Northeast Tucson Real Estate Market Report – December 2009

February 5, 2010 | By Kelley Koehler | Filed Under Northeast Tucson 

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 44 last month.  Inventory went down a bit too – from 454 to 413 units – so the months of inventory figure stayed more or less the same, at 10.8 months.  That means of 11 listings, only 1 sold – there’s too much supply for the number of buyers that are out there.

And to further illustrate that the smaller market areas have large swings, the average home sale price in December was $369,596.  Last year at this time, it was $292,208.  Clearly, home prices have not increased 26% year over year.  We have to look at the overall trend here, which is generally downward, but less so recently. 

Of 39 sales, 1 was a short sale and 8 were foreclosed homes, making distressed sales 23% of the resale housing market in East Tucson.

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

The raw numbers:

  SFR Townhome Condo All  
  Value %change Value %change Value %change Value %change
Avg LP $585,923 1.3% $200,663 -4.5% $76,550 -5.1% $518,946 0.1%
Avg SP $369,596 11.0% $191,260 9.3% $56,840 -24.2% $302,737 -0.2%
Med SP $330,000 22.2% $169,000 -6.1% $43,500 -42.0% $253,450 0.2%
#Listed 347 -10.3% 48 4.3% 18 -14.3% 413 -9.0%
#Sold 28 -24.3% 5 0% 5 150% 38 -13.6%
MOI 12.4 months 18.5% 9.6 months 4.3% 3.6 months -65.7% 10.9 months 5.3%

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