Northeast Tucson Real Estate Market Report – January 2010

March 3, 2010 | By Kelley Koehler | Filed Under Northeast Tucson

Northeast Tucson continues to struggle a bit, especially in a seasonally slow month. The Northeast side of Tucson is one of my favorite areas with the greener valleys, the mesquite bosques, and some lovely views – but ever since the higher end market dropped out, the area has slowed quite a bit. There just aren’t a whole lot of lower priced homes in the region, and those lower sale prices are carrying the bulk of the housing market at the moment.

That said, the average single family house cost $363,154, with a median of $305,000. For comparison, last January the average house cost $362,468 and the median was $325,000. House prices in Northeast Tucson are still slowly on the way down. There’s a lot of variance in average and median prices from month to month, but overall home values are still on the way down.

There were 482 listings and 30 sales in January 2010 in Northeast Tucson. 400 were houses, 4 were townhomes. 30 sales is a dip down from last month, but sales typically slow over January. Nothing unusual there.

Overall, there were 16.1 months of inventory – meaning one out of every 16 homes managed to sell. Over half of those sales were less than $300,000. That higher end market is just incredibly slow.

Of the 30 sales, 2 were bank owned and 3 were short sales. That makes distressed properties nearly 17% of the market – one of the lowest percentages in all of 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	Value	Value	Value	%change
Avg LP	$582,610	$206,107	$75,822	$512,341	-1.3%
Avg SP	$363,154	$161,125	n/a	$336,217	11.1%
Med SP	$305,000	$144,000	n/a	$276,000	8.9%
#Listed	400	59	23	482	16.7%
#Sold	26	4	0	30	-21.1%
MOI	15.4 months	14.8 months	n/a	16.1 months	47.8%

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