East Tucson Real Estate Market Report – April 2010
May 30, 2010
East Tucson didn’t have the best April. I see some warning signs of decline here, more so than in other regions.
For example. Sales didn’t go up between March and April, when traditionally they would. There were 74 sales in April, which is close to the 75 we had last month. Now, granted, last month was an insane level of sales that I don’t think is sustainable, but I don’t like the steady sales figure in combination with some other factors.
Other factors like the inventory going up. Normally, inventory should be going down right now, if you look at seasonal trends. Right now, there are more homes for sale in East Tucson than there have been in 2 years. There are 619 homes on the market in East Tucson. With 74 sales, that means the absorption rate worsened to 8.4 months. That means roughly one in every 8 homes found a buyer and sold.
Which, also, isn’t terrible when you look at it alone. But in combination with not as many sales AND with the median sales price going down, you’ve got 3 factors in combination that set off alarms in my head.
The average sales price actually ticked up a bit, but there were 2 sales in price brackets that haven’t had sales in a while. The average home cost $167,238 – up $4500 from last month – but the median came in at $153,500, down $4500 from last month. Again, not a huge move, but I don’t like the 3 factors in combination.
There were 6 closed short sales and 27 closed foreclosures in East Tucson in April, making distressed property 45% of the market in the region.
Silverado Hills, one of my favorite East side communities, only had 2 sales in April, leaving 26 homes waiting for buyers.
You can always see the chart versions of this data too, at my East Tucson Market page.
East Tucson Real Estate Market Report – March 2010
April 30, 2010
East Tucson continues to follow the seasonal trend – sales picked up a bit, absorption rate inched down.
Overall, there were 75 homes sold in March in East Tucson, up from 51 last month. That’s a very similar level of sales to what we saw last year – other areas of town had huge jumps in sales levels while the East side had a more typical month.
Listings were up just a tad, to 582 units. With the increase in sales, the absorption rate (or months of inventory) decreased to 7.76 months. That means just under 1 in every 8 homes listed managed to find a buyer and close. Typically, a balanced market is considered the 5-6 month range.
Average home prices decreased ever so slightly, but the median increased – there were fewer higher priced sales, but more activity in the middle ranges. The average house cost $162,838 with a median of $158,000. Last year at this time, the average house cost $188,704 with a median of $165,999 – a year over year decrease in East Tucson home values of 13.7%
The most expensive home sold in East Tucson was a 3 bed, 2042 square foot home on a huge lot in Silverado Hills that sold for $295,000. Recent sales in the area are between $165k and $295k.
There were19 bank owned homes and 9 short sales that closed in March in East Tucson, making distressed property 37% of the resale housing market there.
You can always see the chart versions of this data too, at my East Tucson Market page.
The raw numbers:
| SFR | Townhome | Condo | All | |||||
| Value | %change | Value | %change | Value | %change | Value | %change | |
| Avg LP | $212,177 | 0.3% | $121,452 | -3.8% | $70,364 | -1.9% | $186,860 | 0.9% |
| Avg SP | $162,838 | -4.5% | $114,125 | 17.1% | $48,948 | -4.0% | $151,568 | -3.6% |
| Med SP | $158,000 | 1.3% | $122,750 | 18.6% | $44,020 | -35.3% | $153,500 | 6.6% |
| #Listed | 450 | 7.7% | 78 | 9.9% | 54 | -10.0% | 582 | 6.0% |
| #Sold | 63 | 43.2% | 8 | 100% | 4 | 33.3% | 75 | 47.1% |
| MOI | 7.1 months | -24.8% | 9.8 months | -45.1% | 13.5 months | -32.5% | 7.8 months | -27.9% |
East Tucson Real Estate Market Report – February 2010
March 23, 2010
East Tucson had a decent February. Sales were up a bit and the average sale price popped back up to where it had been sitting for the past few months.
There were 51 sales in East Tucson in February, compared to 48 the previous month. Normally, we see a small increase in activity between January and February. While some portions of Tucson didn’t see that seasonal bump, East Tucson followed the expected trend.
With 549 listings and 51 sales, that’s 10.8 months of inventory. A small improvement over last month, and a figure I hope to see improve as we hit the high sales season over summer.
