TheTucsonFoothills

months of inventory

I just updated the Market Snapshot data and see that the average MOI for the foothills is a very lean 4.4 months. But it is a very lopsided average. Because homes listed up to $599k are down to a squeaky tight 2.7 month supply, while everything above that is at a very flabby 10 months or more. (6 months inventory is considered a normal, balanced market – much less and it’s a sellers market, much more and it’s a buyers market, in theory)

See for yourself > Market Snapshot

And as we head into the triple digits that situation is not likely to improve.

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no let up in Pinnacle Ridge

4300 E Pinnacle Ridge Place, listed at $789,000, is in contract after 30 days – lightning fast by foothills standards but a bit of a laggard for Pinnacle Ridge. Two other homes are in contract after 1 and 2 days – and two sold recently – in 11 and 21 days – and one remains for sale, 9 days and counting.

 the quickest contracts in the foothills

4300 E Pinnacle Ridge Place  Tucson, AZ 85718
(listed by Long Realty)

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appraisals in sync with selling prices

Imagine that,

From CNNMoney.com
Home appraisals no longer derailing sales

Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through.

During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home's selling price.

For example, if a home cost $500,000 and required a 20% down payment of $100,000, the buyer would need to finance $400,000. But if the appraiser valued the home at $450,000, the buyer would only be eligible for a $360,000 loan -- making the home too costly for some buyers.

But now, as home prices climb and housing inventories shrink, appraisers are valuing homes at or above their selling prices, according to Lawrence Yun, chief economist for the National Association of Realtors.

Read all about it > Home appraisals no longer derailing sales

The era of bad appraisals ended some time ago here in the Tucson Foothills. But I knew then, and I admit now, that the blame for those flawed appraisals was not all the fault of  the appraisers themselves. No. It’s obvious that the lenders were overcompensating for their profligate ways during the boom and holding the appraisers feet to the fire to turn in ultra conservative appraisals. Or else. And appraisal management companies were also foisted on us during that time. And their only interest was to squeeze every penny of profit out of every appraisal – and since their profit was in the spread between what the lenders paid them and what they paid the appraisers - they just hired the cheapest appraisers they could dig up - with no regard to their competence or whether they had any experience in the areas where they were to conduct appraisals. But they got so much bad press that eventually they couldn’t ignore it and had to start hiring appraisers that could actually do the job.

A few of my past rants on appraisals;
the problem with appraisals,   another deal killed by another half-assed appraisal ,  Fighting Back Against Lowball Home Appraisals

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if you’re shopping prices in the Canyons,

and who isn’t, 7431 N Secret Canyon Drive returned to the market yesterday at $3,500,000, $450k less than when it left last month. And at $3.5 it’s $363/sf, by far the least costly/sf of the four for sale in the Canyons and, at least, closer to the sale prices of the four homes that have sold in the last three+ years. It started out in 08 at $6,450,000 ($670/sf).

7431 N Secret Canyon Drive Tucson, AZ 85718
(listed by Russ Lyon Sotheby's Int Realty 472203)

Since Jan 1, 2010 there’ve been just four sales, and all at steeply reduced prices.
Sold;
$1,400,000 ($252/sf) – started at $3,250,000 ($585/sf)
$1,850,000 ($267/sf) – started at $5,000,000 ($722/sf)
$2,150,000 ($345/sf) – started at $3,800,000 ($610/sf)
$2,050,000 ($283/sf) – started at $4,500,000 ($622/sf)

And 7431 is a big house - bigger by 2000sf or more than any of those sold – it’s listed as 9,630sf, while the tax assessor shows it at 10,040sf

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when the price is right

3600 E Windy Point Drive sold in 2004 for $1,100,000 and was listed in March 2010 for $1,390,000. And, as you might guess, it didn’t sell and over time was reduced and reduced again, finally to $939,000 last month, and that did it, today it’s in contract. 

3600 E Windy Point Drive , Tucson, AZ 85718
(listed by Long Realty)

*disclosure – I was the listing agent when it sold in 04. I did listings then, I don’t now.

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a long dry spell

At the Mountain Estates at Ventana Canyon, 6603 N Eagle Ridge Drive, now at $1,495,000 ($301/sf), is in contract after 243 days. And a welcome contract it is.

There are four other homes for sale, all higher priced, from $1,895,000 to $2,675,000. Yet the last sale up there was in January 2012 when 6725 N Hole In The Wall Way went for $1,700,000 ($439/sf) - exactly what it sold for in January 2008. But everyone has different priorities and, to some, paying (early) 2008 prices in 2012 may be nothing more than a mere trifle.

And back in the day it was commonplace for homes to sell in the high $300’s and well into the $400’s/sf, and a few in the $500’s, in the Mountain estates. But not so much today. The four for sale are all listed under, and two are well under, $400/sf – and the clock’s still ticking.

But back to the Eagle Ridge house in contract - if it sells even at list price, $301/sf, it will be the lowest $/sf sale up there going back to August 2002.

