South Tucson Real Estate Market Report – January 2010

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

South Tucson home prices have been bouncing between about $90,000 and $100,000 for a good year now.  January just continued that trend.

The average home cost $96,244, with a median of $96,000 – both of those values are higher than last month.  For comparison, last year at this time, the average house cost $112,944 with a median of $110,000 – a year over year decline in house values of nearly 15%.

Sales were down a little bit, as tends to happen in January.  There were 73 houses and one townhome that sold in South Tucson, for a total of 74 units.  Inventory has been slowly declining for at least a year and a half.  Even when sales dip slightly, the lower inventory keeps a little better balance in this small section of the market.  There were 6.2 months of inventory of single family homes in South Tucson – on the high side of what we’d normally consider balanced.

In my humble opinion, the lower inventory levels are what are keeping prices bouncing in that range for a year.  If that’s true, then it is interesting that one of the hardest hit parts of town is seemingly also the first to show the most sign of recovery.  Or at least of a bottom to the decline.  Only time will tell – there are too many uncertainties to make strong predictions.

Of those 74 sales, 15 were short sales and 45 were foreclosed property, making distressed home sales 81% 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 $114,655 $64,407 $111,607 -3.5%
Avg SP $96,244 $89,900 $96,159 4.3%
Med SP $96,000 $89,900 $94,000 4.4%
#Listed 449 29 478 -1.2%
#Sold 73 1 74 -7.5%
MOI 6.2 months 29 months 6.5 months 6.8%

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