The last couple of months have been good ones for the housing market in the Northwest Tucson region. Home sales have shown an uptick in buyer activity with significantly lower inventories than in 2010 and 2011 in nearly every price band and zip code.
As of December 2011 active inventory was 1,333, a 24% decrease from December 2010. There were 219 closings in December 2011, 6% below December 2010. Months of Inventory was 6.1, down from 7.6 from December 2010. Median price of sold homes was $159,000 for the month of December 2011, down 9% from December 2010. The Northwest area had 301 new properties under contract in December 2011, up 33% from December 2010.
The fine homes price bands of $400,000 to $750,000 continues to struggle, while lesser priced homes have seen a substantial clearing of inventory. That does not mean that fine homes are not selling. Remarkable homes that are priced right are selling quickly. Home buyers who can’t fine the right home for the right price are now turning to custom and semi-custom home builders for the home they’d rather have.
If you have been looking at fine homes and have not found the right home, we can help you with the right lot and the right builder. New build pricing is now very attractive, especially when you can’t find the value you are looking for with what is now on the market. Call us; Mark Finchem @ (520) 918-1619 or Suzie Terry @ (520) 918-6551.