As we are all too aware, in 2006 real estate continued to grab the headlines with reports of declining sales and predictions of gloom and doom, pretty much across the board. Putting those headlines aside for the moment, here are the actual sales results for 2006 vs 2005 for single family homes in the Tucson Foothills SOLD through the Tucson Association of Realtors Multiple Listing Service.
Price range |
Jan-Dec |
Jan-Dec |
+/- % |
$500,000 - $750,000 |
293 |
228 |
-22% |
$750,000 - $1,000,000 |
139 |
102 |
-26% |
$1,000,000 - $1,500,000 |
69 |
86 |
+24% |
$1,500,000 - $2,000,000 |
14 |
16 |
+14% |
$2,000,000 & UP |
11 |
18 |
+63% |
Total Homes SOLD |
526 |
450 |
-14% |
Average List Price |
$630,902 |
$734,594 |
+16% |
Average Sale Price |
618,716 |
$705,936 |
+14% |
The results are somewhat of a mixed bag, with sales below $1mil continuing to show a decline from 2005 - albeit the gap has narrowed a bit in the last two months - while sales continue to increase at the upper end of the market. And while the average sale price is UP 14% for the year from 2005, the number of homes SOLD is DOWN 14% from 2005. This slowdown, which had it's start at the beginning of the year, really took hold in late April to mid May and accelerated during the summer months, with the effects of the slowdown becoming more pronounced month over month. However, during the last two months or so the pace of sales has remained steady, with no further decline. And while I believe we are at the point where home sales will begin to increase again in the Tucson Foothills, the next two months will be very telling - as January kicks off the high season for home sales in the Foothills. HAPPY NEW YEAR!
