Your wait is over,
It's no surprise that the economic fallout of the past couple of months has taken yet another bite out of home sales, and everything else, and re-set the bar on prices.
Based on recent home sales - late September through late November- homes in the Tucson Foothills are selling below their 2005 level.
Homes Sold
9/24/05 - 11/24/05 vs. 9/24/08 - 11/24/08
05- Average SOLD price = $612,663
08- Average SOLD price = $607,707
05- Median SOLD price = $541,250
08- Median SOLD price = $525,000
05- Average $/sf = $225.00
08- Average $/sf = $197.91
05- # of homes sold = 126
08- # of homes sold = 81
Whether you're buying or selling a home in the Tucson Foothills, you need to be looking at sold prices since mid September.
Further back than that, and you're looking at the way it was, not the way it is.
On the other hand, and I'm going to back peddle a bit, I hate to hang my hat on what is a relatively small sample of sold homes, 126 vs 81. But for now, that's all we've got to work with, so that's what it is.
And looking for a ray of light, I wonder if some of these recent sales weren't panic sales resulting from the catastrophic collapse of the markets, and barring further catastrophes and assuming things begin to heal, maybe we'll start to see some upward momentum.
It's possible.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
