Considering the beating that we all took in the financial markets in September and October, you would expect that home sales and prices would have fallen off the cliff. But according to the numbers, so far they're holding their own, and have even improved ever so slightly since last month. (Year to date home sales in the Tucson Foothills)
Have a look.
First is the data for the number of single family homes Sold-
by price range, year-to-date through October, followed by average and median Sold prices, compared to the same period in 2007.
For single family homes in the Tucson Foothills.
| Price Range | Jan - Oct 07 | Jan - Oct 08 | +/-% |
| $0 - $250K | 7 | 18 | +157% |
| 250 -$500K | 208 | 195 | -6.2% |
| 500 -$750K | 177 | 133 | -25% |
| 750 -$1.0m | 71 | 65 | -8.4% |
| 1.0 -$1.5m | 51 | 32 | -37% |
| 1.5 -$2.0m | 18 | 12 | -33% |
| $2.0 & UP | 11 | 8 | -27% |
| Total Sold | 543 | 463 | -14.7% |
| 2007 | 2008 | ||
| Avg List $ | $720,905 | $679,239 | -5.8% |
| Avg Sold $ | $687,806 | $638,253 | -7.2% |
| Median List | $569,900 | $550,000 | -3.5% |
| Median Sold | $549,000 | $525,000 | -4.4% |
| $$ Value of Homes Sold | $373,478,794 | $295,511,200 | -21% |
OK, so those are the year-to-date figures, but how about
this October compared to October last year.
October 2007 = 36 homes sold, avg sold $= $674,598,
median sold $= $531,000
October 2008 = 39 homes sold, avg sold $= $684,183,
median sold $= $570,000
Of course in October 2007 we were in the first innings of the mortgage meltdown, and that too was a show stopper for sales.
And though the situation is now considerably uglier, sales and prices seem to be holding up reasonably well. Is it because we are now battle scarred and used to this new economic reality. Also note that the average sold price for this October ($684,183) is higher than the average sold price for 2008 through October, ($638,253).
OK, BIG PICTURE - average sale prices in the Foothills are down 9.3% from 2006, the peak year for Foothills home prices.
$638,253 today vs $703,616 in 2006 = -9.3%.
But sales are another matter. Through October 2006, 627 homes sold in the Tucson Foothills. This year 463 have sold. A drop of 27%.
But prices are down, not up, yet too many people continue to price their homes as if prices went up.
For instance, a home that would have been properly priced at $1,000,000 in $2006, and at about $900,000 today, is instead often being priced at $1,100,000 or more. So that home is priced 22% higher than it should be. And buyers just aren't buying it.
So those homes are sitting on the market, clogging the pipeline.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
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