Home Sales Down in the Tucson Luxury Market?
January 15, 2009 | By Kelley Koehler | Filed Under Market Discussion
Question from the audience – rephrased: How are sales doing in the higher end price ranges? Specifically in the $700k range?
Answer: Not so hot. The chart below explains. That’s the number of sales over 2007 and 2008, in the $600k-$700k range, and the $700k-$800k range.
Generally, sales are down in those price ranges, year over year. I was running my stats for December last night, and sales are up over last month, months of inventory are down in several areas – but not really in the upscale parts of town. The North and the Northeast both – typically the highest priced areas – are suffering. The luxury market is over-saturated. Combine that with decreased sales, and you’ve got a problem: high months of inventory, rapidly decreasing average sale prices.
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Other Information That Might Be Helpful
- Tucson Real Estate Market Statistics and Report – September 2008 (October 15, 2008)
The Overview via Podcast:
Download Tucson Market Stats for September 2008 here (MP3) or subscribe to the Tucson Market Reports podcast here.
The Quick Numbers:
Single Family Home Average Sales Price: $233,893
Single Family Home Median Sales Price: $190,000
Single Family Home Units Sold: 714
Single Family Home Months of Inventory: 8.7 monthsTownhouse Average Sales Price: $189,178
Townhouse Median Sales [...] - Northeast Tucson Real Estate Market Report – December 2009 (February 5, 2010)
Northeast Tucson, along with East Tucson, are the smallest market areas in terms of housing units, typically. While we know home values are decreasing in the area, there were a few more higher priced sales and a few less lower priced sales, which skewed the numbers upwards a bit.
Overall, there were 38 sales, down from [...] - Tucson Market Report and Statistics – December 2009 (January 12, 2010)
The Quick Numbers:
Single Family Home Average Sales Price: $222,745
Single Family Home Median Sales Price: $160,000
Single Family Home Units Sold: 658
Single Family Home Months of Inventory: 7.8 monthsTownhouse Average Sales Price: $160,422
Townhouse Median Sales Price: $142,000
Townhouse Units Sold: 62
Townhouse Months of Inventory: 9.3 monthsCondo Average Sales Price: $102,603
Condo Median Sales Price: $99,750
Condo Units [...]
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Oh, Tucson luxury market – please do drop. I’m ready to move now and buy in Tanque Verde, but I won’t pay $1,000,000 for a $500,000 house that has been vacant since it was built. I’ll maybe pay $750,000, albeit with a pained grimace.
I theorize that it is developing into a battle of wills between speculator sellers with very deep pockets, and snowbird buyers like me who are facing 20%-30% losses when selling their current homes, and who want to see evidence of the same drop at the Tucson end before we come into town to buy.
How deep are those pockets, anyway? So far they seem bottomless.