Eye on Central Tucson Real Estate - August 2007
I work all over the greater Tucson area, but there’s a special place in my heart for Central Tucson. I’m a sucker for a red brick house with some charm and character, and for me, Central Tucson is the place to be!
In our MLS, boundaries of Central would be River Road to the North, Wilmot to the East, 22nd on the South, and Oracle-ish on the West.
Here’s another reason to love Central Tucson:
That’s a graph of Months of Inventory for all types of Central Tucson real estate, from January 2007 through July 2007. See that nice little downward trend? Declining months of inventory in this case is an indicator that we’re returning to more balanced levels of supply and demand in Central Tucson. Ideally, that should keep prices steady, if not cause them to rise, in the area. In theory, a balanced market is between 4-6 months of inventory, and Central Tucson is sitting cozily in the mid 5 months mark at the moment - signaling a balanced market for the area.
Speaking of prices, let’s see what the average and median are running for Central:
More often than not, all of Tucson takes a dip in Average Sales Price and Median in July. In fact, when I ran this analysis with the other areas of town, all areas save one had a reduced average/median sales price in July 2007. Since the last reported month is the one where we traditionally dip, we’ll have to wait a couple months to see if the dip is a seasonal effect or a sign of something completely different.
Altogether, I’d say Central Tucson real estate is doing okay. Because the houses tend to be older, a lot of the homes have funky additions, or other homeowner projects that turn what was a lovely house into an odd little place. The good stuff, in good condition, priced right, will always sell fast in Central because of the inherent demand.
