The Latest - Tucson Foothills Home Sales, 5/4

Here's a look at the sales activity for single family homes in the Tucson Foothills during the past two weeks - that's 4/20 - 5/4/07. This activity took place against an average of 485 homes listed for sale during this period -priced from $235,000 to $22,000,000.
New Listings = 90 (priced from $305,000 - $3,300,000)
Homes gone under contract = 30 (priced from $299,900 - $2,600,000)
Homes Sold = 37 (priced $295,000 - $2,200,000)
Price Reductions = 65
Price Increases = 1
Expired Listings = 13
Withdrawn Listings = 24
90 New Listings. That's a lot, but it's also misleading. Many of these New listings are not really NEW listings. They're homes that have been listed for sale, and then recently the listing was withdrawn or the listing expired and they've now been re-listed, either by the same agent, or a new one. So, they count as a New listing, but they're not really New. The other figure that is misleading is the number of homes that have had Price Reductions. These days, when a home gets withdrawn and re-listed, it often gets re-listed at a lower price, and that is not reflected in the number of Price Reductions figure, only in the New listings figure. So while the official number of Price Reductions is 65, that too is misleading, because it does not count the homes that have been re-listed at a lower price.
 
As compared to the previous two week period, this time around there have been: 24 more New Listings, 6 fewer homes have gone under contract, and 7 more homes SOLD. While homes are selling in all price ranges, albeit somewhat sluggishly, the number of homes for sale continues to creep up, as the number of New listings outpaces the number of homes going under contract and selling. I just checked, and right now there are 500 homes for sale in the Tucson Foothills, a record.
To actually see all the homes that have SOLD in the Tucson Foothills during the last 30 days- there are 69 of them - including the pictures and listing info from the Tucson MLS, the List Price, the Sale Price, $/sq. ft and more, click JUST SOLD
For sales numbers during previous two week periods this year, please see:
The Latest - Tucson Foothills Home Sales, 4/18
The Latest - Tucson Foothills Home Sales, 3/28
The Latest - Tucson Foothills Home Sales, 3/14
As always, the source for this data is the Tucson Association of Realtors Multiple Listing Service.