Southeast Tucson Real Estate Market Report – April 2010

May 30, 2010 | By Kelley Koehler | Filed Under Southeast Tucson 

Lower end homes were selling quickly in April in Southeast Tucson, and there was one luxury home sale in a price bracket where there have been no sales for several years.

Overall, there were 100 sales – 98 houses and 2 townhome/condos.  That’s 3 units off from last month in a season where sales volumes should be going up.  However, March set some unrealistic sales expectations.  I’m a little surprised that there were even 100 in April.

Inventory moved only 10 units, coming in at 668 homes on the market.  With sales steady, the inventory rate only went up very slightly to 6.7 months.  That means one in nearly every 7 homes managed to find a buyer and close.  Balanced market in this area is usually  more like 5-6 months.

The average single family home cost $183,398 with a median of $158,000.  That’s a $2k jump from last month, but there was one high end sale, so I’m not paying much attention to the change.  More telling is the median price going from $165,950 to $158,000 in a month.  Prices are still on their way down here, even with unseasonally high levels of sales.

There were 25 foreclosures and 10 short sales that closed in Southeast Tucson in April, making distressed homes 35% of the resale market in the area.  Last month, that was 46%.

The big sale was an enormous 70 acre parcel, near the Coyote Creek subdivision, rather rustic in style.  They found a cash buyer too and the buyer’s agent is not listed.  Tax records haven’t been updated yet, but I’m wondering if a company bought it.  Civano had a good April too, with 4 units selling.  

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

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