Southeast Tucson Market Report – January 2010

Northwest Tucson Real Estate Market Report – January 2010

February 22, 2010 | By Kelley Koehler | Filed Under Northwest Tucson

Northwest Tucson had a slow January – just like every other January.

Of 2144 homes listed for sale, 173 sold. Most of those were single family homes – 155 of them. The rest were condos and townhomes.

The average single family house cost $254,365 with a median of $219,000, down from last month, but very much in line with the average and median for 2009. In fact, in January 2009, the average was $277,512 with a median of $212,000, a year over year decline of 8%.

The average townhome was $174,888 and the average condo was $128,933 last month. Because there are so many fewer townhome and condo sales, there tends to be a lot of bounce in those numbers.

The absorption rate, or months of inventory in Northwest Tucson overall was 12.4 months, meaning a little worse than one out of every 12 houses listed found a buyer and closed. Last January, we were at 16 months of inventory, but Northwest Tucson tended to stay between 7 and 9 months of inventory during 2009. Given the January slow down, I’d expect to see improvement in those numbers in the upcoming summer peak – especially with the buyer tax credit needing home buyers to be under contract by the end of April.

Of the 173 sales in Northwest Tucson, 22 were short sales and 49 were foreclosed property. That makes distressed property 41% 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	$375,981	$226,959	$135,265	$361,736	-2.6%
Avg SP	$254,365	$174,888	$128,933	$244,237	-9.2%
Med SP	$219,000	$202,000	$153,833	$212,000	1.0%
#Listed	1958	147	43	2144	15%
#Sold	155	11	7	173	-7.5%
MOI	12.6 months	13.4 months	6.1 months	12.4 months	24.3%

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Southeast Tucson Market Report – January 2010

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