Southeast Tucson Market Report – January 2010

February 22, 2010 | By Kelley Koehler | Filed Under Southeast Tucson

Not a single condo or townhome sale in Southeast Tucson in January 2010. There aren’t that many in the area to begin with though.

The average single family home cost $176,096 with a median of $157,700, down about $25k from last month. That’s the lowest average sales price we’ve seen in the area for many years (and the second lowest median). Last January, the average home set you back $201,390 with a median of $171,000, giving us a year over year decline in home values of nearly 13%.

Of the 560 single family homes listed, 58 sold – which are fairly typical values for the Winter slowdown. That means there was 9.7 months of inventory in January, also called the absorption rate. I’d expect that number to improve over the next few months as we hit the deadline for the home buyer tax credit and the summer bump in sales.

There were 11 closed short sales and 16 foreclosed properties that sold in January 2010. With 58 total sales, that makes distressed properties nearly 47% of the market in Southeast Tucson.

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

The raw numbers:

	SFR	Townhome/Condo	All
	Value	Value	Value	%change
Avg LP	$255,009	$91,173	$247,208	-3.2%
Avg SP	$176,096	n/a	$176,096	-14.7%
Med SP	$157,700	n/a	$157,700	-12.4%
#Listed	560	28	588	10.5%
#Sold	58	0	58	-25.6%
MOI	9.7 months	n/a	10.1 months	48.6%

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