West Tucson Real Estate Market Report – December 2009

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

Figures on the West side of town tend to have a lot of bounce, given that it is a smaller market area. In fact, for single family homes, we’ve seen a $70k swing in average sales prices from the highest point in 2009 to the lowest. And right now, we’re sitting in the middle of that range. There’s still a general downward trend in prices over the long term, but certainly not as quickly as 2008.

Overall, the average sales price was $179,847, with a median of $134,000. Last December, the average sale price was $209,270 with a median of $158,500, a 14% decrease, year over year.

The average house cost just over $200k, with townhomes at just under $90k and condos at nearly $55k. There’s a small but decent condo and townhome market on the West side – the condos at Starr Pass for resort/vacation area and the condos near Pima Community College West.

Inventory took a dip in December in West Tucson to 382 units – actually the lowest inventory level we’ve seen since at least 2007 when I started tracking that data. Overall, there were 51 homes that sold, the majority of them priced at $150,000 and under.

There were 2 closed short sales and 20 bank owned homes that sold in West Tucson in December, making distressed properties a hefty 43% of the market.

Overall, there were 7.5 months of inventory, and 7 months of single family home inventory, signaling a weaker buyer’s market in the area.

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

The raw numbers:

	SFR		Townhome		Condo		All
	Value	%change	Value	%change	Value	%change	Value	%change
Avg LP	$342,649	0.9%	$107,208	1.4%	$90,180	-0.6%	$288,663	0.3%
Avg SP	$203,366	2.0%	$89,131	-7.4%	$54,861	-11.0%	$179,847	2.5%
Med SP	$139,500	-13.4%	$85,163	1.4%	$40,000	-15.8%	$134,000	-9.8%
#Listed	296	-6.0%	64	-4.5%	22	4.8%	382	-5.2%
#Sold	42	-10.6%	4	-60.0%	5	66.7%	51	-15.0%
MOI	7.0 months	5.2%	16.0 months	138.8%	4.4 months	-37.1%	7.5 months	11.5%

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Northwest Tucson Real Estate Market Report – December 2009

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