Central Tucson Real Estate Market Report – April 2010

May 26, 2010 | By Kelley Koehler | Filed Under Central Tucson

Central Tucson is one of the few parts of town that kept up the ridiculous pace of sales set in March. I feel like a broken record saying this so many times, but I look at the number of sales and can’t help but think it isn’t sustainable – though I would expect a decent rate of sales over the Summer.

153 homes sold in Central Tucson – 122 single family houses, 18 townhomes, and 13 condos. Last month, there were 152 sales, which was double the value seen in February – just look at the chart, it’s easier to see than to explain. See that spike up at the end? Normally we don’t see that big of a spike just yet, we’re a couple months early from the seasonal trend.

Inventory went up just a bit when normally it should be coming down over Summer. Central Tucson went from 1129 to 1150 listings. It’s not a huge increase, but still. I don’t like the trend. If inventory keeps going up, that means sales prices must go down. It’s basic supply and demand.

That being said, the absorption rate stayed nearly the same as last month, since sales were so high. Central Tucson had 7.5 months of inventory in April which means one in every 7.5 homes managed to find a buyer and close. Generally, a balanced market is considered to be 5-6 months of inventory.

The average single family home in Central Tucson cost $176,154 with a median of $142,250, an increase of 16% over last month – but nearly the same as where we were at this time last year. In April 2009, the average home sales price was $170,846 with a median of $150k.

There were 35 foreclosed homes and 6 short sales that closed in Central Tucson in April, making distressed homes nearly 27% of the housing market in the region.

One of my favorite Central Tucson neighborhoods, Broadmoor, had 3 sales in April, which is quite a few given the smallish nature of the neighborhood. And there was one high end sale in Colonia Solana – if I had the money, that’d be my first choice of neighborhood. The high sale in Colonia Solana was for $900,000 – over 5000 square feet of house and guest house from the 1930s, on a little under an acre of land, nicely updated but done in the original style.

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

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