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Still Low Prices for Tucson Distressed Properties for Sale

July 7, 2010

Prices for Tucson distressed properties for sale are still relatively low, as pre-foreclosure and foreclosed homes are still dominating the Tucson market.

Of the 12,682 Tucson homes currently listed for sale by one major residential real estate firm, 54.2 percent or 6,871 units are distressed and foreclosed properties. Nonforeclosures accounted for 45.8 percent while new homes made up only 0.24 percent of the total.

The sales price median for all types of homes sold in May was $143,692, down by 7.3 percent from the May 2009 median price. For those looking to find and buy fixer uppers, the prices are even lower as sellers give substantial price discounts to move these types of properties. The longer fixer uppers are vacant, the more kinds of repairs are needed.

Records from local realtors affirm the still low prices of homes due to the high percentage of Tucson distressed properties for sale. The average sales price in May was $194,838, down by 4.6 percent from the May 2009 average price of $204,125. The average listing price was $237,880, down by 3.6 percent from the April average listing price of $246,639.

Meanwhile, in a foreclosure sale report recently released by a major property market research firm, it was shown that all the foreclosed and distressed properties in Arizona put into sales contracts from January to March were sold at an average price of $138,021. This price was lower by 24.8 percent than the average price for nonforeclosures sold during the quarter.

Real estate owned homes were sold at an average discount of 29.5 percent while short sale homes were sold at an average discount of 18.1 percent. While the price discounts in Arizona were not among the top five in the country, the percentage of foreclosure sales in Arizona was the third-highest. A little over 50 percent of total home sales in the state in the first quarter were distressed, foreclosed and real estate owned homes, and a big number of these were Tucson distressed properties for sale.

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