The pace and the dollar amount of price reductions in the Tucson Foothills is increasing.
In the last two weeks 79 homes listed for sale have had price reductions. With just 480 homes listed for sale, that's 16+% of the total inventory, reduced in just the last two weeks.
We'd been humming along here pretty well, considering, until the credit crisis which hit in mid August, came down like a hammer on home sales in the Tucson Foothills. With an average sale price hovering around $700,000, the reduced availability and higher cost of jumbo loans has hit this market particularly hard. Suddenly, home owners, Realtors®, and just about everyone else (there are a few delusional die-hard's still playing kissy-face) involved in real estate seems to understand that this is the real thing, it's fish or cut bait time. And in the end, that's a good thing.
The sooner everyone faces the situation for what it is, rather than what we'd like it to be, the sooner we'll get back to a normal market. On the other hand, do any of us remember what a normal market is.
Click HERE to see all 79 homes that have had price reductions in the last two weeks. **Unfortunately (and there's nothing I can do about this) the MLS does not show the actual amount of the price reduction in reports that are available to the public, only the final reduced price.
Contact me with questions about any homes that are of interest and I will give you the details of the price reductions, DOM, etc, etc.