While this years 1st qtr sales at a million+ were nothing to shout about, they were at least better than the last qtr of 09 and also an improvement from, though it’s not saying much, qtr 1 of 09.
Have a look.
(these are 1st qtr sales for each year)
| Year | # Sold | Avg sold $ | Med Sold $ | $/sf | $$ Value |
| 2010 | 12 | $1,505,000 | $1,447,500 | $288 | $18,060,000 |
| 2009 | 10 | $1,189,000 | $1,142,500 | $250 | $11,895,000 |
| 2008 | 17 | $1,820,294 | $1,700,000 | $355 | $30,945,000 |
| 2007 | 18 | $1,588,561 | $1,487,500 | $336 | $28,594,100 |
| 2006 | 40 | $1,528,675 | $1,262,500 | $327 | $61,147,000 |
| 2005 | 23 | $1,528,913 | $1,295,000 | $302 | $35,165,000 |
Looking at the numbers it sure looks like sales and prices bottomed out in that 1st qtr of 09. But let’s see what happened during the rest of the year -
2nd quarter 09
7 sold/average $1,373,429/median $1,150,000/@ $310/sf
3rd quarter 09
17 sold/average $1,538,529/median $1,375,000/@ $297/sf
(this is the jump in sales last summer that had us (me) faked out that the good times were here again)
and then BAM! 4th quarter 09 sales smacked us back to reality,
4 sold/average $1,777,500/median $1,655,000/@ $312/sf
the prices are so high because 2 of the 4 sold were real biggies @ $2.7 & $2.185, a fluke.
So from 4 sales we’re back up to 12 in the 1st qtr of 2010.
There’s no pattern or trend here, one month it’s up, the next month it’s down, so who knows. But then, we currently have 13 in escrow at $1.0+, with 8 of them recent contracts- having just gone to escrow in March. A very positive sign.
But then there’s the elephant in the room, the 114 mil+ homes for sale, which, based on sales since Jan 1, leaves a 28 month supply. And that’s a huge hurdle that will take a helluva lot more than 4 or 5 sales/month to get over.
see thefoothillsToday.com
to find your Tucson Foothills home