The average sales price popped back up to the low $170s, coming in at $170,479 with a median of $156,000. The average sale price has been sitting in the $170s since October 2009 – with the exception of January when it took a small dip. Last year at this time, the average home cost $177,937 – the $170s yet again. East Tucson has only broken the $170k barrier twice.
Terra del Sol and Manana Grande were both popular neighborhoods in February – two nice older neighborhoods in East Tucson.
Of the 51 sales, 13 were bank owned homes and 7 were short sales. That makes distressed property 39% of the resale market in East Tucson.
You can always see the chart versions of this data too, at my East Tucson Market page.
The raw numbers:
| SFR | Townhome | Condo | All | ||
| Value | Value | Value | Value | %change | |
| Avg LP | $211,592 | $126,274 | $71,719 | $185,272 | -0.7% |
| Avg SP | $170,479 | $97,500 | $51,000 | $157,272 | -0.6% |
| Med SP | $156,000 | $103,500 | $68,000 | $144,000 | -3.5% |
| #Listed | 418 | 71 | 60 | 549 | 2.8% |
| #Sold | 44 | 4 | 3 | 51 | 6.3% |
| MOI | 9.5 months | 17.8 months | 20 months | 10.8 months | -3.2% |
East Tucson Real Estate Market Report – January 2010
February 26, 2010
East Tucson continues a slow decline as we see the seasonal effect of a slower market in January, as we do every January.
The average house price was $166,786, with a median of $158,500. That’s down roughly $4k from last month and about $13k from last year at this time. In January 2009, the average house cost $181,074 with a median of $162,750.
There were a handful of townhomes and condos that sold in East Tucson. An average townhome cost $124,075 while a condo was $99,133.
Sales were down as well, but that is typical for the season. There were 37 houses that sold, along with 8 townhomes and 3 condos, for a total of 48 units. With 534 units listed, that means there is 11.1 months of inventory. With only one in roughly eleven homes selling in the month, there is a lot of competition for the limited number of buyers.
Out of those 48 homes that sold, 9 were short sales and 13 were bank owned homes. That makes distressed property nearly 46% of the housing market in East Tucson.
You can always see the chart versions of this data too, at my East Tucson Market page.
The raw numbers:
| SFR | Townhome | Condo | All | ||
| Value | Value | Value | Value | %change | |
| Avg LP | $213,566 | $122,782 | $71,500 | $186,485 | -3.8% |
| Avg SP | $166,786 | $124,075 | $99,133 | $158,201 | -1.8% |
| Med SP | $158,500 | $119,500 | $90,000 | $149,250 | -1.6% |
| #Listed | 410 | 65 | 60 | 534 | 18.4% |
| #Sold | 37 | 8 | 3 | 48 | -7.7% |
| MOI | 11.1 months | 8.1 months | 20 months | 11.1 months | 28.3% |
East Tucson Real Estate Market Report – December 2009
February 5, 2010
East Tucson, one of the smallest market areas in Tucson and therefore prone to bigger swings – took a small dip in December compared to last month.
The average home sale price was $171,366, down about $6k from last month. Last year at this time, the average home in East Tucson was $201,055 – a year over year home value decrease of nearly 15%. The median was $160,000 in December, down 18% from last year at this time.
Inventory (the number of homes for sale) ticked down a bit, which is normally a positive indicator when we’re in an oversupply situation – but the number of sales went down too. There were only 52 homes that sold in December, which is rather few for the area.
Because sales went down, the absorption rate went up to 8.7 months, or 8.7 months of inventory. That means roughly one in every 9 homes for sale in East Tucson actually got a buyer and closed. More balanced figures would be in the 4-6 months range.
Of 52 sales, 11 were short sales and 16 were foreclosed homes, making distressed sales nearly 52% of the resale housing market in East Tucson.
You can always see the chart versions of this data too, at my East Tucson Market page.
