South Tucson Real Estate Market Report – February 2010

March 16, 2010 | By Kelley Koehler | Filed Under South Tucson 

February was a bit slow for South Tucson this year – sales took a dip, average and median prices were down too.  It’s not that more cheaper houses sold, there were just less sales overall.

An average house cost $89,734 in South Tucson, with a median of $85,000.  Last month, the average was $96,244.  A year ago at this time, the average house was $103,405, with a median of $99,000.  That’s a year over year decline of 13%.

Typically, we’d start to see sales pick up over the next few months.  We’ll have to keep an eye on that.  While prices did dip down a little, they’ve been hovering in that $90k range for a few months.  If the number of sales dive, expect to break that price barrier.

Tierra Vista and Sycamore Park were big selling neighborhoods in South Tucson in February – lots of newer construction homes with very low prices.

Of the 66 sales, 37 were bank owned homes and 10 were short sales.  That makes distressed property 71% of the market in South Tucson.

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

The raw numbers:

  SFR Townhome/Condo All  
  Value Value Value %change
Avg LP $113,261 $64,574 $110,643 -0.9%
Avg SP $89,734 $53,667 $88,095 -8.4%
Med SP $85,000 $48,500 $83,450 -11.2%
#Listed 475 27 502 5.0%
#Sold 63 3 66 -10.8%
MOI 7.5 months 9.0 months 7.6 months 17.8%

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