April 2009 Real Estate Market Report: Southeast Tucson, Arizona

here's just one of the many reasons to live in Southern Arizona.

So, let's talk Real Estate and the numbers for a minute. Compared to last year, the facts and figures are pretty consistent. This report covers Vail, Rita Ranch, Civano, Mesquite Ranch, and Corona De Tucson, Arizona. Each of these large communities and/or subdivisions make up the 85747 and 85641 zip codes.

For the month of April 2009, 52 homes were sold for a total of $12,402,651. Of these sales 16 were bank owned or short sales.( Short sales are when the bank allows a borrower to sell for less than the mortgage balance) That means 31% of the homes sold had a bank involved to sell the home.

This same month last year, or April 2008, 51 homes were sold for $11,905,250. 10 of which banks were involved in the sale to sell.

As of May 4th, 2009 there are 416 homes available for sale, 93 of which are either bank owned or short sales.

From my perspective the tone has changed in the last 45 days. My office is busy, as our the other agents that conduct business there. It's a great sign and goes to show that with excellent selection and terrific pricing coupled with the lowest rates in 5 decades, something is bound to give.

One last stat I wanted to share for anyone selling their home or thinking of selling. Homes that had an accepted contract within the first 30 days of listing it, received 98.31% of asking price. However, homes that had an accepted contract from day 31 through day 60 of being on the market received 94.76% of asking price. Wow! What a difference timing and pricing make.

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I'm Kevin Wood of Realty Executives, and I'm the author of this post. You can reach me through email at kwood@gotucson.com , 520.260.3123, or visit my website at HomesInfoTucson.com. I have helped people just like you move in and out of Tucson for nearly 4 years. In a previous career, I represented Honda Automobile Corporation for 10 years. During that time, I placed among the top 5% of all sales consultants nationwide for overall client satisfaction and volume. My office is conveniently located on Kolb Road 1/4 mile south of Tanque Verde