What Can Statistics Tell You About The Tucson Real Estate Market?

The comprehensive market reports released to the public by the Tucson Association of Realtors monthly are both fun and instructional and provide a wealth of data which can be mined with only an elementary understanding of mathematics.

Combining the data with a zip code map provides the basis of knowing where properties are selling and those which are languishing on the market.  This, in combination with absorption rates, (tomorrow’s topic) will divine where the great buys may be and where the “hot market” is currently.

If we look at areas where the greatest percentage of homes on the market sold during December, the Rita Ranch area takes the award with 27.73% of properties sold, but the 85747 zip code had only 154 homes for sale and a total of 35 sold.  Closely following is the Midvale area (85757) with 24.58% sold from a total of 118 on the market, which is 29 homes.  The 85714 area, east of Davis Monthan Air Force Base in the Irvington area had 22.86% sold, or 6 out of 35, and the area with 21.60% properties sold, or 35 out of 162 is 85756, south of Tucson International Airport east of I-10.

Now looking to the areas with the most homes available from the December statistics, there are nine zip codes with more than 250 homes actively on the market.  The Foothills-Sabino Canyon area leads the pack with 353 homes on the market (85750), closely followed by the Catalina Foothills zip code with 340 homes on the market, zip code 85718.  Many people wanted to put their home on the market but waited thinking the prices would increase.

The Green Valley area closely follows in 85714 with 292 homes for sale, followed by Corona De Tucson with 282 homes in the 85614 zip.  Both of these areas saw new construction during the mid 2000’s.   Rancho Vistoso in the 85755 area is offering 279 homes, and the Saddlebrook-Catalina area in 85739 has 270 homes on the market.  All of these areas may appeal to people looking to retire in the Tucson area or people looking for second homes.

The northwest, Lambert Lane area south of Tangerine between Cholla and Oracle in 85737, an Oro Valley zip, has 259 homes on the market.  From Golf Links north to Speedway in the 85710 zip, northeast of Davis Monthan has 258 listings, and Sahuarita, a new home subdivision area in 85629 has 252 homes on the market.

The absorption rate, which is a different statistics than discussed today is tomorrow’s topic for the various zip codes in town.  This will tell how long it may take to sell a property in a specified zip.

Resource:

http://www.tucsonrealtors.org/statistics.html

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3 Responses to “What Can Statistics Tell You About The Tucson Real Estate Market?”

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