There are 55 homes for sale listed from $500,000 to $599,999. There are also 20 in contract and just 4 sold in the last 30 days. Which tells us the market was slower in August-September but picked up in October. With 55 for sale and just 4 sold the months of inventory stands at a hefty 14 month supply of homes in the $500’s. But if even just 15 of the homes in contract sell in the next 30 days that 14 MOI will be whittled down into the low single digits. The following sales are just a few straightforward sales, interesting mainly, if at all, if you’re buying or selling in the $500’s.
6891 N Casas Adobes Drive, Tucson, AZ 85704 was listed for $525,000 in 2013 and after 6 months and no sale they called it quits. It was listed again this past July for $500,000, went to contract 6 days later and after a long escrow – which is always nerve wracking – it closed on the 6th of October for $500,000. 6 months, 6 days and the 6th of October, what are the chances. Zillow was right-on at $504,456, but shows that it closed on 2nd of October.
5781 N Winding Woods Place, Tucson, AZ 85718 in the ever popular Paloma Ridge – sold for $540,000 in 2011 and for $550,000 earlier this month, but it was over quickly, just one day on the market. Zillow was in at $567,119.
5661 N Placita De La Noche, Tucson, AZ 85718 in the eternally popular Shadow Hills - sold for $551,000 ($158/sf) from a $560,000 list price after 46 days. The last sale was in 91 when the sellers bought the lot and then built the house, so I expect they walked away with a tidy stash. Zillow guessed it at $560,276.
And then there’s 4295 N Camino Kino, Tucson, AZ 85718 but I covered that one HERE the other day
And that’s it. Just 4 sales in the $500’s, but that’s about to change dramatically.
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