North Tucson Real Estate Market Report – April 2010

May 26, 2010 | By Kelley Koehler | Filed Under North Tucson 

Sales were down a bit in North Tucson compared to last month, but this isn’t surprising.  Last month’s sales figures were way out of line for typical.

In all of North Tucson, there were 77 sales – 42 single family homes, 21 town homes, and 14 condos.  Seasonally, sales tend to bump up a bit over the summer months.  If we call March an anomaly, then April falls pretty true to trend.

What I don’t like is the inventory bump.  A small one, true, but the number of listings should typically be going down over summer, not up.  With 872 properties for sale in North Tucson, that’s the highest level of active homes we’ve seen in a year.

With inventory up, the absorption rate changed to 11.3 months of inventory.  That means roughly one in every 11 homes for sale managed to find a buyer and close.  11.3 months of inventory is pretty much the same level that we saw all winter in North Tucson.  With Summer being an expected peak, we ought to see the absorption rate decrease – and that’s not really happening yet.

The average home sales price took a dip in April too – but bear in mind there were fewer high end sales.  Last month, the average house in North Tucson cost $571,932 with a median of $419,500.  This month, the average home cost $526,617, with a median of $427,000.  Condo and townhome prices more or less held steady, month over month.

Overall, there were 3 short sale and 9 foreclosed homes that sold,  making distressed property a mere 15.6% of the resale housing market in North Tucson – a very small share, comparatively. 

Cimarron Foothills Estates had 3 homes that sold in April – a big month for that subdivision.  And looking at the Greens at Ventana Canyon, I’m thinking that condo conversion managed to have some of the highest priced sales compared to other condo conversion projects in the area.

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

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