Right now (DOI) days of inventory in the Tucson Foothills stands at 11.5 months for all single family homes in all price ranges. So 11.5 is the average DOI for the Foothills.
But with such a broad range of prices in the Tucson Foothills, average DOI is a very misleading number. It represents everything and nothing at the same time.
Yet last week I too reported the average DOI in the aptly titled days of inventory in the Tucson Foothills and now I want to provide a more revealing picture of what that means and how it shakes out.
In the table below I've broken out days of inventory by price range,
and as you can see DOI vary widely. Up to $600,000 we're just a little over the six months of inventory that is usually considered normal.
From there the numbers rise and fall through a wide range, but none of them are 11.5 months and most are not even close to that.
If you're buying or selling in the Tucson Foothills, DOI in your price range is a key factor to know and consider.
Price range | # For Sale | # Sold | Months of Inventory |
$0 - $399,999 | 81 | 12 | 6.75 |
$400 - $600K | 147 | 20 | 7.35 |
$601 - $800K | 113 | 5 | 22.6 |
$801 - $1.0 m | 65 | 7 | 9.3 |
$1.01-$1.250m | 43 | 2 | 21.5 |
$1.251 - $1.5m | 40 | 1 | 40 |
$1.501 - $2.0m | 43 | 1 | 43 |
$2.01 - $3.0m | 32 | 2 | 16 |
$3.01m & UP | 11 | 0 | |
Total | 575 | 50 | 11.5 |
*DOI, days of Inventory reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month provided no new properties becomes available.
**These figures are for single family homes - no condos, no townhomes - listed & sold through the Tucson Association of Realtors MLS. The # of homes Sold is based on sales in the 30 days previous to today 3/18/08
see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes