significant increases in home closings, there have been decreases in other areas. This is not necessarily bad news, depending on whether you’re planning on buying or selling. Let’s check the numbers for the Tucson area.
March 2019 Land Report
- Median price of sold lots dropped by 9%, which was $50,000 in 2019.
- 132 new properties were under contract in the Tucson Lot and Land area in March 2019, which was a 1% decrease over the last year.
- Closings increased by 29% with a total of 85 closings in March 2019.
- Year-to-date 2019 closings increased by 29% with 205 closings since year-to-date 2018.
- Months inventory of land lots decreased to 16.1 from the previous year of 23.0.
March 2019 reveals a high demand for land, especially with the increase in closings coupled with the decrease in months inventory of land lots. Meanwhile, the decrease in the median price of sold lots means that buyers are getting better prices. This real estate market has the ability to benefit both sellers and buyers if you have the right strategy.
Successful real estate sales is what Long Realty Company does, and March 2019 was no different. Long Realty Company connects 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 Sacks, at email@example.com to determine your best options.