West Tucson Real Estate Market Report – April 2010

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

April on the West side of Tucson brought a decent increase in sales and lower inventory overall. 

There were 63 sold homes in April overall – 53 houses, 2 townhomes, and 8 condos.  Seasonally, we should be starting our run up in sales that we see every summer, but right now we’re already at the sales units we saw last year at our peak.  The question is how many of those are tax credit buyers and how many are just regular home buyers making their typical purchases at this time of year. 

Inventory went down a bit, from 450 homes to 433.  With the increase in sales and the reduction of inventory, the absorption rate fell to 6.9 months – that means roughly one in every 7 homes found a buyer and sold.  Typically, a balanced market is considered to be in the 5-6 month range.  In the past year, it hasn’t been usual for the West side of Tucson to have that kind of lowish absorption rate.

The average West Tucson single family home cost $200,228 with a median of $172,500 in April.  That average price is just $1000 higher than last month, but the median has been moving up for 2 months now.  There were more condo sales in April than typical, which are usually  low end sales.  In order for the median to move up like that when the West side has more condo sales, there were more higher end sales.  Last month, there were only 12 sales higher than $200k.  This month, there were 20.

There were 9 short sales and 19 foreclosed homes that sold in West Tucson in April, making distressed property 44% of the West Tucson real estate market.

Starr Pass had a big April with 8 sales in the community.  In that were 3 of the Moonrise at Starr Pass condos, and one was the most expensive house sold on the West side in April, in the Wildcat Pass portion of Starr Pass – a lovely custom home on a half acre only 2 years old for $855k.

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

Comments

Got something to say?







Get Blog Posts Via Email!

Search this Site

Loading

Other Information That Might Be Helpful

  • West Tucson Real Estate Market Report – March 2010 (April 30, 2010)

    Like the rest of the city, West Tucson saw an increase in sales volume, but prices didn’t really move.
    There were 53 units sold in March, up from 34 the previous month.  Last year, that seemed to be a sustainable sales volume over the Summer, we’ll have to see if it holds out for the rest [...]

  • Northeast Tucson Real Estate Market Report – April 2010 (May 30, 2010)

    Sales were up again in Northeast Tucson in April, though average prices took a small dip.
    Overall, there were 53 sales in Northeast Tucson – 43 houses, 9 townhomes, and 1 condo.  Last month, there were 43 sales, and last year at this time, there were 44, so we’re had a bit more activity than usual.
    Inventory [...]

  • Southwest Tucson Real Estate Market Report – April 2010 (May 24, 2010)

    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 [...]

Equal Housing Opportunity Realtor
Clicky Web Analytics