Southwest Tucson Real Estate Market Report – December 2009

January 20, 2010 | By Kelley Koehler | Filed Under Southwest Tucson 

Southwest Tucson has been a mixed blessing recently.  Prices continue to generally decline, but inventory levels are lower than what we’ve seen recently.  Usually, lower inventory levels tend to shore up prices – and indeed, the price decline has been somewhat slower recently.

The average sales price in Southwest Tucson in December was $122,229, with a median sales price of $119,345.  Last year at this time, the average sales price was $127,017, with a median of $120,000 – about a 4% drop in home values, year over year.

No town houses or condos sold in December on the Southwest side.  There aren’t that many over there to begin with.

Overall, there were 419 units listed for sale in Southwest Tucson, and 92 of them sold.  That’s a 4.6 month supply, or absorption rate, meaning a little better than 1 in 5 homes on the market actually sold.  That’s a decent rate for Tucson – I consider anything between about 4-6 months of inventory to be a generally balanced market, at least in terms of supply and demand.

Of those 92 home sales, 12 were short sales and 54 were bank owned property.  That makes the distressed home market an incredible 72% of all sales in Southwest Tucson.

Popular neighborhoods in December were Midvale and Star Valley.  Midvale is a mix of neighborhoods on the near Southwest side with good freeway access and nearby shopping and entertainment.  Star Valley is out further Southwest, one of those newer master planned communities that popped up in the early 2000’s construction boom.

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

The raw numbers:

  SFR Townhome/Condo All  
  Value %change Value %change Value %change
Avg LP $150,581 0.7% $119,664 3.4% $148,810 0.8%
Avg SP $122,229 -3.5% n/a n/a $122,229 -2.9%
Med SP $119,345 0.3% n/a n/a $119,345 0.3%
#Listed 395 -8.8% 24 -4.0% 419 -8.5%
#Sold 92 35.3% 0 -100% 92 33.3%
MOI 4.3 months -32.6% n/a n/a 4.6 months -31.4%

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