Southeast Tucson Real Estate Market Report – April 2010
May 30, 2010
Lower end homes were selling quickly in April in Southeast Tucson, and there was one luxury home sale in a price bracket where there have been no sales for several years.
Overall, there were 100 sales – 98 houses and 2 townhome/condos. That’s 3 units off from last month in a season where sales volumes should be going up. However, March set some unrealistic sales expectations. I’m a little surprised that there were even 100 in April.
Inventory moved only 10 units, coming in at 668 homes on the market. With sales steady, the inventory rate only went up very slightly to 6.7 months. That means one in nearly every 7 homes managed to find a buyer and close. Balanced market in this area is usually more like 5-6 months.
The average single family home cost $183,398 with a median of $158,000. That’s a $2k jump from last month, but there was one high end sale, so I’m not paying much attention to the change. More telling is the median price going from $165,950 to $158,000 in a month. Prices are still on their way down here, even with unseasonally high levels of sales.
There were 25 foreclosures and 10 short sales that closed in Southeast Tucson in April, making distressed homes 35% of the resale market in the area. Last month, that was 46%.
The big sale was an enormous 70 acre parcel, near the Coyote Creek subdivision, rather rustic in style. They found a cash buyer too and the buyer’s agent is not listed. Tax records haven’t been updated yet, but I’m wondering if a company bought it. Civano had a good April too, with 4 units selling.
You can always see the chart versions of this data too, at my Southeast Tucson Market page.
Southeast Tucson Real Estate Market Report – March 2010
April 20, 2010
March was an excellent month for Southeast Tucson. The number of sales nearly doubled and average prices ticked up slightly.
There were 103 houses sold in Southeast Tucson in March, compared to 57 the previous month, which is a large increase. Usually, the number of sales increase over Summer, but this was a bit larger jump that I was expecting! I would guess sales will stay strong through Summer, but possibly not at this high of a level.
The number of homes for sale went up slightly – 30 units – to 658 homes. With 103 sales, that gives us an absorption rate of 6.4 months overall, 6.4 months of inventory. That means roughly one in every six homes listed for sale managed to find a buyer in March 2010. Usually a balanced market is somewhere around 5-6 months of inventory.
The average house in Southeast Tucson cost $181,198 in March, an increase of about $17k from last month. Last year at this time, the average house cost $194,994 in Southeast Tucson – a year over year decline of 7%. The average townhome cost $66,743 in March. There were only 7 townhomes that sold, so there’s a lot of volatility in that average.
Out of the 103 sales, 10 were short sales and 37 bank owned homes. That makes distressed sales just under 46% of the housing market in Southeast Tucson.
Notable in March was a sale in Coyote Creek, the highest sale price of all homes in Southeast Tucson that month, at $510,000. It was a bank owned home, not completely finished. The last sales in Coyote Creek were at $465k and $375k over the last 6 months – and homes for sale in Coyote Creek range from $450k-$890k right now. The high end market just isn’t moving
You can always see the chart versions of this data too, at my Southeast Tucson Market page.
The raw numbers:
| SFR | Townhome/Condo | All | ||||
| Value | %change | Value | %change | Value | %change | |
| Avg LP | $249,921 | -4.2% | $81,696 | -5.6% | $243,530 | -4.3% |
| Avg SP | $181,198 | 10.7% | $66,743 | -27.9% | $173,420 | 9.3% |
| Med SP | $165,950 | 3.8% | $76,500 | -17.3% | $163,000 | 6.5% |
| #Listed | 633 | 4.8% | 25 | 8.7% | 658 | 4.9% |
| #Sold | 96 | 81.1% | 7 | 75.0% | 103 | 80.7% |
| MOI | 6.6 months | -42.1% | 3.6 months | -37.9% | 6.4 months | -41.9% |
Southeast Tucson Real Estate Market Report – February 2010
March 23, 2010
Southeast Tucson home values are still on the way down. Recently, there’s just been way too much inventory and a large proportion of distressed property sales.
The average house price in Southeast Tucson was $163,670 with a median of $159,900. Last year at this time, the average sale price was $197,889 with a median of $179,000. That’s a year over year decline of 17%. Prices in Southeast Tucson tend to do much better over summer – the high season for sales.
Inventory took a 6% jump while sales went down by a single unit. There were 627 homes listed for sale (588 listed last month). With 57 sales, that’s 11 months of inventory. We had 10.14 months of inventory in January – I had hoped to see a better tick upward in sales in February. The area is popular with first time buyers for the newer homes and the lower average sales price.
Rancho del Lago and Sierra Morado were popular subdivisions in February – both newer construction communities. Rancho del Lago is a larger master planned community while Sierra Morado is sort of part of Civano.
Of 57 sales, 7 were short sales and 22 were bank owned homes.
You can always see the chart versions of this data too, at my Southeast Tucson Market page.
The raw numbers:
| SFR | Townhome/Condo | All | ||
| Value | Value | Value | %change | |
| Avg LP | $260,985 | $86,520 | $254,585 | 3.0% |
| Avg SP | $163,670 | $92,627 | $158,685 | -9.9% |
| Med SP | $159,900 | $92,500 | $153,000 | -3.0% |
| #Listed | 604 | 23 | 627 | 6.6% |
| #Sold | 53 | 4 | 57 | -1.7% |
| MOI | 11.4 months | 5.8 months | 11 months | 8.5% |
Southeast Tucson Market Report – January 2010
February 22, 2010
Not a single condo or townhome sale in Southeast Tucson in January 2010. There aren’t that many in the area to begin with though.
