I an truly embarrassed: I am two months late in getting this blog out! So, what’s happened in the Sonoita market in the past six months? What has happened is that the number of potential buyers has been higher and more consistent this summer than “normal”. Also, it seems as fast as homes go off the market, new listings appear and so our inventory continues to climb. At the moment, August 8th, there are 80 homes listed in the Tucson Multiple Listing Service. This is not good news for home sellers as the high inventory keeps prices down. In other words, it is still a buyer’s market.
This is what happened: Single family residence sales totaled 36 which would seem to indicate another very strong year. The average price was $384,510 and the median price per square foot was $160. Days on market was 165 which is about normal. Interestingly, 9 homes sold at over $500,000 indicating renewed strength in the luxury market.
Land sales were equally as strong with prices per acre trending up. I’m not sure if it is a seller’s market just yet, but the inventory is retreating so it could be great for land sellers by the end of the year. 37 parcels of land sold at a median price per acre of $7,936. The average price paid was $85,000 and the average time on market was 298 days.
Please check my website for up to date listings and please call for more information on anything.