North Tucson Real Estate Market Report – March 2010

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

Sales picked up quite a bit in North Tucson in March – with exactly half the sales being at $350k or below.  The lower end market is what is driving activity in the area, but that’s no surprise.

There were 102 sales in March, up from 57 last month.  Typically sales tend to increase as we get into our Summer months, but that was a bit larger jump than I expected.  We saw jumps like that nearly all over Tucson in March.  I don’t think we can sustain those kinds of levels, especially in North Tucson – there haven’t been 100+ sales there in two years.

Inventory dropped slightly from 867 to 852 units.  With the large unit sales increase, that means the absorption rate made a huge improvement to 8.4 months of inventory.  That means a little better than one out of every 8 homes listed managed to find a buyer and close – normally a figure we don’t see at that level until the very height of the Summer sales season.

The average home cost $571,932, with a median of $419,500.  Last year at this time, the average house cost $521,809 with a median of $425,000 – a small increase year over year, but generally due to the small number of sales and the high variance in these market figures for the area.

There’s a decent town home and condo market in North Tucson.  Townhomes fared best, with 26 sales and only 4.6 months of inventory.  The average townhome cost $262,654.  Condos are still in oversupply with 9 sales and 17.6 months of inventory.  The average condo in North Tucson cost $145,767.

Of the 102 sales, 6 were short sales and 7 were bank owned homes, making distressed sales 12.7% of the resale housing market in North Tucson.

The most expensive sale in March in North Tucson was a huge 6400 square foot home in Ventana Canyon that sold for $2.2mil – a lovely Tuscan in Tucson with jaw-dropping city views. 

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

The raw numbers:

  SFR Townhome Condo All  
  Value %change Value %change Value %change Value %change
Avg LP $852,573 -2.7% $291,988 -1.5% $163,541 5.9% $645,839 0.6%
Avg SP $571,932 -9.2% $262,654 16.9% $145,767 -12.7% $455,488 16.0%
Med SP $419,500 -20.1% $245,000 0.8% $137,000 -20.1% $352,500 13.7%
#Listed 574 2.3% 120 -3.2% 158 -13.2% 852 -1.7%
#Sold 67 131% 26 62.5% 9 -25.0% 102 78.9%
MOI 8.6 months -55.7% 4.6 months -40.4% 17.6 months 15.8% 8.4 months -45.1%

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