2011 1st Quarter Market Update

Below find the 1st quarter (Jan.-Mar.), 2011 housing results, for the Foothills and Oro Valley. I have compared the 1st quarter 2011 results to 2010, to provide an overview of the market’s current condition compared to last year.

Foothills (Jan.-Mar.)

2010 2011
Avg. price $558k $464k
Closings 143 147
Days on Mkt. 130 104
(Source: MLS)

Compared to the 1st quarter of 2010, the average price of homes, in the Foothills, declined 16% while the number of closings rose 2%, during the 1st quarter of 2011. Average days on market was 104, a 20% decline from 2010.

Oro Valley (Jan.-Mar)

2010 2011
Avg. price $343 $286k
Closings 120 132
Days on Mkt. 134 97
(Source: MLS)

Compared to the 1st quarter of 2010, the average price of homes, in Oro Valley, declined 16% while the number of closings rose 10%, during the 1st quarter of 2011. Average days on market was 97, a 27% decline from 2010.

While prices in both the Foothills and Oro Valley have fallen, the quantity and speed of sales has risen, compared to last year. While the future remains unknown, the above results suggests the market is beginning to reach equilibrium.

Tucson Real Estate Agent, Lisa Bayless, specializes in Tucson Foothills homes and Oro Valley homes.

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