Turning Point in Tucson Foothills Market Conditions

July 17, 2007 by Donna Anderson.

My number crunching of the most recent multiple- listing stats indicate a slow turning in the market conditions of luxury Foothills homes priced from $400,000 and $750,000. After studying the numbers in zip codes 85750 and 85718, it seems that there is only a 5 1/2 month supply of houses priced from $400,000 - $500,000 and a 6 1/2 month supply of houses priced $500,000 - $750,000. Anytime the supply is around a six month supply of homes inventory, it is no longer a “Buyers’ Market”  or a  ”Sellers’ Market”, and is instead, a “Neutral Market”. However, houses priced over $750,000 face a ten month inventory, so it is still a Buyers’ Market in this price range. This is good news for Sellers of Foothills houses priced from $400,000 - $750,000. No longer will they have to continue to reduce prices if their original list price is reasonable, and no longer will they have to give up so much in  negotiations. Buyers who are looking for houses in this price range better buy now, because it is likely it will not be too long before the market may turn in the favor of the Sellers.

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