It's not a pretty picture, but here's a look at the sales numbers for Tucson Foothills homes for this January-February 2007, compared with January-February of 2006.
Price range |
Jan-Feb |
Jan-Feb |
+/- % |
$500,000 - $750,000 |
32 |
20 |
-37% |
$750,000 - $1,000,000 |
14 |
9 |
-35% |
$1,000,000 - $1,500,000 |
16 |
5 |
-68% |
$1,500,000 - $2,000,000 |
3 |
3 |
+/_0% |
$2,000,000 & UP |
1 |
1 |
+/-0% |
Total Homes SOLD |
66 |
38 |
-42% |
Average |
$699,820 |
$678,201 |
-3% |
Average Sale Price |
672,555 |
$649,543 |
-3% |
This is a big drop in sales for Tucson Foothills homes, a huge drop. And sales of homes priced at $1mil to $1.5 mil and UP, which had been selling better than ever thru 06, are suddenly flat or down significantly in these first two months of the new year. Average list and average sale prices are also down, for the first time since the 18 months following 9/11.
The slowdown in sales in the Foothills didn't start until May of 06, later than in most cities, but that's usually the case. When the east coast, midwest and west coast real estate markets change, either up or down, we usually don't feel the full effects until 4 to six months later. But now it's 10 months since our market slowdown started and suddenly we seem to be slipping another rung or two, right at the height of our season for home sales.
Though I'd like to attribute this slip in sales to the unusually cold and prolonged winter weather that we've had this year, and I'm sure the weathers' had something to do with it, blaming this big a drop in sales on the weather, somehow doesn't quite cut it. However, currently there are 61 homes under contract priced from $500K and UP in the Foothills, and if most of those transactions close escrow as scheduled, we'll be back on track for a good, maybe even a very good 07. By April Fools day we'll know.
