Northeast Tucson Real Estate Market Report – March 2010

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

Northeast Tucson is one of the only areas of Tucson to not see a large increase in sales between February and March. While the rest of the city made a huge leap up, there were only a handful more sale in the Northeast. Typically, sales start to rise about this time into the seasonal Summer high season.

There were 43 sales in Northeast Tucson, and 501 homes listed, both slight increases over last month. There’s still quite an oversupply of homes, however, at 11.7 months overall. That means roughly one out of every dozen homes managed to find a buyer and close. Typically, we’ll see that absorption rate improve a bit over summer.

The average house cost $345,056 in March with a median of $289,900 – the low end in the Northeast is moving much better than the higher end homes. Last year at this time, the average home sale price was $338,786 with a median of $276,000 – not really a large jump considering there are relatively few sales and therefore a lot of variability in the stats for this area.

There’s a small townhome market in Northeast Tucson – the average townhome cost $174,833. There’s also a handful of condos, mostly lower end and closer to the city. The average condo sold for $62,950 in March.

Of 43 sales, 5 were bank owned homes and 4 were short sales, making distressed homes nearly 21% of the Northeast Tucson resale housing market.

The most expensive sale in March in Northeast Tucson was at $730,000 for a large 3700 custom home on nearly an acre in Bear Creek Estates in a very Southwestern style and with nice mountain views.

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	$564,742	-2.7%	$196,348	-7.1%	$65,818	-10.2%	$493,474	-4.1%
Avg SP	$345,056	-2.6%	$174,833	26.6%	$62,950	n/a	$308,183	-2.9%
Med SP	$289,900	11.5%	$172,000	20.3%	$62,950	n/a	$283,000	22.5%
#Listed	414	1.7%	59	7.3%	28	21.7%	501	3.3%
#Sold	35	2.9%	6	-14.3%	2	n/a	43	4.9%
MOI	11.8 months	-1.2%	9.8 months	25.2%	14.0 mos	n/a	11.7 months	-1.5%

Comments

Got something to say?

North Tucson Real Estate Market Report – March 2010

Northwest Tucson Real Estate Market Report – March 2010

Subscribe in a reader

Search this Site

Other Information That Might Be Helpful

Southeast Tucson Real Estate Market Report – March 2010 (April 20, 2010)
March was an excellent month for Southeast Tucson. The number of sales nearly doubled and average prices ticked up slightly.
There were 103 houses sold in Southeast Tucson in March, compared to 57 the previous month, which is a large increase. Usually, the number of sales increase over Summer, but this was a bit larger jump [...]
Southwest Tucson Real Estate Market Report – March 2010 (April 20, 2010)
Unusual for the Southwest side of Tucson in March was a home that sold for $530,000 – there hasn’t been a sale that high since mid 2008. The high sale didn’t really impact the average sale prices, however, as there was enough activity at the lower end to reduce any skew from that one large [...]
Northwest Tucson Real Estate Market Report – March 2010 (April 26, 2010)
Quite a few sales in Northwest Tucson in March – 40% more than last month, actually. Nearly all of the city saw large jumps in sales in March. In Northwest Tucson, most of the sales were $200k and less. That low end of the market is what is driving sales right now.
There were 268 sales [...]