Inside Tucson Business
As the Tucson region’s residential real estate market continues to slog through its recovery, June statistics show active inventory was up 12 percent from June 2012, closings were up 9 percent and the months of inventory on the market ticked up slightly to 2.9 months, from 2.8.
Perhaps more importantly, the market’s median sales price was up 15 percent to $161,000, according to a report from Long Realty, using data from the Tucson Association of Realtors Multiple Listing Report.
More student housing
Another addition to the boom in the development of student housing. A 232-bed project named the Junction at Iron Horse is planning to break ground this month on a 2.4 acre parcel bought a year ago at 504 E. Ninth St., at Third Avenue.
The project is being developed by Royal Properties, Chicago. It will be managed by the John Buck Company, also of Chicago. Also working on the project are Grenier Engineering, 5517 E. Fifth St.; GDA Architects Southwest, 250 S. Craycroft Road, Suite 200, and Adolfson & Peterson Construction, Tempe, as the general contractor.
The project is expected to be completed in time for the start of the 2014 fall semester. The project will have 76 units.
