There are 474 single family homes for sale, and since October 1st
105 homes have sold in the Tucson Foothills. That works out to
an 11 month supply of homes for sale.
Here’s what that supply looks like when it’s broken down by price range,
listed $0 to $599,999
267 for sale/75 sold = an 8.9 month supply of homes
listed $600,000 to $999,999
116 for sale/25 sold = 11.6 month supply
listed $1,000,000 to $1,499,999
47 for sale/4 sold = 29 month supply
listed $1,500,000 to $1,999,999
17 for sale/1 sold = 42.5 month supply
listed $2,000,000 and UP
24 for sale/0 sold = an endless supply
The supply of homes at the low-end of the market is a tad higher than it’s been lately, but everything else is pretty much the same.
And how well did those 105 homes sell, you know, how close to list price did they get.
Price | # sold | average Original list | average List @ sale | average Sold Price | % of SP/OLP |
0-$599 | 75 | $413,594 | $379,032 | $363,576 | 88% |
600-$999 | 25 | $797,360 | $742,956 | $699,600 | 87% |
1.0-1.499 | 4 | 1,321,250 | 1,296,250 | $1,152,500 | 87% |
1.5-1.999 | 1 | $1,595,000 | $1,595,000 | $1,475,000 | 92.5% |
$2.0 - up | 0 | $3,484,506 |
at 87%, the % of sale price to original list price is off about 8 to 9% from what we would expect to see in a normal market. Which is further evidence of the very strong buyers market we continue to be in.
Also, unlike the figures published here, the real estate industry reports the % of SP/LP based solely on the list price at the time of sale – that’s after price reductions and re-listings - disregarding the original list price. Using that method, for instance, they would report the sales noted above at $0-$599 as occurring at 95.9% of list price and those at $1.0 to $1.499 as occurring at 98% of list price.
Does that seem right? I don’t think so. It gives a distorted view of the market, ignoring the fact that homes have been reduced in price, and often for large amounts, before they sell at 95.9% or 98% of list price.
see thefoothillsToday.com
to find your Foothills home