Unlike me, who concentrates on home sales in the Foothills, Long Realty tracks the housing market throughout southern Arizona. And perusing their charts and files, I came across this eye-opening map that shows months of inventory (MOI) by zip code.
Download HousingReportGenerate by ZIP
The yellow area on the map is 85718, which makes up about 80% of the Foothills and MOI is 18.1 months, the 2nd highest for all reported Zip codes. And 85750, which makes up the remainder of the Foothills, comes in with the 3rd highest MOI at 13.6 months.
Why is that, why do we have a higher MOI in the Foothills than in surrounding areas? Two things come to mind. The key reason is because the high-end market has been the hardest hit and the Foothills have the highest priced homes and a much higher share of high-end homes than other areas of Tucson.
And then there’s condos, which are included in this report, and which were a hot investment item during the 04 –07 condo craze, due largely to investors gone crazy converting apartment complexes to condos.
I’m guessing about 1500 condos came online in the Foothills during that craze, way more than we could absorb and way more than other areas, and while many have finally been sold off, we still have more condos for sale, along with slow sales, than other areas of Tucson, except for central.
The good news is that most of our neighbors are doing quite well, and hopefully, some of that will rub off.
see thefoothillsToday.com
to search for Tucson Foothills Homes
