How's the Sonoita-Elgin market?

Posted at 8:06 PM, Oct. 31, 2007

The 2007 real estate market is now 20 months old. The end is in sight. How has it been so far? What can we expect for the last 2 months? The first 10 months of 2007 have been good. The national real estate dynamics do not seem to be affecting this market - so far. The Tucson MLS has recorded 34 residential sales and 63 land transactions. There has also been one commercial sale. The total sales for land and homes was $27,209,300. The commercial sale was $1,395,000. The most expensive home sale was $1,670,000 in the Crown C. The median sale was $378,000 and the average price per square foot was $192. On the land side the median rice was $120,000 and the median price per acre was $19,000. Most notably, one 80 acre parcel sold for $1,100,000 after only 40 days on the market! The last three months have been quite good considering the time of year. There have been 25 transactions totaling $8,332,896. The average price per square foot was $$157 and the median price per acre was $17,167. Land sales have been slow for both the year to date and the last 3 months while home sales have been fairly strong. My prediction is this will continue and the last two months will be typically slow.