6603 N Eagle Ridge Drive Tucson, AZ 85750
(listed by Russ Lyon Sotheby's Int Realty 472203)

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another way to gauge the market

dollar volume - the total dollar value of all the homes being measured.
In this case the homes sold – so the sum of the sold prices - between Jan 1 - April 30 for the years 2005 – 2013.

In that period in 2005 376 homes sold for a total dollar volume of $215,252,293. Big Bucks.
During  the same period in 2006 the number of homes sold dropped by 80 to 296 yet the dollar volume increased to $219,546,890. Why, because despite the drop off in sales, prices continued to rise and most of the drop off was at the lower end of the market while the upper end sold better than ever. (2005 - 31 sales @ $1.0+ / 2006 59 sales at $1.0+ YIKES, in 4 months!)

So the peak in 06 and the trough in 09 and since then we’re in recovery mode with increasing sales and volume. But all is not equal. Because while we’re within a hair of the # of homes sold in 2006 – 296 then/ 288 now – we’re still miles apart (-39%) in sales volume – $219,546,890 then/ $133,945,903 now. Because prices for all homes are way down and more low end homes are selling while high end homes are not selling anywhere near the numbers, or prices, they were back then.  (17 sales @ $1.0+ this year / 18 last year / 59 in 06)

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status quo

Plenty of action at the lower end of the market, barely a showing at the middle and other than the Canyon Ranch deal nothing at the top.

25 contracts since Monday,  that’s a lot, but 22 from $199,500 to $599,900, then one at $685,000 and one at $699,900  + Canyon Ranch. 

20 days with just 1 contract at $1million & up - 80 for sale – and with Memorial Day right around the corner you’d think we’d see some hefty price cuts, but no, nothing yet.

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in contract last week

From Monday April 29th thru Sunday May 5th 24 homes single family homes went to contract in the Tucson Foothills

22 were priced from $156,750 to $549,000
then 1 at $746,500 & 1 at $925,000
and that’s it!

The $746,500 contract is in Pinnacle Ridge and the $925 is Pima Canyon – both of which continue to outperform the overall market. 

the previous week’s numbers, which are quite similar, are HERE

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it never fails

yesterday I wrote, … No contracts at $1,000,000+ in two weeks … blah blah blah

And of course today, not only is there a contract at $1,000,000+, it may be the biggest contract in years.

8375 E Canyon Side Road, in Canyon Ranch, listed at $3,950,000 ($618/sf) is reported in contract today.

It started out in 09 at $6,900,000 and after a few years and a few big cuts got down to $3,950,000 this January, and that did it. So after 4 years it goes to contract today.
Too funny.

8375 E Canyon Side Road Tucson, AZ 85750
(listed by Long Realty)

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anything yet

No, nothing. No contracts at $1,000,000+ in two weeks - 79 for sale - and the temperature’s rising.

As noted a few weeks ago the high-end market has barely budged since last year. And looking at it today it still hasn’t budged.

Sales from Jan 1 to April 30 @ $1.0+ 
(avg/med sold $ – avg sold $/sf – avg days on market)

2012 – 18 sold – $1,311,944/$1,247,500 – $277/sf – 168 DOM

2013 – 17 sold – $1,346,118/$1,275,000 – $277/sf – 223 DOM

Plus there are 9 in contract listed at $1.0+. And if they all close, and they all close in May, we’ll be at 26 sales thru May. Last year there were 25 sales thru May.

But the truth is, as mentioned in the April home sales report, that sales for the entire market have barely budged since last year.

Thru April 30th-  sales at $0 – $599,999 were 225 last year / 226 this year - talk about barely budging. But the difference is that $0 - $599 was selling like hotcakes last year and is selling like hotcakes this year, a sellers market, with a small supply of homes and a very big demand.

While the $1.0+ market, with a large supply and very iffy demand, was struggling to show signs of life last year, and the hope was that it would grow and increase this year. But so far that hasn’t happened. The biggest jump has been sales at $600,000 to $999,999 – 35 last year / 43 this year.

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the quickest contracts in the foothills

are in Pinnacle Ridge. 6194 N Pinnacle Ridge Drive was listed for $746,500 on Thursday and is in contract today. This follows 6302 N Pinnacle Ridge Drive, listed for $645,000 on 4/19 and snugly in contract on 4/20. (both listed by Long Realty)

There were also 2 sales last month, a foreclosure listed for $554,900 that went for $610,174 in 11 days – including the 7 day waiting period imposed by the lender before offers were considered.  And another sale that dawdled for 21 days and sold for $555,000.

And the one I blabbed about when it was listed > any bets on how long this lasts < is still for sale (16 days and counting) while the two listed since then, 6194 & 6302, are both in contract. But this one’s pricier, so there you have it. 

4300 E Pinnacle Ridge Place  Tucson, AZ 85718  (also by Long Realty) now at $789,000.

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April home sales (jump) in the Tucson Foothills

With 90 single family homes sold, there were more sales this April than any April going back to 2005, when 96 sold. It’s also the most sales for any month since 2006.

When I reported March sales I commented; Last month at this time there were 128 homes in contract, this month there are 163 in contract, … So it’s looking like April may have a shot at topping the charts.

