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Tuesday, March 25, 2014

Whats Up and Down in Our Tucson Mountains/West Side Neighborhoods

Our Tucson Mountains/West Side neighborhoods are special to all of us who have our homes here. So when a neighbor asked about the market in our area, I thought I would share that information with all of you.

This quick analysis covered our Tucson Mountain neighborhoods roughly from Starr Pass north to Ina Rd,  and west of Silverbell to the Tucson Mountains.

The number of homes sold in our Tucson Mountain area was remarkably level over the past two years, 401 in 2013 vs 402 in 2014. The trend of note is the continued reduction in short sales in our area, from 13% of homes sold in 2012, to 9% in 2013 and only 3% thus far in 2014. REO (foreclosed) homes dropped from 27% of homes sold in 2012 to 19% in 2013.

26% of 2012 sales in our area were for cash, which dropped a bit to 21% in 2013.  Cash is back, at least in early 2014 with 33% of Tucson Mt area sales.  In terms of financing, 50% of home sales in this same area were conventional loans, with 15% going FHA and 13% VA loans. 

Many of the cash sales I am seeing are from investors on smaller properties, and from retirees and near-retirees reaching into their savings to buy that dream retirement place.

If you would like to know what is going on in your neighborhood or about that house that just sold down the street, give me a call or drop me an email. I am always happy to chat about real estate in our west side neighborhoods. 

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