We've developed a gaping gap, and it's between the median list price of the homes for sale in the Foothills, and the median sold price of those Sold in the last three months.
how gaping a gap is it;
Right now it looks like 37%
The Median List Price of the 565 homes For Sale is $639,000
The Median Sold Price of the 87 that Sold is $400,000
yep, a 37% gaping gap it is.
How can that be. Well it's not what you might think - that homes are selling at huge discounts (like 37% say) off their list price.
No, the median list price of the homes that Sold was $425,000.
So it's all about what is selling and what is not selling.
73 homes priced from $0 up to the median ($639K), have Sold.
And just 14 priced from the median and UP, have Sold.
So sales of homes listed below the median - there are 283 for sale -are doing pretty well, well relatively anyway, and homes listed above the median -there are 282 for sale - are selling at a snail's pace.
And if we go to the averages, i.e., the average list & sold prices, it's not a gap, it's an abyss.
The Average List price of all homes for sale is $919,942
The Average Sold price of the homes sold is $473,097, a 48% abyss.
We've got about four or five months for this to turn around, and if it doesn't, lookout below.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
