At this time last year I reported on distress sales in the foothills and concluded that > Tucson Foothills home buyers favor short sales & foreclosures by a wide margin <
I said;
Short sale and foreclosures (distress sales) continue to go to contract & sell at disproportionately higher rates than non-distress homes – relative to the number available for sale. You see, while distress sales represent just 12% of the homes listed for sale, they represent 47% of the homes in contract at the moment & 29% of the homes sold recently.<
As you look at the numbers below for this year you’ll see that while it’s still true that distress sales continue to go to contract and sell at disproportionately higher rates than non-distress sales, their percentage share of contracts and sales are down quite a bit from last year.
This year:
353 single family homes for sale in the foothills (last year 366)
10% are distress sales (last year it was 12%)
106 homes in contract (last year – 79)
35% are distress sales (last year – 47%)
65 homes sold last 30 days (last year – 34)
18% are distress sales (last year - 29%)
and at a million $$ & up
72 homes for sale in the foothills (last year 68)
0% are distress sales (last year – also 0%)
6 homes in contract (last year – 8)
17% are distress sales (last year - 62%)
5 homes sold last 30 days (last year – 3)
0% are distress sales (last year – also 0%)
And, clearly, while distress sale numbers are down, the overall number of contracts and sales is up this year vs. last.
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