Between May 15th and June 15th 135 homes that were listed for sale had a price cut.
94 were priced under $600k (that’s 36% of the total number for sale under $600k)
30 were priced at $600k to $999,999 (that’s 24+% of the total for sale)
11 were priced at $1,000,0000 & UP (13% of the total for sale)
And wouldn’t you know it, during that same period 91 homes went to contract and the lion’s share went to homes priced under $600k.
79 were priced under $600k (that’s 31% of the total number for sale under $600k)
9 were priced at $600k to $999,999 (that’s 7+% of the total for sale)
3 were priced at $1,000,000 and UP (a wee 3.5% of the total for sale)
So the owners who can least afford it are being the most aggressive in cutting prices, and are reaping the benefits and selling their homes at a quick clip. While upper-end home owners, who surely have more financial flexibility, are holding out (but for what I can’t imagine), and paying the price with little interest from buyers and lackluster sales.
And as a result,
under $600k there’s a 4.5 month supply of homes
between $600k to $999,999 a 10 month supply
from $1,000,000 & UP a 17 month supply
Holding out hasn’t worked to the seller’s advantage in recent years, quite the contrary, and I don’t any reason to hold out hope that it will in the foreseeable future.
see thefoothillsToday.com
to find your Tucson Foothills home
