Northwest Tucson Real Estate Market Report – March 2010

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

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 in March, up from 191 last month.  I don’t expect sales levels like that to be sustainable, especially as the $8000 tax credit expires at the end of April.  Sales typically rise into the Summer, so it makes sense for sales to increase, but the levels we saw in March were quite high.

Inventory went up slightly, from 2179 units to 2206 units.  Because the number of homes for sale more or less stayed even and sales rose, the absorption rate dropped from 11.4 to 8.2 months, which is a huge improvement.  That means roughly one in every 8 homes listed found a buyer and closed in March.

The average house cost $261,813 with a median of $210,000 in March, down slightly from last month.  Last time at this year, the average house cost $263,759 with a median of $218,500 – not really much movement year over year.

There’s a small townhome and condo market in Northwest Tucson.  The typical townhome cost $164,865, and the average condo was $47,500 – quite different price brackets between condos and townhomes.

Of 268 sales, 55 were bank owned homes and 25 were short sales.  That makes distressed home sales nearly 30% of the Northwest Tucson resale housing market.

The most expensive sale in Northwest Tucson was at $1.8mil, an enormous home just under 6000 square feet in Stone Canyon up in Oro Valley.  Looks like a spec home, never lived in.

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 $371,166 -1.6% $225,938 0.1% $159,270 9.6% $356,777 -1.5%
Avg SP $261,813 -5.6% $164,865 -9.6% $60,900 -22.1% $251,166 -4.2%
Med SP $210,000 -7.0% $150,000 -2.8% $47,500 3.3% $205,500 -6.5%
#Listed 2009 1.0% 150 5.6% 47 -2.1% 2206 1.2%
#Sold 245 46.7% 17 -5.6% 6 0% 268 40.3%
MOI 8.2 months -31.2% 8.8 months 11.8% 7.8 months -2.1% 8.2 months -27.8%

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