The raw numbers:
| SFR | Townhome | Condo | All | |||||
| Value | %change | Value | %change | Value | %change | Value | %change | |
| Avg LP | $223,796 | -1.4% | $128,731 | -4.4% | $76,227 | -2.0% | $193,880 | -0.9% |
| Avg SP | $171,366 | -3.2% | $122,470 | -5.0% | $91,333 | 42.9% | $161,107 | -0.4% |
| Med SP | $160,000 | -4.9% | $140,250 | 14.5% | $97,000 | 46.0% | $151,750 | -4.6% |
| #Listed | 340 | -5.0% | 55 | -9.8% | 56 | -12.5% | 451 | -6.6% |
| #Sold | 43 | -15.7% | 6 | 0% | 3 | -50.0% | 52 | -17.5% |
| MOI | 7.9 months | 12.6% | 9.2 months | -9.8% | 18.7 months | 75.0% | 8.7 months | 13.1% |
East Tucson Real Estate Market Report – November 2009
January 1, 2010
East Tucson is one of the smallest MLS areas – wedged between Wilmot and the Rincon Mountains, the Tanque Verde Wash and Golf Links. East Tucson is a mix of homes built in the 60’s and 70s along with smaller newer home communities. Terra del Sol vs Harrison del Sol.
There were 63 sales in East Tucson in November 2009, most of which were single family homes. There’s a 7 month supply of single family homes and a 10 month supply of condos and townhomes.
The average house sale price was $177,093, making it one of the more affordable areas of town. Only Central, South, and Southwest Tucson have lower average sale prices. Last year at this time, an average home sold for $224,229 – that’s a 21% decline, year over year.
You can see how the average and median home prices in East Tucson have changed over time. There was a sharp decline in 2008 – along with the rest of Tucson – and then the price drop continued but at a slower pace during 2009.
Condos continue a slow but steady pace of sales while townhomes are a little more inconsistent. There’s a significant difference between the price of condos and townhomes in East Tucson – the condos tend to be much smaller and less expensive than the town homes. If you look at the average sales prices in the data below, you can see there are three distinct price ranges there between houses, townhomes, and condos. Someone buying a $64k condo as a residence probably can’t afford the $129k townhome. And the $129k townhome buyer can’t reach to afford the $178k house.
Short sales and foreclosures accounted for 20 of the 63 sales in East Tucson, making the distressed market nearly 32% of all sales in East Tucson. As long as distressed sales are a large chunk of the market, home values will continue to drop.
You can always see the chart versions of this data too, at my East Tucson Market page.
The raw numbers:
| SFR | Townhome | Condo | All | |||||
| Value | %change | Value | %change | Value | %change | Value | %change | |
| Avg LP | $227,002 | +0.2% | $134,593 | -2.2% | $77,814 | -1.6% | $195,563 | -0.3 |
| Avg SP | $177,093 | +3.5% | $128,950 | +14.3% | $63,900 | +1.5% | $161,727 | +4.0% |
| Med SP | $168,300 | +0.1% | $122,450 | -0.4% | $66,450 | -0.8% | $159,000 | +1.3% |
| #Listed | 358 | 0% | 61 | -4.7% | 64 | +4.9% | 483 | 0% |
| #Sold | 51 | -22.7% | 6 | -45.5% | 6 | 0% | 63 | -24.1% |
| MOI | 7.0 | +29.4% | 10.2 | +74.7% | 10.7 | +4.9% | 7.7 | +31.7% |
- About Tucson (48)
- Bank Owned Homes (3)
- Canadians and Tucson (2)
- Central Tucson (6)
- East Tucson (6)
- First Time Buyer (30)
- Home Buying (114)
- Home Selling (65)
- Homeowner Associations (7)
- Loans and Financing (46)
- Market Discussion (18)
- Market Reports (51)
- North Tucson (6)
- Northeast Tucson (6)
- Northwest Tucson (7)
- Odds and Ends (71)
- Purchase Contract (4)
- Relocating (9)
- Repair Renovate Maintain (21)
- Restaurants (14)
- South Tucson (6)
- Southeast Tucson (6)
- Southwest Tucson (6)
- Top Ten (3)
- Tucson Events (36)
- Tucson Foreclosures and Short Sales (14)
- Tucson Homes Explained (32)
- Tucson in Photos (4)
- Tucson Land (5)
- Tucson Neighborhoods (20)
- Tucson New Construction (2)
- West Tucson (6)
