Tucson Absorption Rates February 2009
March 10, 2009
Post Tags: Tucson Absorption Rates February 2009 , Tucson Real Estate , Tucson Real Estate Market
The Absorption Rate faired better in February. The sponge was wrung out a bit during the month. Overall we see a slight decrease in the inventory and the amount of time it takes to absorb the current inventory on the market.
Absorption Rate Comparison for January 09 – February 09
We still have a long way to go overall to reach that desired number of 6 months of inventory as the median for the city. At 11.42 months it means we still have quite a ways to go. But there are a few bright areas of Tucson that are at or near that point. E, S, SE are all in single digits. The N saw the greatest improvement going from a whopping 25.16 to 12.95 in a single month.
These absorption rates give a good snapshot of the various areas of Tucson and how those local markets are doing.
March 10th, 2009 at 7:45 pm
Thank you for the report. I do enjoy your blog, but will just be s social visitor from now on. Why? Well, I just bought a new home from Robson up in Saddlebrooke. The story may be of interest……..
Near as I could figure, I paid 20% + off list price for an “inventory home”, so what is that? No builder in his right mind is doing any “spec” homes now, so this was an ordered home where the buyer canceled two weeks before closing because they could not sell their home in North Dakota at even a reduced price and their 401K had become a 201K. So, I got some sort of a deal, but the builder came out fine with the 25K +/- deposit left behind by the person who ordered the home.
Robson has quite a few of these homes at a “discount” because people can’t close for various reasons. To me, it’s a sure sign of the times. After much research, I can tell you that at least for Robson, business is NOT good. Sure, as you say, plenty of people want to move to Tucson. The question is, can they?
I fully expect for this home to decrease in value, but I have what I want with a full warranty from a builder not going out of business. Soooo, I will relax and enjoy.
Best wihes to you and your lovely business partner in 2009.
Chris
March 10th, 2009 at 7:54 pm
Chris,
Congratulation, it sounds like you got a smoking good deal. That is what we try and find for everyone.
It sounds like a great place. Many happy years of fine living in Saddlebrooke. And please do continue to drop by. I’ll have more photos and events going on around Tucson.
Dave