46 single family homes sold in the Tucson Foothills in the last 30 days and there are 346 for sale (the lowest inventory in years)
36 sold from $0 to $599,999 (199 for sale)
5 from $600,000 to $999,999 (74 for sale)
4 from $1,000,000 to $1,499,999 (36 for sale)
1 from $1.5 to $1,999,999 (18 for sale)
nothing from $2.0 & up (19 for sale), (though there is one house in contract for over $2.0 that will close escrow tomorrow - the first $2.0+ sale since July and only the 2nd sale all year at $2.0 or more)
average/median sold price for the group was $461,961/$367,500
As always months of inventory is all over the lot; overall for the Foothills it’s 7.5 months.
But see how it breaks out by price range;
from $0 to $599k there is a 5 1/2 month supply
while at $600 to $999k it’s 15 months (way up from last month)
and at $1.0 to $1.499 were looking at 9 months of inventory (way down from last month)
at $1.5 to $1.999 it’s 18 months
and at $2.0 & up there haven’t been any sales
Sales and prices during this 30 day period were different from the previous 30 days, not better, not worse, just different'. See for yourself > supply & demand in the Tucson Foothills
One thing’s for sure, this coming January thru June – our in-season - will be an interesting one for upper-end home sales. The lower end is doing well and has been for some time, and though the middle is still struggling somewhat it is, I believe, not far from turning the corner on sales. And even at $1.0 to $1.3mil or so, sales have shown some real life lately.
It’s at $1.5 that things really start to fall apart, and the higher you go the worse it gets.
And at the $1.5 to about $4,000,000 there are spec homes for sale, spec homes that have been on the market for a long time, yet no one has shown any interest in them.
That can’t go on forever. It wouldn’t surprise me if this season is the last hurrah.
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