sold (so far) in the 4th quarter

There are 474 single family homes for sale, and since October 1st 
105 homes have sold in the Tucson Foothills. That works out to
an 11 month supply of homes for sale.
Here’s what that supply looks like when it’s broken down by price range,

listed $0 to $599,999 
267 for sale/75 sold = an 8.9 month supply of homes

listed $600,000 to $999,999
116 for sale/25 sold = 11.6 month supply

listed $1,000,000 to $1,499,999
47 for sale/4 sold =  29 month supply

listed $1,500,000 to $1,999,999
17 for sale/1 sold =  42.5 month supply

listed $2,000,000 and UP
24 for sale/0 sold = an endless supply

The supply of homes at the low-end of the market is a tad higher than it’s been lately, but everything else is pretty much the same.

And how well did those 105 homes sell, you know, how close to list price did they get.

Price	# sold	average Original list	average List @ sale	average Sold Price	% of SP/OLP
0-$599	75	$413,594	$379,032	$363,576	88%
600-$999	25	$797,360	$742,956	$699,600	87%
1.0-1.499	4	1,321,250	1,296,250	$1,152,500	87%
1.5-1.999	1	$1,595,000	$1,595,000	$1,475,000	92.5%
$2.0 - up	0	$3,484,506

at 87%, the % of sale price to original list price is off about 8 to 9% from what we would expect to see in a normal market.  Which is further evidence of the very strong buyers market we continue to be in.

Also, unlike the figures published here,  the real estate industry reports the % of SP/LP based solely on the list price at the time of sale – that’s after price reductions and re-listings - disregarding the original list price. Using that method, for instance, they would report the sales noted above at $0-$599 as occurring at 95.9% of list price and those at $1.0 to $1.499 as occurring at 98% of list price.
Does that seem right? I don’t think so. It gives a distorted view of the market, ignoring the fact that homes have been reduced in price, and often for large amounts, before they sell at 95.9% or 98% of list price.

see thefoothillsToday.com
to find your Foothills home

Comments

[john schneider]

Arthur, my numbers are for single family homes sold thru the Tucson Association of Realtors Multiple Listing Service. So no, they do not include fsbo's.

fsbo's have always been an extremely tiny percentage of sales in the Tucson Foothills. And, contrary to what may seem like a logical recourse to keep costs down, in fact, fsbo's appear to be almost nonexistent these days. Why? Very likely because sellers realize that they are competing against many other homes for sale, with very few buyers, and, like it or not, the MLS is the best way to get your home exposed to the greatest number of real buyers.

Presumably, the county records all sales. But I have no idea how you would go about comparing total mls sales to total county recorded sales.
Sounds like searching for a needle in a haystack.

JS

[Arthur]

That is a fascinating compilation of data. Do your numbers include homes that are sold without ever being listed by a real estate agent? One might expect that number to be quite small. And, in past, that assumption would have been well-founded. But these days, with sellers looking to keep closing costs at a bare minimum, I wonder if there are sales taking place through Craigslist and other web sites. Does the county compile and make accessible aggregate sales numbers that would make it possible to calculate how many private sales are happening by comparing that total to the total reflected on multilist? If so, it would be real interesting to know the state of that market is.