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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%

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