Southwest Tucson Real Estate Market Report – February 2010

March 10, 2010 | By Kelley Koehler | Filed Under Southwest Tucson 

Southwest Tucson seems to be leveling out over the past couple of months.  If you look at the average home sale price in Southwest Tucson, the last few months have been holding steady in the $120k range.  The number of sales is wavering a bit, making that whole idea of leveling out a little unsteady.

The average house cost $122,387, with a median of $118,000.  Last month, the average was $118,743 – typical of January to be down a bit, and – also – typical of February to be up a bit.  Last year at this time, the average home sale price was $138,364, a year over year decline in home values of nearly 12%.

In Feburary 2010, there were 435 homes listed, and 54 sales, giving us 8.1 months of inventory, also called the absorption rate.  That means roughly one in every 8 homes listed managed to sell and close.  If we follow seasonal trend, that number should improve over the following months.

There’s really little townhome/condo market in the Southwest to speak of.  There was a single sale, at $115,000, with 26 others listed.

Star Valley and Tucson Mountain Ranch were popular areas in February – two of the larger communities in Southwest Tucson.  On the higher end of the price range, there were two sales in Critterland, a TJ Bednar community built in the early 2000s on nice large acre-ish lots.

Of 55 sales, 4 were short sales and 26 were bank owned homes, making distressed sales nearly 55% of the resale market in Southwest Tucson.

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 Value Value %change
Avg LP $147,644 $102,665 $145,108 -2.0%
Avg SP $122,387 $115,000 $122,252 3.6%
Med SP $118,000 $115,000 $116,000 10.5%
#Listed 435 26 461 4.5%
#Sold 54 1 55 0%
MOI 8.1 months 26 months 8.4 months 4.5%

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