With the first half of the year behind us, and a solid six months of home sales under our belts we can now get a clear picture of where we are with both sales and prices for homes in the Tucson Foothills, vs. last year.
These figures are for single family homes sold through the Tucson Association of Realtors® Multiple Listing Service.
Price Range | Jan - June 07 | Jan - June 08 | +/-% |
$0 - $250K | 5 | 7 | +40% |
250 -$500K | 128 | 127 | -.78% |
500 -$750K | 119 | 92 | -22% |
750 -$1.0m | 47 | 43 | -8.5% |
1.0 -$1.5m | 34 | 20 | -41% |
1.5 -$2.0m | 15 | 7 | -53% |
$2.0 & UP | 8 | 6 | -25% |
Total Sold | 356 | 302 | -15% |
2007 | 2008 | ||
Avg List $ | $738,277 | $685,073 | -7.2% |
Avg Sold $ | $705,430 | $644,948 | -8.5% |
Median List | $579,700 | $554,500 | -4.3% |
Median Sold | $550,978 | $535,000 | -2.8% |
$$ Value of Homes Sold | $251,132,934 | $194,774,381 | -22% |
Since the beginning of this year we've seen a slow, steady decline in both the number of homes sold and in the average and median sold prices vs the same period last year.
For January & February, sales were down 10% vs last year, but the average and median sold prices were in solid positive territory,
UP +16% and +1.2% respectively.
A month later, for January thru March, sales were down -11.5%, and the average and median sold prices, while still positive, were less so, UP +5% & +.23% respectively.
By the end of April, sales were down 11.7%, and average and median sold prices first dipped into negative territory, at -2.7% and -.92% respectively.
In this latest period, sales are down -15%, and the average sold price is now down a solid -8.5%, with the median down -2.8%.
Those are the average sales numbers for the Tucson Foothills as of June 30, 2008.
But these averages are just that, averages. And the % of plus or minus in both sales and prices will vary depending on your price range, type of home, location within the Foothills, and other factors.
See my earlier post prices are up, prices are down for an example of how the averages vary by price range. And look at inventory levels vs recent sales for your price range, for an indication of where that segment of the market may be headed in the near future.
And please, if you hear media reports that sales are down in Phoenix, Vegas or Tucson by XX%, those numbers are for Phoenix, Vegas or the greater Tucson metro area. They're not for the Tucson Foothills.
Have a great 4th of July!
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