Here are the latest sales figures for single family homes SOLD in
the Tucson Foothills for the period of
January/February 2008 vs January/February 2007 -
thru the Tucson Association of Realtors Multiple Listing Service.
| Price | Jan-Feb 07 | Jan-Feb 08 | % +/- |
| $0 - $250K | 3 | 1 | - 66% |
| $250 - $500K | 33 | 31 | - 6% |
| $500 - $750K | 22 | 13 | - 41% |
| $750- $1.0mil | 11 | 14 | +27% |
| $1.0- $1.5mil | 5 | 5 | 0 |
| $1.5- $2.0mil | 3 | 2 | - 33% |
| $2.0 & UP | 1 | 4 | +300% |
| Total Sold | 78 | 70 | - 10 |
| Avg List $$ | $672,950 | $808,247 | +20.% |
| Avg Sold $$ | $645,469 | $752,673 | +16 |
| Median List $$ | $542,000 | $552,000 | +1.84% |
| Median Sold $ | $520,000 | $530,000 | +1.92 |
| $$ Value of Sold Homes | $50,346,550 | $52,687,076 | +4.64% |
With most of the drop in sales occurring at the low to average price range (for the foothills) -the $500 to $750K price range accounting for the bulk of it - the # of homes sold is down 10% overall, while sales at the high-end are holding their own.
As to the big jump in the average list and average sold price-
some of that can be attributed to the four multi-million dollar homes that sold this year.
With three of those four selling at right around $3,000,000, the averages get pushed up pretty quickly, particularly when we're dealing with a short period of time and relatively few sales overall.
And yet the median sold price, less effected by a few high-end sales, is also up.
So while the high-end seems to be holding the reins, there is some contradictory evidence here. Sales are down 10% - inventory is UP about 20% from last year - yet the average and median sold prices are (stubbornly) up, and the total dollar value of the homes sold is up almost 5%, despite 10% fewer sales. And to complicate an already mixed review, there are 88 homes currently under contract in the Foothills today.
Stay Tuned.
UPDATE - 3/4/08
A reader of this post commented,
"Thanks John! Looks like the Foothills is holding up pretty well, thanks to sales of expensive homes".
OK, with those high-end sales, that's a fair conclusion to come to.
And it's true, but only to some extent.
So while I raised the issue in my post, "selling at right around $3,000,000, the averages get pushed up pretty quickly", maybe I should have taken a closer look at what that means in dollars & cents.
So to make the average and median sale price comparison with last year more even-steven, I've eliminated the 2 highest priced sales from this year - 2 that sold for about $3.0 mil each. That leaves 9 homes that sold for over $1,000,000 in both 07 & 08.
Doing that adjusts the average list price to $732,019, the average sold to $685,839 and the median list and sold prices to $549,950 & $525,000.
Still holding up very well vs. last year.
And this begs the question, if those $3,000,000 homes had sold last year, rather than this year, would anyone stand still for me adjusting the sales figures to make things more
even-steven.
see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes
