I was asked some interesting questions by a Senior  Officer of a local Bank the other day. She wanted to know how many finished, custom lots we have throughout Metropolitan Tucson, priced at $200,000 and above. It turns out that there are currently 695 available lots in this category. I then was asked how many have sold in the last year and how many new custom homes are being built on these. Well, the first question was easy to research; a total of 56 lots above $200,000  market-wide have sold in the last year. Interestingly, they ranged in price from $200,000 to $1,350,000 but had an average price of only in the high $200’s.Clearly, the great majority of “high end” lots are selling under $300,000 with a large cluster just above $200,000.  In looking at new construction stats for the past 12 months; 134 homes have sold with the great majority of these being production homes on small lots. In breaking these down, only 9 of the 134 were built on lots located in custom home subdivisions; under 7% of the total.

So, there is a several year supply of custom lots out there; you better be priced between $200,000 and $300,000 to have a chance to sell, and the Builders and Architects specializing in custom homes still have plenty of time on their hands.

This entry was posted on Monday, May 10th, 2010 at 2:52 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.