Tucson's Foothills luxury market (homes sold over 800,000) has slowed down a bit since 2005 with more luxury homes sold between March 13 2005 and April 13 2005 than in the same period of 2010. There were 18 luxury homes sold in the north Tucson foothills between March 13th 2005 and April 13, 2005 versus 6 luxury homes sold between March 13, 2010 and April 13, 2010.
Although the sales have been less brisk the per square foot sale price has come up to 2005 levels.
For example, medium per square foot price of homes sold in March /April 2010 at 247.00 per square foot and the average square foot price of homes sold at 265.00 actually a bit higher than 2005, when the average sale price was 255.00 per square foot . Oh how I love Tucson and market dynamics of supply and demand. You may say,, "wait" I have read about all the price drops , again, price drops have been sellers adjusting to reality, rather than luxury home prices taking a huge dip. We still see seller "wish pricing" based on the desire for new toys or because the neighbors house was priced the same, but slowly these numbers too will come down and sales prices will be based on comparable sales.
However the point of this blog was to share market data from both the Tucson foothills luxury market and the equally popular but more price sensitive markets of Phoenix's luxury communities.
Click attached link from MSN news. http://realestate.msn.com/article.aspx?cp-documentid=23875607>1=35006#atoolb
