Northwest Tucson Real Estate Market Report – February 2010

March 10, 2010 | By Kelley Koehler | Filed Under Northwest Tucson

Northwest Tucson has been on a bit of an upswing recently. If you look at the average and median sales prices for homes in Northwest Tucson, you can see a small upward trend over the past few months.

The average single family house cost $277,230, with a median of $225,899. Last year at this time, the average sales price was $271,637, with a median of $238,900, a year over year decline of 2%. However, there’s still an oversupply of houses – 1989 for sale, and 167 sold in February 2010. That’s nearly a 12 month supply of houses.

Townhomes continue to wobble in the mid to high $100s, posting an average sale price of $182,461 in February. The condo market sold off a few of the lower end units, with an average sale price of $78,200. Normally, condos are averaging in the low $100s.

Overall, the Northwest is moving along – inventory should start to move a bit quicker over the next few months, which tends to bring a small increase in average prices. You can see how the Northwest Tucson housing market moves over time in this inventory and price chart.

It’s good to see some homes moving again in Gladden Farms after that whole FEMA floodplain fiasco. Saddlebrooke had a big month too, along with Sky Ranch.

Of the 191 homes sold, 21 were short sales, and were 51 bank owned homes, making distressed home sales nearly 38% of the housing market in Northwest Tucson.

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	Value	Value	Value	%change
Avg LP	$377,204	$225,697	$145,338	$362,223	0.1%
Avg SP	$277,230	$182,461	$78,200	$262,047	7.3%
Med SP	$225,899	$154,250	$46,000	$219,900	3.7%
#Listed	1989	142	48	2179	1.6%
#Sold	167	18	6	191	10.4%
MOI	11.9 months	7.9 months	8.0 months	11.4 months	-7.9%

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West Tucson Real Estate Market Report – February 2010

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