When I want to get the pulse of the market, I like to look at which homes buyers are putting in contract - and how many and at what price.
In last 10 days 42 single family homes went to contract in the Tucson Foothills. Here’s how they break down by price;
27 are priced $0 to $599,999/ and 248 remain for sale
so 11 % of the homes for sale in this price range just went to contract
13 are priced $600,000 to $999,999/ and 100 remain for sale
that’s 13% of the homes for sale in this price range just went to contract
2 are priced $1,000,000 or more/ and 96 remain for sale
so just 2% of the homes for sale in this price range went to contract
So the low end is still beating the pants off everything else, while the high-end is pretty much going nowhere.
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And just for the heck of it, looking at sales in the last 10 days,
we have;
8 sold from $0 to $599,999 = 10 months inventory
2 sold from $600,000 to $999,999 = 16 months inventory
2 sold from $1,000 & up = 16 months inventory
That’s a better reading for the high-end, and a less good reading for the low end than we’ve seen in some time. But it’s just 10 days worth of numbers, which is interesting and all that but not really worth hanging your hat on.
Also in the last 10 days, if you haven't seen the much ballyhooed quote from John Paulson, the billionaire hedge funder, here it is.
“If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.”
– John Paulson 9/27/2010
I picked it up from a Forbes blog