The average single family home cost $176,096 with a median of $157,700, down about $25k from last month. That’s the lowest average sales price we’ve seen in the area for many years (and the second lowest median). Last January, the average home set you back $201,390 with a median of $171,000, giving us a year over year decline in home values of nearly 13%.
Of the 560 single family homes listed, 58 sold – which are fairly typical values for the Winter slowdown. That means there was 9.7 months of inventory in January, also called the absorption rate. I’d expect that number to improve over the next few months as we hit the deadline for the home buyer tax credit and the summer bump in sales.
There were 11 closed short sales and 16 foreclosed properties that sold in January 2010. With 58 total sales, that makes distressed properties nearly 47% of the market in Southeast Tucson.
You can always see the chart versions of this data too, at my Southeast Tucson Market page.
The raw numbers:
| SFR | Townhome/Condo | All | ||
| Value | Value | Value | %change | |
| Avg LP | $255,009 | $91,173 | $247,208 | -3.2% |
| Avg SP | $176,096 | n/a | $176,096 | -14.7% |
| Med SP | $157,700 | n/a | $157,700 | -12.4% |
| #Listed | 560 | 28 | 588 | 10.5% |
| #Sold | 58 | 0 | 58 | -25.6% |
| MOI | 9.7 months | n/a | 10.1 months | 48.6% |
Southeast Tucson Real Estate Market Report – December 2009
February 5, 2010
Southeast Tucson holds steady over the winter this year, recording values very similar to November 2009. The average house sold for just over $205,000, with a median of $175,000. The median, which dropped a bit over late summer, has been creeping back up slowly. The average sale price was up a bit as well, but there were a few higher priced homes that sold in Southeast Tucson, which would throw that number off somewhat.
78 homes sold, including both single family and townhomes, with 532 homes listed. For perspective, last year at this time there were 71 sales and 638 homes listed. Lower inventory levels during 2009 have helped slow the price decrease in the area, though continuing high levels of distressed property sales will keep a downward force on prices for a while yet.
Overall, the absorption rate was 6.8 months, or 6.8 months of inventory. That means roughly one in every 7 homes on the market actually sold. Last year at this time, Southeast Tucson had 9 months of inventory – a two month improvement.
Of 78 sales, 10 were short sales, 25 were bank owned homes, making distress sales 45% of the market in Southeast Tucson.
You can always see the chart versions of this data too, at my Southeast Tucson Market page.
The raw numbers:
| SFR | Townhome/Condo | All | ||||
| Value | %change | Value | %change | Value | %change | |
| Avg LP | $260,319 | -1.6% | $87067 | 2.8% | $255,434 | -1.0% |
| Avg SP | $205,775 | 5.7% | $49,600 | -5.2% | $206,502 | 12.3% |
| Med SP | $175,000 | 2.7% | $49,600 | -7.3% | $179,950 | 7.9% |
| #Listed | 517 | -1.3% | 15 | -25.0% | 532 | -2.2% |
| #Sold | 75 | 1.4% | 3 | -50.0% | 78 | -2.5% |
| MOI | 6.9 months | -2.7% | 5.0 months | 50.0% | 6.8 months | 0.3% |
Southeast Tucson Real Estate Market Report – November 2009
January 3, 2010
Southeast Tucson has a distinct seasonal sales pattern – more homes sell in the Summer than do in Winter, usually bottoming out around January. There were 80 homes that sold in November of 2009, a 16% decrease from last month, signaling the seasonal trend. Expect that number to decline even a bit more over the next two months.
Even with decreasing sales, there is a respectable absorption rate. Overall, Southeast Tucson has 6.8 months of inventory, just over the top of the balanced range, nudging it into the buyer’s market territory.
Home values are generally still on the decline, though November posted a little uptick, coming in at $194,619, nearly a 10% increase over last month. November 2008 had an average sales price of $207,971, so November 2009 posted a year over year decline of 6%.
Most homes were sold in the $150k-$200k price range – 30 units sold and 137 units listed in that price bucket. While the Southeast as a whole has 6.8 months of inventory, that price bracket has significantly less, at 4.5 months of inventory. Depending on what price bracket you’re trying to buy or sell in, you may face vastly different competition. For comparison, there were 7 sales and 79 homes listed in the $200-250k range. That’s 11 months of inventory – a huge selection for buyers and ridiculous numbers of competing homes for sellers.
The distressed property market is about a third of all sales in Southeast Tucson. Out of 83 sales, 9 were short sales and 21 were foreclosed property. As long as those are a significant chunk of the market, prices will continue to decline, unless inventory drops unexpectedly – and inventory levels have been in the mid 500s for nearly all of the year.
You can always see the chart versions of this data too, at my Southeast Tucson Market page.
The raw numbers:
| SFR | Townhome/Condos | All | ||||
| Value | %change | Value | %change | Value | %change | |
| Avg LP | $264,498 | -1.2% | $84,720 | -18.7% | $257,888 | -1.1% |
| Avg SP | $194,619 | +9.8% | $52,333 | -37.1% | $183,948 | +5.0% |
| Med SP | $170,450 | +7.9% | $53,500 | -35.7% | $166,750 | +5.6% |
| #Listed | 524 | 0% | 20 | +900% | 544 | -0.5% |
| #Sold | 74 | -21.3% | 6 | +200% | 80 | -16.7% |
| MOI | 7.1 | +27.0% | 3.3 | +233.% | 6.8 | +19.3% |
- 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)
