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A Snapshot: Las Alturas Real Estate - Fall 2013

 

Is it a Buyer's Market? a Seller's Market? Frankly there are arguments to support either conclusion. Southern Arizona’s real estate, housing and land markets are in recovery. Nothing stellar, but steady.  Sales of existing homes are climbing, foreclosure notices are stabilizing, some land that has been on the market for over 1,500 days has sold, and new home starts are the highest since 2010. Tucson has even been named as a prime market for "flippers" (# 10 in recent reporting with the median home price for the Tucson area at $172,000; Phoenix is #3 and most other cities in the Top 25 are in Florida, Nevada and some parts of California).

In the geographic area of what our Tucson Multiple Listing Service calls “North”, the "average" list price is $442,337 (October 2013). However, that is a reduction of 1%  to 10% in zip code 85718 since October 2013. Like other commodities, the greater the inventory, and our inventory is modestly increasing, the lower the price. Wish we had a crystal ball to know what the market will bring us. However, we do have data that tells us “where we’ve been”, allowing us to look at trends.

While Tucson does still rank high in foreclosures and short sales (distressed properties), our overall percentages are dropping (from 44% distressed properties in 2012 to 32% distressed properties in 2013).  Within the past year in Las Alturas, we have not had any short sale nor bank owned properties. If/when we consistently put these distressed properties behind us, we should see a return to more favorable selling prices.

Within the last twelve months, Las Alturas has had eleven homes on the market. Of those, seven have sold, one is under contract, One was taken off the market, and the remaining two are still active (still looking for a buyer!)  Lots of factors determine whether the home does or does not sell. As you can see, none of these homes were bank owned nor short sale. Looking at the homes that have SOLD, there is such a discrepancy in Days on Market and Price Per Square Foot -- typically the longer the home is on the market, the lower the price per square foot - not the case in this situation. At quick glance, it is startling to see such a wide range in Price per Square Foot.  In a custom home environment like ours, each house is unique. Features that play a role in the Price are age of home / updating, location / privacy, floorplan, and views. Number of fireplaces, number of garage spaces, type of flooring, pool/no pool all play a role in the pricing, as well. What makes the difference ?  Perceived value as determined by the buyer !

 

 

Status

Address

SqFt

Current List Price

Sold Price

Sold –

Price /SqFt

Days on Market*

Bank Owned

Short Sale

Active

5341 N Calle Bujia

2040

$398,000

   

29

   

Active

5301 N Pontatoc Rd

2224

$399,000

   

364

   

Under Contract

4117 E. Bujia Segunda

2732

$399,000

   

31

   

Sold

5101 N Pontatoc Rd

2536

$389,000

$375.000

$147.87

213

   

Sold

2895 N Circulo Bujia.

2365

$399,000

$387,000

$168.71

571

   

Sold

4840 N Valley View .

2757

$429,000

$430,000

$155.97

4

   

Sold

4958 N Circulo Bujia

2607

$450,000

$435,000

$166.86

42

   

Sold

5211 N Pontatoc

2828

$499,000

$490,000

$173.27

51

   

Sold

5350 N. Calle Bujia

3176

$595,000

$595,000

$187.34

4

   

Sold

5000 N Calle Bujia

3632

$899,900

$875,000

$247.52

80

   

Cancelled

5201 N. Pontatoc Rd

2600

$469,000

   

140

   

 

* as of November 16, 2013

Inventory and market conditions are a moving target. Please check back here often to see the current statistics.

As you might guess, there are many statistics and many ways to evaluate the current real estate market. If you have an interest in receiving more real estate detail of the Catalina Foothills area (or other areas of Tucson), just let Pam (400-2835; This email address is being protected from spambots. You need JavaScript enabled to view it. ) or Doug (465-3423; This email address is being protected from spambots. You need JavaScript enabled to view it. ) know, and we will send you the current statistics.