It is what it is, so let's grin and have a look at how home sales and prices are holding up in the Tucson Foothills under the carnage in our financial markets.
First the number of single family homes Sold by price range, followed by average and median Sold prices for January to September 2008, compared to 2007. For the Tucson Foothills.
| Price Range | Jan - Sept 07 | Jan - Sept 08 | +/-% |
| $0 - $250K | 7 | 17 | +142% |
| 250 -$500K | 192 | 179 | -6.7% |
| 500 -$750K | 165 | 122 | -26% |
| 750 -$1.0m | 68 | 58 | -14.7% |
| 1.0 -$1.5m | 48 | 30 | -37.5% |
| 1.5 -$2.0m | 17 | 10 | -41% |
| $2.0 & UP | 10 | 7 | -30% |
| Total Sold | 507 | 423 | -16.5% |
| Avg List $ | $721,204 | $674,105 | -6.5% |
| Avg Sold $ | $688,744 | $634,345 | -7.9% |
| Median List | $569,979 | $549,900 | -3.5% |
| Median Sold | $549,500 | $525,000 | -4.4% |
| $$ Value of Homes Sold | $349,193,249 | $268,328,050 | -23% |
Last month and the month before, I noted there had been some improvement from previous months in average and median sold prices.
see it here> Jan - August home sales for the Tucson Foothills
Well not so fast I guess, because now prices through September have started to inch down again. Just a teeny bit, but they're down not up. And sales have slowed a bit more too.
Blame it on September, it was a dismal month for home sales in the Foothills, dismal. Anyone surprised though, given all the other shoes that keep dropping.
OK, BIG PICTURE - average sale prices in the Foothills are down 9.8% from their peak in 2006. $634,345 today vs $703,616 -2006 = -9.8%.
So not the 20, 25 or 30% decreases that we read about in other markets. So we're OK, considering.
Now if we could just get sellers and their agents to price their homes for that 9.8% DECREASE, instead of the 10 or 20% INCREASE that's still dancing in their heads, we'd be doing even better.
Breaking News, as I'm writing this it was just announced the House approved the bailout bill. YEAH! I hope. If it does half of what it's cracked up to, we should get some relief. Ease credit markets and help restore confidence.
I look forward to your questions and comments.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
