Tucson real estate : 3rd quarter housing market update

3rd Quarter Market Update!
Below find the 3rd quarter (July-September) 2011 housing results, for the Foothills and Oro Valley. I have compared the 3rd quarter 2011 results to 2010, to provide an overview of the market’s current condition compared to the same time last year.
Foothills (July-September)
                              2010                  2011
Avg. Price                $487k                $465k
Closings                   151                   137
Days on Mkt.            132                    93
Source: MLS
Despite previous signs of improvement, the Foothills housing market slipped this quarter, relative to last year. Compared to the 3rd quarter of 2010, this year the average price of single family homes fell 4% and the amount of sales fell 9%. The good news is the average days on the market declined 29%. While prices and the amount of sales has fallen, compared to last year, home are selling at a faster rate. The 2011 3rd quarter decline in the Foothills housing market, went hand-in-hand with the 3rd quarter decline in the stock market which hit its lowest quarterly decline since the 4th quarter 2008.
Oro Valley (July-September)
                           2010                  2011
Avg. Price            $311k                 $272k
Closings               118                    130
Days on Mkt.        121                     84
Source: MLS
Compared to the 3rd quarter of 2010, this year the average price of single family homes declined 12% while the amount of sales rose 10%. Additionally, the average days on the market declined 30%. While prices in Oro Valley has fallen, compared to last year, more home are selling and at a faster pace.

Realtor Lisa Bayless specializes in Tucson Catalina Foothillls, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.



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