East Tucson Real Estate Market Report – April 2010

May 30, 2010 | By Kelley Koehler | Filed Under East Tucson

East Tucson didn’t have the best April. I see some warning signs of decline here, more so than in other regions.

For example. Sales didn’t go up between March and April, when traditionally they would. There were 74 sales in April, which is close to the 75 we had last month. Now, granted, last month was an insane level of sales that I don’t think is sustainable, but I don’t like the steady sales figure in combination with some other factors.

Other factors like the inventory going up. Normally, inventory should be going down right now, if you look at seasonal trends. Right now, there are more homes for sale in East Tucson than there have been in 2 years. There are 619 homes on the market in East Tucson. With 74 sales, that means the absorption rate worsened to 8.4 months. That means roughly one in every 8 homes found a buyer and sold.

Which, also, isn’t terrible when you look at it alone. But in combination with not as many sales AND with the median sales price going down, you’ve got 3 factors in combination that set off alarms in my head.

The average sales price actually ticked up a bit, but there were 2 sales in price brackets that haven’t had sales in a while. The average home cost $167,238 – up $4500 from last month – but the median came in at $153,500, down $4500 from last month. Again, not a huge move, but I don’t like the 3 factors in combination.

There were 6 closed short sales and 27 closed foreclosures in East Tucson in April, making distressed property 45% of the market in the region.

Silverado Hills, one of my favorite East side communities, only had 2 sales in April, leaving 26 homes waiting for buyers.

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

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