Northwest Tucson Real Estate Market Report – December 2009

January 20, 2010 | By Kelley Koehler | Filed Under Northwest Tucson 

The Northwest side of Tucson had a bit of a jump in average sales price in December, to $269,126 – but that’s a bit deceptive.  There were 70% more sales over $500k than last month, when the average sales price was a more reasonable $240,042.  Last December, the average sales price in Northwest Tucson was $256,348.

The median sales price was $210,000, again, telling us that the jump in average sales price was most likely the influence of more larger sales during the month.  Last year at this time, the median was at $212,000.

A typical home sold for $280k, townhomes went for $189k on average, and the condos at $121k.

Both inventory and sales went down in December in Northwest Tucson.  There were 1865 active listings at the end of the month, and 187 sales, for a months of inventory of 10 months.  That means one in ten homes on the market sold – a rather slow rate, indicating a fairly strong buyer’s market.  There’s a lot of choice out there in Northwest Tucson, and prices are still heading down – albeit somewhat more slowly than before.

There were 23 closed short sales and 47 bank owned homes that sold, making distressed properties 37% of the market.

Popular neighborhoods are the big master planned communities – Continental Ranch and Rancho Vistoso.  Gladden Farms is starting to sell again as well, starting to recover after being hit with that whole FEMA floodplain fiasco a few years back.

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

The raw numbers:

  SFR Townhome Condo All  
  Value %change Value %change Value %change Value %change
Avg LP $388,462 -3.7% $230,150 3.2% $145,270 4.3% $371,350 -3.3%
Avg SP $280,254 15.0% $188,600 8.7% $120,671 -26.5% $269,126 12.1%
Med SP $216,458 5.6% $187,500 5.1% $109,900 -31.2% $210,000 2.4%
#Listed 1687 -5.1% 134 -21.1% 44 -14.8% 1865 -1.5%
#Sold 168 11.2% 14 -46.7% 5 100% 187 8.3%
MOI 10.0 months -14.7% 9.6 months 47.9% 8.8 months -57.4% 10.0 -9.1%

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