While I generally don’t report on the overall Tucson market, Long Realty does and I thought you might be interested in a glimpse at how the rest of the market is doing.
The following is the summary from the latest Long Realty market report for sales activity in the overall Tucson metro. And also, unlike my reports which only include single family homes, the Long Realty reports also include townhomes and condos.
As of October 2011 active inventory was 5,353, a 28% decrease from October 2010. There were 962 closings in October 2011, 28% above October 2010.
Months of Inventory was 5.6, down from 9.8 in October 2010. Median price of sold homes was $120,000 for the month of October 2011, down 14% from October 2010. The Tucson Market had 1,351 new properties under contract in October 2011, up 58% from October 2010.
Other than the slide in prices those are very encouraging numbers. Encouraging enough to indicate that the Tucson market may be on the rebound.
But just like here in the foothills, in order to have a real understanding of what is, and is not, selling, and the resulting months of inventory, the figures must be broken down and viewed by price range.
And as you’ll see in the following chart from Long, just like here in the foothills, the overall Tucson market is going great guns at the bottom price rungs – which, for the Tucson market, is up to about $250k - but not so great beyond that.
I also like the following chart which shows moi across the Tucson market by zip code – though it’s probably a bit mushy to read clearly.
It shows the foothills with 11.6 moi, one of the highest in the metro.
And the culprit is high priced homes. And while they’re not selling very well anywhere in the Tucson area, we have more of them in the foothills than our neighbors do.
see thefoothillsToday.com
to find your Tucson Foothills home
