South Tucson Real Estate Market Report – March 2010

April 20, 2010 | By Kelley Koehler | Filed Under South Tucson

Home sales picked up quite a bit in south Tucson in March 2010. There were 99 homes sold in March, compared to 66 homes the previous month. Sales in the area tend to increase over the Summer months, but we haven’t seen 99 sales in the region for at least two years.

Inventory went up very slightly – there were 509 homes listed in March compared to 502 last month. Because inventory stayed more or less stable and the number of sales spiked, the absorption rate went down to 5.1 months overall. 5.1 months of inventory is not unusual for the area over the past year. The low prices and newer homes are attractive to first time buyers, and those people are a huge segment of our market right now.

The average home cost $104,170 with a median of $96,000, an improvement over last month. Last year at this time, the typical house cost $93,285 with a median of $90,000 – but I wouldn’t say prices are rising in the area. They’ve been bouncing a bit between the $90ks and the low $100ks for a year now.

Highest sale price in the area was a brand new Lennar home down in Sycamore Park Village for $263,000 – a large 4 bedroom home at just under 3000 square feet. Recently, sales in that subdivision range between $140k for the smaller homes, up to $280k for the larger ones.

Of the 99 sales, 50 were bank owned homes and 12 were short sales, making distressed homes 63% of the resale housing 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	%change	Value	%change	Value	%change
Avg LP	$111,223	-1.8%	$66,826	3.5%	$109,217	-1.3%
Avg SP	$104,170	16.1%	$67,750	26.2%	$103,434	17.4%
Med SP	$96,000	12.9%	$67,750	39.7%	$95,000	13.8%
#Listed	486	2.3%	23	-14.8%	509	1.4%
#Sold	97	54.0%	2	-33.3%	99	50.0%
MOI	5.0 months	-33.5%	11.5 months	27.8%	5.1 months	-32.4%

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Southwest Tucson Real Estate Market Report – March 2010

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