North Tucson Real Estate Market Report – November 2009

December 17, 2009 | By Kelley Koehler | Filed Under North Tucson

North Tucson is full of luxury homes and communities – Pima Canyon, Catalina Foothills, Cobblestone, Alta Vista, and others. There’s also a ton of condo conversions – apartment complexes converted into ownership units. Neither of those markets are doing so well at the moment. The luxury home market in Tucson has generally come to a halt, and the condo market is flooded.

In fact, in November 2009, only two homes sold over $700k. And when the average list price in the area for a house is $920k, you know there’s lots of listings on the high end that are just sitting there. And will continue to sit there for a long time. There’s just not much demand for that price bracket right now.

The homes that are selling in North Tucson are largely under $350,000. For that, you can get a basic smaller home in one of the track home communities, a decent town home, or a couple of condos. The typical house will set you back $439,881, townhomes were $233,876 on average, and condos $137,423.

More condos and townhomes sold in North Tucson in November than houses. Again, those condos and townhomes are lower price brackets, so they’re tending to sell better than single family homes. Typically, inventory starts to ramp up in the area over the winter – if that happens, a larger glut of homes on the market in North Tucson isn’t going to do good things to home prices in the region.

I often talk about areas like the Southwest being hit so hard with foreclosures and short sales – but the North is not excepted from that. Of all the sales in November, nearly 30% were distressed property sales: either foreclosed properties or short sales.

The average price of a single family home in North Tucson took a huge dive in November. For most of the year, a typical home cost somewhere in the low to mid $500ks. This month, the average was at $439k. There were also only 60% of the usual home sales – only 29 units instead of the high 40s. Typically, home sales slow a bit in winter – we’ll have to wait until February or so to see if those numbers start to climb again.

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	$920,457	+0.4%	$305,938	+3.5%	$159,055	-6.4%	$665,953	-3.4%
Avg SP	$439,881	-18.6%	$233,876	-20.8%	$137,423	0%	$308,095	-38.1%
Med SP	$409,000	-10.2%	$208,000	-11.1%	$115,000	-9.8%	$270,050	-20.6%
#Listed	489	-3.0%	119	-7.8%	161	+30.9%	769	+1.7%
#Sold	29	-37.0%	17	+183.3%	15	0%	61	-9.0%
MOI	16.9	+53.9%	7.0	-67.4%	10.7	+30.9%	12.6	+11.7%

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