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Monthly Archives: March 2011
Finally some good news for the luxury housing market! The Tucson area had its first $2 million plus home sale. The home, a foreclosure built in 2009 on 4 acres, is located in Saguaro Ranch in Marana and sold for $2.1 million. That’s $288/sqft.
New homes are often not as good of a deal as exisiting homes in a declining market.
I have encountered buyers who want newly constructed Tucson homes, built within the last year, and are frustrated that they can’t find any that fit their criteria.
Currently there are conflicting indicators, regarding the state of the luxury housing market in the Foothills and Oro Valley
Tucson Luxury Home Market Update. As of February 2011 active luxury inventory was 291, a 32% decrease from February 2010. There were 10 luxury closings in February 2011, 9% below February 2010. Continue reading
As of February 2011 active inventory was 504, a 14% increase from February 2010. There were 53 closings in February 2011, 51% above February 2010. Months of Inventory was 9.5, down from 12.7 in December 2009. Continue reading
As of February 2011 active inventory was 504, a 14% increase from February 2010. There were 53 closings in February 2011, 51% above February 2010. Months of Inventory was 9.5, down from 12.7 in December 2009. Median price of sold homes was $265,000 for the month of February 2011, down 7% from February 2010. Oro Valley had 57 new properties under contract in February 2011, down 5% from February 2010. Continue reading
Between 1/1/11 – 3/11/11, 103 homes have sold in the Foothills. The low was $94,000 and the high was $1,725,000. The medium was $377,500. Since 1/1/11 there have been 5 home sales, in the Foothills, for over a million Continue reading
Will it be a silver lined or storm cloud at the end of the real-estate horizon? Currently, there are dueling economic indicators suggesting the future of the real-estate market remains undetermined. Below find a summary of various economic conditions that will put both upward and downward pressure on the housing market.