Southwest Tucson Real Estate Market Report – March 2010

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

Unusual for the Southwest side of Tucson in March was a home that sold for $530,000 – there hasn’t been a sale that high since mid 2008.  The high sale didn’t really impact the average sale prices, however, as there was enough activity at the lower end to reduce any skew from that one large sale.

The average home cost $124,517, with a median of $115,000.  Last year at this time, the average home cost $130,676 with a median of $125,000 – year over year decrease in home values of 4.7%. 

On the more positive side, there were 90 homes sold in March, a huge increase over the 55 sales in February.  Typically, unit sales increase over Summer, but we saw larger increases in sales across the city than I anticipated.  I’m not sure these levels are sustainable, but only time will tell.

Inventory went up 2 units to 463 homes for sale.  With the increase in sales and steady inventory, the absorption rate improved, it went down.  There were 5.1 months of inventory in March, meaning roughly one in every 5 homes listed found a buyer and closed.  Typically, 5-6 months of inventory is considered balanced, and the Southwest side has been flirting with that range for nearly a year.

Biggest selling subdivision was Star Valley with 21 sales – Star Valley is a master planned community in the further reaches of the Southwest side. 

Of the 90 sales, 14 were short sales and 45 were bank owned homes, making distressed homes 66% of the resale housing 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 %change Value %change Value %change
Avg LP $141,299 -4.3% $103,566 0.9% $139,099 -4.1%
Avg SP $124,517 1.7% $46,310 -59.7% $121,910 -0.3%
Med SP $115,000 -2.5% $45,000 -60.9% $144,950 25.0%
#Listed 436 0.2% 27 3.8% 463 0.4%
#Sold 87 61.1% 3 200% 90 63.6%
MOI 5.0 months -37.8% 9.0 months -65.4% 5.1 months -38.6%

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