Selling a spec home today in the Tucson Foothills is a roll of the dice. There are about 29 new spec homes priced from $1,074,000 up to $4,295,000 for sale in the Tucson Foothills today. And just 5 have sold in the last six months, less than 1/month. That puts us at about 2 1/2 years of inventory in the million+ spec home market.
Planned for and built when the market was flying high, they now sit vacant waiting for a buyer. And many have been waiting for a year or more, some much more.
And beyond the spec home market, there are 95 used or re-sale homes priced at a million+ in the Foothills. And just 26 of those have sold in the last six months. So we've got roughly 2 years of inventory there.
So if you're a buyer, sure, it's an opportunity. But if you're an owner/seller of a spec home, what are the chances you'll get lucky and your number will come up this month, or next month, or the one after that. About 1 in 29. That's it.
So unless you've got oodles of money to keep pumping into that spec, I'd forget about what you were hoping to get, and do what you have to do to get what the market will bear, and get out now.
Because it ain't over, and the odds may get worse before they get better.
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