Central Tucson Real Estate Market Report – January 2010

February 22, 2010 | By Kelley Koehler | Filed Under Central Tucson 

January is the slowest month, and this year is no exception.

In Central Tucson, there were 993 listings and 71 sales – very similar to what we saw in January 2009.  Last month, we had 888 listings and 109 sales.  You can see how things die down in January.  Typically, we’ll see sales pick up a bit over Spring into early Summer, and then taper off again around August.

There were 14 months of inventory overall in Central Tucson – meaning one in roughly 14 homes listed managed to sell.  Last January, we were at 13.4 months, and last month, we were at 8.2 months. 

Home values are down as well.  The average single family home in Central Tucson cost $162,275 in January 2010, with a median value of $134,500.  Last year at this time, the average single family home cost $174,634 with a median of $135,000, a year over year decline of 7%.  Which sounds like a whole lot – until you realize that the year over year decline in home values in Central from January 2008 to January 2009 was nearly 22%.

Of the 71 homes that sold, 5 were closed short sales and 23 were foreclosed property, making distressed sales 39% of the housing market in Central Tucson.

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

The raw numbers:

  SFR Townhome Condo All  
  Value Value Value Value %change
Avg LP $230,352 $163,338 $131,535 $208,762 -1.2%
Avg SP $162,675 $126,900 $58,125 $153,257 -0.1%
Med SP $134,500 $102,000 $43,500 $122,000 -4.3%
#Listed 740 112 141 993 11.8%
#Sold 60 7 4 71 -34.9%
MOI 12.3 months 16.0 months 35.3 months 14.0 months 71.7%

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