Northeast Tucson Real Estate Market Report – April 2010

May 30, 2010 | By Kelley Koehler | Filed Under Northeast Tucson

Sales were up again in Northeast Tucson in April, though average prices took a small dip.

Overall, there were 53 sales in Northeast Tucson – 43 houses, 9 townhomes, and 1 condo. Last month, there were 43 sales, and last year at this time, there were 44, so we’re had a bit more activity than usual.

Inventory held steady, down 2 units from last month to 499 homes listed in the Northeast side. Because inventory stayed stable and sales picked up, the absorption rate went down. There was 9.4 months of inventory in Northeast Tucson in April – meaning one in a little more than 9 homes managed to find a buyer and close. The Northeast side tends to carry higher inventory levels than the rest of town anyway, so 9 months is a decent figure for the area.

The average home in Northeast Tucson sold for $311,911, with a median of $285,000. That’s a $30k drop from last month, but because of the relatively low number of units sold, there’s quite a bit of variation month to month in values. Last year at the time, the average home cost $329,428 with a median of $276,944 – that’s a 5% decline in Tucson home values, year over year in the region.

There were 11 foreclosed homes and 5 short sales that sold and closed in April in Northeast Tucson, making distressed homes 30% of the resale market in the area.

Sabino Springs had 2 sales – two of the smaller homes sold, though there’s still 19 others in the community looking for Buyers. And Lakes at Castle Rock had a whopping 4 sales, with only 10 left in the community for sale.

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

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