I’ve remarked lately that our Tucson Foothills inventory of high-end homes for sale is down in the mid 90’s from a high of 140 to 150 a couple a years ago. And while, Yeah!, that’s a good thing, I also knew something didn’t add up. Because the numbers weren’t down in the 90’s due to our skimpy sales and more high-end homes getting listed all the time. No way. And I had a hunch but I hadn’t crunched the numbers, so I didn’t know exactly what was what. Until now.
Of the 122 high-end listings in the Tucson Foothills that have either expired or been withdrawn since January 1st, I count 41 of them, listed from $1,049,000 to $8,250,000, that have not returned to the market. (hmmm, mid 90’s + 41, that adds up)
That’s 41 high-end homes that didn’t sell and are now taking a breather, and maybe trying to figure out their next move.
I also know of at least a few in that group that are working their way thru the foreclosure process.
And my guess is that come this fall, little by little they’ll start drifting back on the market. So there will be more to choose from, with at least a few under-market priced foreclosures sprinkled here and there, and, unless we see a surge in demand, more downward pressure on prices.
Like I’ve said, over and over, it ain’t over.
The fine print: some of those 122 listings, actually quite a few, are for homes that expired or were withdrawn 2 or more times – some 3 or 4 times. So the 122 does not represent 122 different homes.
But the 41 does represent 41 different homes.
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