South Tucson Real Estate Market Report – April 2010

May 26, 2010 | By Kelley Koehler | Filed Under South Tucson

South Tucson continues to have one of the lowest absorption rates in the city, and the average prices in the area have sort of leveled off for now. Watching the number of active listings in South Tucson will be key, I believe, as a glut of homes in this area would certainly trigger another gigantic price drop. Three years ago, homes in South Tucson regularly sold for twice what they do now. It was hit so hard with foreclosures and short sales…

On to the numbers.

There were 96 sales in April in South Tucson – 91 homes and 5 townhome/condos. This is more or less the same level as last month (99 sales), which is a decent sales pace for the time of year.

Inventory stayed roughly the same as well. I found 511 active listings when I pulled my numbers, up from 509 last month. With both inventory and sales on pace, the absorption rate was 5.3 months in April. That means one in every 5 homes managed to find a buyer and close.

Looking back, the absorption rate has stayed in more or less the same range since early 2009 – and the home prices in South Tucson leveled off at the same time. It’s a good example of how inventory effects prices. When supply and demand became somewhat balanced, prices stopped dropping like a rock. There’s small fluctuations, yes, but no big moves.

Speaking of prices, the average home in South Tucson sold for $98,001 with a median of $95,000. Last year at this time, the average sales price was $91,909 with a median of $85,000.

There were 13 short sales and 46 foreclosures that sold in South Tucson in April, making distressed property 61% of the housing market in South Tucson.

Tres Pueblos had a whopping 9 sales – every single one of them a distress sale with 4 short sales and 5 bank owned homes.

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

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