How time flies. Before we know it summer will be over. And that's OK by me. With slower home sales, summer is always an anxious time for people trying to sell their homes here in the Tucson Foothills and for us Realtors trying to help them do it.
But this summer, with the economy getting battered from all sides, the doldrums of summer have been the least of our worries.
So yes, sales and prices are still down here in the Foothills vs the same period last year. And given what's going on, that's probably no surprise. But there is a glimmer of positive news.
Last month I noted that as this year has worn on, sales and prices in the Foothills have declined at an accelerating pace vs last year.
Now for the first time, that's no longer true. While still declining, the rate of that decline has improved slightly since last month.
Home sales are down less through July(-14%), than they were through June (-15%) vs last year. Also a slight improvement in the rate of decline in the average sale price, -8.5% last month,
-8% today, and a 1% improvement in the $ Value of homes sold. Small, but better than none at all.
So here they are, the sales figures for single family homes sold in the Tucson Foothills through the Tucson Association of Realtors MLS.
| Price Range | Jan - July 07 | Jan - July 08 | +/-% |
| $0 - $250K | 7 | 12 | +71% |
| 250 -$500K | 153 | 152 | -.6% |
| 500 -$750K | 136 | 103 | -24% |
| 750 -$1.0m | 53 | 48 | -9% |
| 1.0 -$1.5m | 39 | 24 | -38% |
| 1.5 -$2.0m | 16 | 8 | -50% |
| $2.0 & UP | 9 | 7 | -22% |
| Total Sold | 413 | 354 | -14 |
| Avg List $ | $728,191 | $680,509 | -6% |
| Avg Sold $ | $695,927 | $639,798 | -8% |
| Median List | $575,000 | $549,700 | -4% |
| Median Sold | $550,000 | $525,000 | -4.5% |
| $$ Value of Homes Sold | $287,417,934 | $226,488,331 | -21% |
And at the risk of singing the same old song over and over again,
the 8% decline in prices that we've seen here pales in comparison to the 20-25 & 30% declines in other markets across this country.
And I think that's a good thing. Because sharply declining prices in these other markets has not led to a rise in sales or to stable markets, but only to more fear and expectations of even further price declines.
But it would help if those home sellers who'd like to sell their homes anytime soon, would take stock of the market and with one swing of the ax adjust their list price to reality. Rather than dragging it out in dribs and drabs with teeny little price reductions over six months or a year. Because one things for sure, no one is buying over-priced homes today.
For the Jan - June sales figures click HERE
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