at a million $$ and up in the Tucson Foothills

104 homes for sale priced from $1,039,000 to $6,500,000
2 are distress sales; a short sale @ $2,099,900 & a REO @ $1,999,000
average list = $1,919,454/median = $1,524,500 @ $359/sf

6 are in contract from $1,149,000 to $13,500,000
2 are short sales @ $1,224,600 & $1,495,000
Excluding the $13,500,000 contract >
average list =  $1,432,720/median $1,295,000 @ $265/sf
Including the $13,500,000 contract>
average list = $3,443,933/median $1,395,000 @ $390/sf

26 homes listed @ $1 million or more have sold since Jan 1
2 sold for under a million; @ $999 & $935
2 were distress sales; a short sale @ $1.0 & a REO at $1.8
average sold = $1,367,269/median $1,210,000 @ $269/sf

Which, at the in-season Jan – June sales rate, leaves us with about a 2 year supply of homes at a million $$ & up. A large supply chasing a small demand. And though distress sales are still a small fraction of this Foothills market, with that large supply and small demand, you can bet your boots that more upper-end distress sales are on the way.

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Comments

[kschulz]

I have shopped the luxury foothills inventory for the past 2 years. I can tell you, the listing prices are patently ridiculous. Sellers need to 'come to Jesus' when they set their prices, or the whole inventory will go back to the banks.

[john schneider]

Yes Stuart, the 'just under a mil' strategy has been employed with good success.
9 homes listed between $950 - $999 sold between Jan 1 & today. And there are just 14 for sale in that range - leaving a rather lean 9.3 month supply.
JS

[Stuart Pikert]

No doubt you are correct, John...that we will be seeing more distressed sales over the next year or so.

Methinks that if some of these homes are currently listed in the range of one million to $1.195,000 and they really want to broaden their marketibility they might consider listing them at just below the $1 million mark.

Some luxury home buyers tell their agents not to show them anything above the million dollar mark...so just below that watermark price the sellers might find a much larger group of prospective buyers.