Here's a comparison, by price range, of single family homes SOLD in the Tucson Foothills for the period of January - November 2006 vs.
January - November 2007. This is for homes SOLD through the Tucson Association of Realtors MLS.
Keep in mind that during this period there was an average of just 320 homes for sale priced from $500,000, and up to about $8,000,000
in the Tucson Foothills.
| Price Range | Jan-Oct 06 | Jan-Oct 07 | +/- % |
| $500 - $750K | 214 | 191 | -10% |
| $750 - 1mil | 96 | 75 | -21 |
| $1mil - $1.5mil | 82 | 54 | -32 |
| $1.5 - $2.0mil | 16 | 18 | +12 |
| $2.0mil & UP | 18 | 11 | -38 |
| Total Homes SOLD | 426 | 349 | -18 |
| *Avg List Price | $739,908 | $710,255 | -4 |
| Avg SOLD Price | $710,823 | $677,204 | -4.7 |
| Median List Price | $598,000 | $563,450 | -5.7 |
| Median SOLD Price | $580,000 | $540,643 | -6.7 |
| $$ Value of Homes SOLD | $479,805,548 | $395,487,123 | -17 |
*The Avg. & Median List and Sold prices, and the Total $$ Value figures, include ALL homes SOLD in ALL price ranges in the Tucson Foothills - not just those from $500K & UP
The numbers say it all. Home Sales in the Tucson Foothills continue their downward slide - widening the gap in the number of sales and the average sold price for single family homes - between this year and last.
When the mortgage mess hit in August home sales suddenly came to a halt, and given the confusion and fear that gripped the markets, it was a no-brainer to place the blame squarely on that crisis.
But now that the dust has settled, and despite the wide availability of home loans at very low rates (about 5.85% fixed/conventional) the decline in sales has cut a new groove, and stubbornly gone on longer and cut deeper than many of us anticipated.
What to do?
Up until a couple of months ago I often said, ' despite the slowdown the best homes are still selling well and relatively quickly in the Tucson Foothills'.
I couldn't make that statement today.
*If you're selling your home it is absolutely critical that it be very competitively priced in order to sell in today's market.
Very competitively priced. No, ifs, ands or buts, you can't hedge on this one.
*Make sure that your home shows like a model, and that the presentation of your home on the internet (the pictures & description & details) is attractive, compelling and professional. This is critical.
What shows up on the MLS and the internet is the ad for your home that will be looked at, or passed over, by the greatest number of buyers. Today there are fewer buyers and more homes for sale - you have to stand out and look great to get noticed and considered.
*If you're buying a home, consider that home prices are down, sellers are more flexible than ever -121 homes have had price reductions in just the last 30 days & the average spread between list price and sold price is 4.7% - and mortgage money is available at near historically low rates. These are conditions that don't often occur at the same time.
For sales through the end of October, see YTD home sales in the Tucson Foothills
