Tucson Foothills Home Sales - January to May

Here's a look at how sales are doing in the Tucson Foothills for single family homes SOLD through the Tucson Association of Realtors MLS - for the period of
January - May of 2006 vs. January - May of 2007

Price Range	Jan-May 06 # Homes Sold	Jan-May 07 # Homes Sold	+/- %
$500 - $750K	98	91	-7
$750 - 1mil	48	34	-29
$1mil - $1.5mil	41	20	-51
$1.5 - $2.0mil	12	14	+16
$2.0mil & UP	14	5	-64
Total Homes SOLD	213	164	-23
*Avg List Price	$770,368	$727,500	-5
Avg SOLD Price	$740,901	$695,445	-6
Median List Price	$599,000	$567,000	-5
Median SOLD Price	$580,000	$545,000	-6
$$ Value of Homes SOLD	$204,800,690	$140,672,895	-28

*The Avg. & Median List and Sold prices, and the Total $$ Value figures, represent the homes SOLD in ALL price ranges in the Tucson Foothills - not just those from $500K & UP.

Overall, the pace of home sales in the Tucson Foothills is about the same as it has been for the last few months - with sales in some price ranges ($1mil +) improving slightly while others have dipped a bit.
The real change that we're just now beginning to see - a narrowing of the gap between this year and last in Average & Median prices - is the result of a change that took place last year.
The gap between this year and last in Average & Median List and Sold prices has narrowed in the last month, from about -10% to about
-5%. And it's not that the Average & Median prices are suddenly starting to rise this year. It's that they first started to decline last year at this time, when the slowdown first took hold in the Tucson Foothills. Up 'til now, when comparing sales from last year to this year, I've often concluded that though they're down this year they're down from what was a banner sales period in 2006.
No more, that ended in April of 06.
From now on we're into an apples to apples comparison.
See Home Sales in the Tucson Foothills - January thru April