Central Tucson Real Estate Market Report – November 2009

January 1, 2010 | By Kelley Koehler | Filed Under Central Tucson

Seasonally, we’ve entered the winter slow down in home sales for Central Tucson. You can see the pattern clearly if you look at the chart of number of homes sold in Central Tucson. Sales tend to taper off over winter and start to pick back up shortly into the new year.

There were 115 units sold total in November 2009, most of which were single family homes. There were 97 houses sold and 684 listed, giving homes an absorption rate of 7.1 – for every seven listings, one sold. Townhomes and condos make up the remainder of the sales.

The average house cost $161,942 with a median of $149,900. Last November, a typical single family house cost $185,495 – a year over year decline of nearly 13%.

House prices in Central Tucson took a sharp dive in 2008 and – while still on the decline – have slowed their descent somewhat. Largely, this is due to a slow decrease in inventory and an increase in sales, largely at the low end of the market. Lots of first time buyers in Central Tucson taking advantage of that $8000 tax credit. You can see how the activity is clustered at the lower ranges of the market in this sales vs list price distribution chart.

Townhomes fared better than condos in November – the difference between buying the average townhome and the average condo is about $10,000. Townhomes tend to be less like apartments than condos. If buyers can reach that extra $10k to buy the townhome instead of the condo, they do.

Out of the 115 total sales, 8 were short sales, and 26 were foreclosures. That means distressed homes are nearly 30% of the Central Tucson housing market. Given distressed property sales tend to be at a discount, that’s going to continue to drag down average sale prices and market values in the area.

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	%change	Value	%change	Value	%change	Value	%change
Avg LP	$236,495	+0.7%	$172,504	+0.4%	$132,033	-4.0%	$212,569	0%
Avg SP	$161,942	-12.7%	$109,150	-7.0%	$99,400	+15.2%	$153,255	-11.1%
Med SP	$149,900	-0.1%	$128,000	+20.8%	$94,500	+18.1%	$146,000	+0.9%
#Listed	684	-0.7%	117	-4.9%	145	+5.8%	946	-0.3%
#Sold	97	-7.6%	13	-7.1%	5	-28.6%	115	-8.7%
MOI	7.1	+7.5%	9.0	+2.4%	29.0	+48.2%	8.2	+9.2%

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East Tucson Real Estate Market Report – November 2009

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