Here are the latest sales figures for single family homes SOLD in
the Tucson Foothills for the period of
January - March 2008 vs January - March 2007 -
thru the Tucson Association of Realtors Multiple Listing Service
| Price | Jan - Mar 07 # Sold |
Jan - Mar 08 # Sold |
+/- % |
| $0 - $250K | 3 | 3 | 0 |
| $250 - $500K | 56 | 50 | -11 |
| $500 - $750K | 40 | 32 | -20 |
| $750 - $1.0m | 22 | 21 | -4 |
| $1.0 - $1.5m | 9 | 7 | -22 |
| $1.5 - $2.0m | 7 | 4 | -42 |
| $2.0 & UP | 2 | 6 | 200 |
| Total Sold | 139 | 123 | -11.5 |
| Avg List $$ | $715,982 | $762,277 | 6 |
| Avg Sold $$ | $682,305 | $716,221 | 5 |
| Median List $$ | $567,000 | $559,900 | -1 |
| Median Sold $ | $540,000 | $538,750 | -.23 |
| $$ Value of Homes Sold | $94,840,355 | $88,095,191 | -7 |
This is now the beginning of the 3rd year of declining home sales in the Tucson Foothills.
In 2006 home sales dropped by 25% vs. 2005, and in 2007 they dropped again, by 15%.
Now sales are down yet again, this time by 11.5%.
The best that can be said is that the rate of decline is slowing,
and maybe the worst is over.
Yet through all this, the average sold price continues to be up - it's higher than it was in 05, 06 and 07 - while the median has dipped this year, but just barely.
On the other hand, these numbers are all down from last month - see 2008 Tucson Foothills home sales, so far - and because we're now deeper into our busy season for sales, if anything, the numbers should be up from last month.
Are we on the brink of something here.
Are prices about to finally succumb to two+ years of slower sales and higher inventory, or are sales working back up through a slow climb to recovery? What do you think.
see TheFoothillsToday.com
to search for and learn more about Tucson Foothills Homes
