High-end homes that is. More and more high-end homes keep coming to market, in the midst of what is already a glut of high-end homes on the market, few of which are moving.
I talked about this a while ago. That we would see more homes listed for sale during January through May - which traditionally has been our hot selling season - and that we'd also (hopefully) see more buyers in the market, and therefore more demand. A happy equilibrium if ever there was one.
Though so far this year, we're only seeing one side of the equation.
We're awash in supply, but demand is piddling.
Since January 1st, 24 new listings priced from $1,000,000 to $3,995,000 have come on the market. And interesting I think, is that the 9 highest priced homes in that group are all spec homes, homes that didn't have to be and would not have been missed -priced from $2,200,000 to $3,995,000. See them all here> 24 new $1.0+ listings
**that link will expire on 3/1/09**
So now we have 152 million$+ homes listed for sale in the Foothills- priced up to $6,450,000.
And in the last 3 months just 4 have sold. And the highest priced sale in that group was $1.4mil.
So what do you think's going to happen.
Originally I titled this, THERE WILL BE BLOOD, but that seemed too pessimistic.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
