We're now at the end of the busy season for home sales in the Tucson Foothills and with five months of sales data, in a good position to gauge the direction of this market.
Last month in January - April home sales for the Tucson Foothills
I commented,
This market has been very resilient to price declines, but it appears that rising inventory and slower sales may be catching up with us,... the near-term outlook would seem to point to yet slower sales and the possibility of further price declines.
Some of that has come true.
Sales are down again this month, but the pace of the slowdown has remained consistent with previous months and not accelerated, as I anticipated it might. But now we are seeing a noticeable drop in the average and median sale price of Tucson Foothills homes vs last year and vs prior months this year.
While the inventory of homes for sale is falling rather than rising - it usually doesn't rise in the summer, and I don't expect it will until at least the fall - the slower summer sales season may very well continue to chip away at the sale price of homes in the Tucson Foothills.
The following sales data is for single family homes Sold in the Tucson Foothills from 1/1/08 through 5/31/08 vs the same period in 2007, through the Tucson Association of Realtors Multiple Listing Service.
| Price | Jan - May 07 # SOLD |
Jan - May 08 # SOLD |
+/-% |
| $0 - $250K | 4 | 5 | +25% |
| 250 -$500K | 102 | 109 | +6.8% |
| 500 -$750K | 95 | 66 | -30.5% |
| 750 -$1.0m | 37 | 37 | 0 |
| 1.0 -$1.5m | 20 | 15 | -25% |
| 1.5 -$2.0m | 14 | 7 | -50% |
| $2.0 & UP | 5 | 6 | +20% |
| Total Sold | 277 | 245 | -11.5% |
| Avg List $ | $722,744 | $695,401 | -3.7% |
| Avg Sold $ | $690,987 | $654,825 | -5.2% |
| Median List | $569,979 | $549,000 | -3.6% |
| Median Sold | $547,000 | $525,000 | -4% |
| $$ Value of Homes Sold | $191,403,465 | $160,432,211 | -16% |
If you're in the market to buy a home in the Tucson Foothills this summer, read buying snow blowers in July
For prior month sales data, see January - April home sales for the Tucson Foothills
and see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
