Buying Short Sales and Foreclosed Homes in Tucson

Comparing the Short Sale and Foreclosure Markets

April 3, 2009 | By Kelley Koehler | Filed Under Tucson Foreclosures and Short Sales

Fun with numbers –

# Short Sale Homes on the Market today: 1820

# Short Sale Homes Sold in March: 143

That’s a 12.7 month supply of short sales in Tucson. Which means about 1 of every 13 short sales actually sell.

# Foreclosed Homes in the Market today: 1614

# Foreclosed Homes Sold in March: 417

That’s a 3.9 month supply of foreclosed homes. Meaning roughly 1 of every 4 bank-owned homes are selling. That’s a pretty fast rate.

In comparison, there are 7676 homes on the market today, and so far, there’s been 691 sales recorded for March. Which is an 11 month supply of homes, overall. If you’re trying to sell a home in this market, your competition is those foreclosures – that market is moving while the rest is still slow. And if you’re trying to buy, well, you’ve got a lot to pick from. But if you’re wanting that huge bargain foreclosure home, know you might have some competition. Depending on pricing, of course.

Note – since our MLS doesn’t have a field to identify short sales and foreclosures, they’re usually disclosed in either the agent or public comments. I’m searching on common phrases to identify these properties and pull these numbers. It’s not a perfect method – let’s call these numbers approximate.

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