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North Tucson Real Estate Market Report – January 2010

March 3, 2010

Did North Tucson do anything over the last 12 months?  Not a whole lot, turns out.

In January 2010, the average house cost $535,001 with a median of $412,500.

In January 2009, the average house cost $535,563 with a median of $412,000.

Nearly identical.  Of course, that one fact doesn’t mean the market hasn’t moved at all.  It has.  Just slowly, and in a downward direction.

There’s a decent townhome and condo market in North Tucson.  The average townhome cost $281,467 and there was a 7.9 month supply – the townhomes are selling at a decent rate.  Condos, on the other hand, had 15.7 months of inventory – the condo market remains flooded.  The average condo will set you back $146,110 in North Tucson. 

Overall, there were 38 houses, 15 townhomes, and 11 condos that sold in North Tucson, for a total of 65 units sold.  With 822 homes listed, that’s 12.7 months of inventory.  Last January?  Only 31 sales.  Things are moving a little better in our Northern region, even in a slower seasonal month.

Of the 65 sales, 1 was a short sale and and 5 were bank owned homes, making distressed property sales only 9% of the market in North Tucson – I believe that’s the lowest proportion of distressed sale in all of Tucson this month.

You can always see the chart versions of this data too, at my North Tucson Market page.

The raw numbers:

	SFR	Townhome	Condo	All
	Value	Value	Value	Value	%change
Avg LP	$905,391	$299,439	$157,447	$660,991	1.5%
Avg SP	$535,001	$281,467	$146,110	$408,738	-9.9%
Med SP	$412,500	$319,000	$144,000	$342,500	-9.2%
#Listed	531	118	173	822	12.8%
#Sold	38	15	11	65	0%
MOI	14.0 months	7.9 months	15.7 months	12.7 months	12.8%

North Tucson Real Estate Market Report – December 2009

January 25, 2010

North Tucson is actually several markets in one.  There’s the condos, there’s the lower end homes, and the luxury market.  And they’re all doing different things.

The condos are still in trouble.  There is an oversupply and low demand – months of inventory were at 15.8 months in December 2009 for North Tucson.  Prices continue to generally decline.  Over much of 2009, condo prices were swinging around the $150k mark.  There was a slight tick up in December 2009 to $164k, but I do not interpret that as a trend.

Lower end homes make up the bulk of the sales in North Tucson – and “lower end” in North Tucson means $350k – $500k.  The median sales price of a single family home has been in the mid $400ks all year.  In December, it was $475k. 

And then there is the luxury market.  Or the lack thereof, might be a more accurate statement.  See how the average home list price was $908k and the average sale price was $579k?  That shows you the enormous glut of high end properties sitting on the market and not selling.  In the $800k+ price range, there were 7 sales and 145 units for sale.  that’s nearly 21 months of inventory.  HUGE imbalance of supply and demand.

Of the 65 sales, 3 were short sales and 10 were foreclosed property, making distressed homes 20% of the North Tucson market – one of the smallest proportions in all of Tucson. 

By the way – the most expensive short sale that closed in North Tucson in December 2009?  Sold for $1.1mil, had a roughly  $1.5mil lien, was on the market for 8 days, got an offer, and then took 7 months to close.  Short sales are not a game for the impatient buyer.

You can always see the chart versions of this data too, at my North Tucson Market page.

The raw numbers:

	SFR		Townhome		Condo		All
	Value	%change	Value	%change	Value	%change	Value	%change
Avg LP	$908,735	-1.3%	$305,941	0%	$155,551	-2.2%	$651,229	-2.2%
Avg SP	$579,602	31.8%	$270,043	15.5%	$164,782	19.9%	$453,872	47.3%
Med SP	$475,000	16.1%	$234,000	12.5%	$164,300	42.9%	$377,000	39.6%
#Listed	457	-3.0%	114	-7.8%	158	30.9%	729	1.7%
#Sold	42	-37.0%	13	183.3%	10	0%	65	-9.0%
MOI	10.9 months	53.9%	8.8 months	-67.4%	15.8	30.0%	11.2 months	11.7%

North Tucson Real Estate Market Report – November 2009

December 17, 2009

North Tucson is full of luxury homes and communities – Pima Canyon, Catalina Foothills, Cobblestone, Alta Vista, and others.  There’s also a ton of condo conversions – apartment complexes converted into ownership units.  Neither of those markets are doing so well at the moment.  The luxury home market in Tucson has generally come to a halt, and the condo market is flooded.

In fact, in November 2009, only two homes sold over $700k.  And when the average list price in the area for a house is $920k, you know there’s lots of listings on the high end that are just sitting there.  And will continue to sit there for a long time.  There’s just not much demand for that price bracket right now.

The homes that are selling in North Tucson are largely under $350,000.  For that, you can get a basic smaller home in one of the track home communities, a decent town home, or a couple of condos.  The typical house will set you back $439,881, townhomes were $233,876 on average, and condos $137,423.

More condos and townhomes sold in North Tucson in November than houses.  Again, those condos and townhomes are lower price brackets, so they’re tending to sell better than single family homes.  Typically, inventory starts to ramp up in the area over the winter – if that happens, a larger glut of homes on the market in North Tucson isn’t going to do good things to home prices in the region. 

I often talk about areas like the Southwest being hit so hard with foreclosures and short sales – but the North is not excepted from that.  Of all the sales in November, nearly 30% were distressed property sales: either foreclosed properties or short sales. 

The average price of a single family home in North Tucson took a huge dive in November.  For most of the year, a typical home cost somewhere in the low to mid $500ks.  This month, the average was at $439k.  There were also only 60% of the usual home sales – only 29 units instead of the high 40s.  Typically, home sales slow a bit in winter – we’ll have to wait until February or so to see if those numbers start to climb again.

You can always see the chart versions of this data too, at my North Tucson Market page.

The raw numbers:

	SFR		Townhome		Condo		All
	Value	%change	Value	%change	Value	%change	Value	%change
Avg LP	$920,457	+0.4%	$305,938	+3.5%	$159,055	-6.4%	$665,953	-3.4%
Avg SP	$439,881	-18.6%	$233,876	-20.8%	$137,423	0%	$308,095	-38.1%
Med SP	$409,000	-10.2%	$208,000	-11.1%	$115,000	-9.8%	$270,050	-20.6%
#Listed	489	-3.0%	119	-7.8%	161	+30.9%	769	+1.7%
#Sold	29	-37.0%	17	+183.3%	15	0%	61	-9.0%
MOI	16.9	+53.9%	7.0	-67.4%	10.7	+30.9%	12.6	+11.7%

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