Here's a snapshot of sales activity since November 1st for single family homes in the Tucson Foothills.
As of today there are 579 homes for sale, priced from $169,000 to $6,450,000.
Since November 1st we've had;
46 New Listings
Priced from $169,000 to $2,890,000
About 34 are actually new listings, the remainder are re-listed old listings.
20 homes have gone under contract
Priced from $190,000 to $1,712,000
no price increases
69 price reductions
from $259,000 to $2,650,000
and
19 homes have sold
Priced from $220,000 to $880,000
average sold $/sf = $177.83
(same period in 07 - average sold $/sf = $215.83)
(same period in 06 - average sold $/sf = $219.72)
Some of the decline in $/sf costs is due to the overall decline in values. But we also had no real high-end ($1.0+) sales, and then there's the downward drag of a few distress sales (short or lender owned) that is also a factor.
Sales are up for this period vs the last one (19 vs 13), but with no real high-end sales, but of the 20 homes that have gone to contract,
4 are at $1.0+. At current sales levels we're at about 15 months of inventory in the Foothills, a sudden and surprising 5 month improvement from last month.
We're about to enter the holiday season, when home sales will likely slow down, followed by the beginning of the snowbird season, when sales will hopefully pick up again. Anticipating the increased activity during the upcoming snowbird season we can also expect to see more homes listed for sale during the next couple of months. And though it doesn't make sense to me, the snowbird season may even cause some sellers to have a renewed sense of confidence and raise the price of their homes. Oh 'no way' you say, and I hope you're right, but I'll point them out if and when I see them.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
