Here's a comparison of single family homes SOLD in the Tucson Foothills for the period of January - June 2006 vs. January - June 2007. This is for homes sold through the Tucson Association of Realtors MLS. During this period there were an average of 330 homes for sale priced from $500,000 & UP.
|
Price Range |
Jan-June 06 |
Jan-June 07 |
+/- % |
$500 - $750K |
119 |
117 |
-1.6 |
|
$750 - 1mil |
61 |
46 |
-24 |
$1mil - $1.5mil |
47 |
33 |
-29 |
|
$1.5 - $2.0mil |
13 |
15 |
+15 |
$2.0mil & UP |
14 |
8 |
-42 |
Total Homes SOLD |
254 |
219 |
-13 |
*Avg List Price |
$754,905 |
$739,429 |
-2 |
Avg SOLD Price |
$726,231 |
$706,790 |
-2.6 |
Median List Price |
$595,000 |
$579,250 |
-2.6 |
Median SOLD Price |
$580,000 |
$550,978 |
-5 |
$$ Value of Homes SOLD |
$299,933,490 |
$245,962,934 |
-18 |
Although sales are off 13% overall from last year, your expectations of the market should really depend on what price range you're in. $500K to $750K is barely feeling the pinch, while the upper-end with one exception, which had resisted the slowdown for so long, is down a bunch - though with some improvement in the last month or so. I don't have a good explanation, or theory, on why the $1.5 to $2.0 price range is holding it's own so well, while everything around it is off by 29% or more.
More interesting is that the average list and average sold prices, though down a bit from last year, have risen from their low point earlier this year. (For the first quarter of 07 the average list price was $715,320 and average sold was $682,334)
But regardless of where the numbers fall, out on the street, buyers are much more wary, they're pickier and they're taking their time to shop very carefully. And sometimes they do this to their dismay, as the best homes are still selling very well.
