East Tucson Real Estate Market Report – December 2009

February 5, 2010 | By Kelley Koehler | Filed Under East Tucson 

East Tucson, one of the smallest market areas in Tucson and therefore prone to bigger swings – took a small dip in December compared to last month.

The average home sale price was $171,366, down about $6k from last month.  Last year at this time, the average home in East Tucson was $201,055 – a year over year home value decrease of nearly 15%.  The median was $160,000 in December, down 18% from last year at this time. 

Inventory (the number of homes for sale) ticked down a bit, which is normally a positive indicator when we’re in an oversupply situation – but the number of sales went down too.  There were only 52 homes that sold in December, which is rather few for the area.

Because sales went down, the absorption rate went up to 8.7 months, or 8.7 months of inventory.  That means roughly one in every 9 homes for sale in East Tucson actually got a buyer and closed.  More balanced figures would be in the 4-6 months range.

Of 52 sales, 11 were short sales and 16 were foreclosed homes, making distressed sales nearly 52% of the resale housing market in East Tucson.

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

The raw numbers:

  SFR Townhome Condo All  
  Value %change Value %change Value %change Value %change
Avg LP $223,796 -1.4% $128,731 -4.4% $76,227 -2.0% $193,880 -0.9%
Avg SP $171,366 -3.2% $122,470 -5.0% $91,333 42.9% $161,107 -0.4%
Med SP $160,000 -4.9% $140,250 14.5% $97,000 46.0% $151,750 -4.6%
#Listed 340 -5.0% 55 -9.8% 56 -12.5% 451 -6.6%
#Sold 43 -15.7% 6 0% 3 -50.0% 52 -17.5%
MOI 7.9 months 12.6% 9.2 months -9.8% 18.7 months 75.0% 8.7 months 13.1%

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