627 single family homes sold in the Tucson Foothills for an average/median of
$477,760/$387,500 @ $160/sf.
586 sold for an average/median of $501,499/$408,750 @ $170/sf
532 sold for an average/median of $535,242/$432,500 @ $183/sf
530 sold for an average/median of $612,257/$515,000 @ $ $212/sf
621 sold for an average/median of $676,151/$540,000 @ $236/sf
Sales in 2011 were up about 6% & prices down about 6% vs. 2010.
And with 627 sold, sales are back to where they were in 2007 – but at prices that are back to where they were in 03 – 04. Also, notice that the biggest price drops were from 07 to 08 and 08 to 09. Since then the decline has slowed dramatically.
Heading into 2012 there are (just) 342 single family homes for sale in the Foothills – not quite
7 months inventory based on 2011 sales - but they’re listed at an average/median of
$850,350/$549,000 @ $215/sf – which is way higher than recent sold prices - ie, December $530,096/$390,000 @ $154/sf.
And much of that imbalance is due to the many high-end listings that linger on the market at list prices that haven’t been achieved in years, if ever, in the Tucson Foothills.
So I wonder, will this be a year of setting record high home prices in the Foothills, or will it be a year when ultra-high-priced homes continue to succumb to the forces of the market as we know it.
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