Southwest Tucson Real Estate Market Report – April 2010

May 24, 2010 | By Kelley Koehler | Filed Under Southwest Tucson 

Sales took a little dip in April in Southwest Tucson, but I’m not sure that’s alarming.  The figures we saw for March were way out of line for what was expected, seasonally.

There were 76 sales in April – 72 homes and 4 townhomes.  Last year at this time, there were only 59 sales, and last month there were 90.  76 seems like a reasonable number for the area in April.

Inventory ticked up slightly from 463 units to 479 units.  With sales down during the month, the absorption rate, or months of inventory, increased to 6.3 months overall in Southwest Tucson.  That means roughly one in every 6 homes managed to find a buyer and close.  Typically, a balanced market is considered to be 5-6 months.  The Southwest has a history of very high and very low inventory swings over the past few years.  Seeing a nice moderate absorption rate is a good sign for the area.

The average home sales price ticked up a bit too, to $128,918, up from $124,517 last month, and from $120,136 last year at this time.  However, the median went down from $115k to $110k – a sign there may be more room for prices to fall in the region.

There were 40 foreclosures and 12 short sales that closed in Southwest Tucson in April, making distressed property a whopping 68% of the resale real estate market in that region.

There was a $500k sale in Southwest Tucson, which is unusual for the area – a custom home in Starr Ridge with insane mountain views.  As in the mountain is in the back yard.  Very nice.

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

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