Tucson real estate : AZ daily star had an article today stating that housing prices in Tucson have dropped to 2000 levels. The city’s current medium sale price ($117,500) hit its lowest point since Feb. 2001.
Medium prices have fallen 19% compared to Sept 2010 and 48% since November 2005 when prices peaked.
On a bright note, fewer property owners have received foreclosure notices, compared to last year. From Jan-Sept 2010, 8,939 notices were filed in Pima County. From Jan-Sept 2011, 7,227 notices were filed in Pima County. In general, distressed home sales drive housing prices down.
Even with the decline of foreclosure, housing prices in Tucson are anticipated to stay at their current levels for the next 8-12 months. This forecast is driven by anticipated increases in the amount of homes for sale. Homeowners, who have been waiting for more than a year for the market to improve before selling their homes, are expected to list their homes for sale over the next year. This increase in inventory (supply) will likely keep prices from increasing.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.