Southeast Tucson Real Estate Market Report – December 2009

February 5, 2010 | By Kelley Koehler | Filed Under Southeast Tucson

Southeast Tucson holds steady over the winter this year, recording values very similar to November 2009. The average house sold for just over $205,000, with a median of $175,000. The median, which dropped a bit over late summer, has been creeping back up slowly. The average sale price was up a bit as well, but there were a few higher priced homes that sold in Southeast Tucson, which would throw that number off somewhat.

78 homes sold, including both single family and townhomes, with 532 homes listed. For perspective, last year at this time there were 71 sales and 638 homes listed. Lower inventory levels during 2009 have helped slow the price decrease in the area, though continuing high levels of distressed property sales will keep a downward force on prices for a while yet.

Overall, the absorption rate was 6.8 months, or 6.8 months of inventory. That means roughly one in every 7 homes on the market actually sold. Last year at this time, Southeast Tucson had 9 months of inventory – a two month improvement.

Of 78 sales, 10 were short sales, 25 were bank owned homes, making distress sales 45% 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	%change	Value	%change	Value	%change
Avg LP	$260,319	-1.6%	$87067	2.8%	$255,434	-1.0%
Avg SP	$205,775	5.7%	$49,600	-5.2%	$206,502	12.3%
Med SP	$175,000	2.7%	$49,600	-7.3%	$179,950	7.9%
#Listed	517	-1.3%	15	-25.0%	532	-2.2%
#Sold	75	1.4%	3	-50.0%	78	-2.5%
MOI	6.9 months	-2.7%	5.0 months	50.0%	6.8 months	0.3%

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