And that it did. And right now there are159 in contract, so May is also looking like a contender.

On the other hand sold prices moved in the other direction, driven (down) by a jump in lower end sales – with no increase to speak of in higher end sales. But April sold prices were a tad higher than those in Jan/Feb and within a few bucks of where they were last April. So, eh.

It’s fun to watch the monthly numbers, but they jump up and down constantly and any one month is too short and with too few transactions to really get a handle on where the market is headed – 3 or more months is far more telling.

From Jan 1 to April 30;

2012 – 278 sales @ $454,844/$359,375

2013 – 288 sales @ $464,482/$385,000

So now we know that sold prices are up somewhat from this time last year, 2% average/7% median. That’s good and way better than being down 2 and 7%.  But even with the big jump in April sales, and all the brouhaha about homes selling, single family home sales in the Tucson Foothills are up by just a nose from this time last year.

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a new low

I just updated the figures for the Market Snapshot report (link under banner photo) and see that the  $0 – $599,999 price range is down to a new low of 2.9 months of inventory. And that, of course, has dragged down the MOI for the overall Foothills market to 4.2. Also a new low.

The drop in MOI for the lower end is the result of a healthy jump in sales – to 72 sales in the last 30 days -  from where they had been, in the low to upper 50’s, since the beginning of the year.

But the other, higher, price ranges have not had a similar jump in sales and MOI remains virtually the same as it’s been, ranging from kinda high to sky high.

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enough already with Pima Canyon

I know I know, but what can I say, I just report what’s happening, I don’t get pick where it happens.

7593 N Mystic Canyon Drive went to contract today after 75 days listed at $925,000. 
And for fear of overdoing it I didn’t even mention that 2232 E Quiet Canyon Drive, also in PC, went to contract this past Sunday listed at $850,000. They are also notable because they are the 1st and 3rd highest contracts in 10 days – in a higher-end market that appears to be winding down. The 2nd highest, in Ventana, got equal time when I mentioned it the other day. 

7593 N Mystic Canyon Drive Tucson, AZ 85718
(listed by Long Realty)

2232 E Quiet Canyon Drive Tucson, AZ 85718
(listed by Tierra Antigua Realty)

This leaves just 4 for sale in PC - 4 in contract and 9 sold since Jan 1 – with barely a 2 month supply of homes. From the bottom of the barrel to the top of the heap.

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I imagine the buyer’s happy anyway

In Pima Canyon, 7502 N Whisper Canyon Place sold for $690,000 in 2002 and for $690,000 today – and that’s after 276 days of giving it the old college try. Overall, selling prices today are closer to where they were in 2004, but there’s no hard and fast rule on that either.

7502 N Whisper Canyon Place Tucson, AZ 85718
(listed by Long Realty)

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sold quickly, and at list price

8168 E Galinda Drive , Tucson, AZ 85750, listed on 3/1 for $465,000, went to contract 17 days later and closed today for $465,000.

5201 N Salida Del Sol Drive,  Tucson, AZ 85718, a short sale, listed on 1/9 for $550,000 went to contract 6 days later and closed today for $550,000. A short sale, hence the awfully long time to close. (both listed by Long Realty). 

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fewer in contract last week

- from Monday April 22nd thru Sunday April 28th, 22 single family homes went to contract in the Tucson Foothills – and for less $$$ too.

19 from $160,500 to $525,000
1 at $649,000
1 each at $850,000 & $874,900
and none from $1.0m & up

I’m wondering, is this be the beginning of the end of the season, or just the market taking another breather. And it’s not just the lower numbers that have me wondering, I’ve seen a few homes that I was pretty sure would be gone by now that are still available. And the week before last, the week of April 8th thru April 14th, was also not very good for homes priced above $600k. Yet there are still 168 for sale from $600 and up.

The score – 384 for sale, 163 in contract, 276 sold since Jan 1.

The numbers for the previous week are HERE

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the low end of the market continues unabated

Since Wednesday morning;

6 contracts from $269,900 to $475,000

8 new listings from $259,900 to $545,000

and 3 closed sales from $139,999 to $419,000

But nothing higher.

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how fast are homes selling

Between April 1st and April 22nd, 52 homes sold in an average of 116 days on market.
During the same period last year 53 homes sold in an average of 185 days on market.  

And during the same period in 2005, when the market was white-hot, 64 homes sold in
116 days on market.

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in contract last week

From Monday April 14th thru Sunday April 21st, 31 single family homes went to contract in the Tucson Foothills – more than any other week this year - and on the heels of a less than stellar turnout for the previous week. And with a more than respectable showing at the middle and upper ends of the market.

20 priced from $220,000 to $530,000
7 priced from $645,000 to $995,000
4 priced from $1,050,000 to $1,950,000, Whoa!

The score – 378 for sale, 173 in contract, 251 sold since Jan 1.

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2 days to contract

The other day I mentioned 2 new listing in Pinnacle Ridge >  good things come in 3’s < and today one of them is in contract. No surprise there, and the other one can’t be far behind.

6302 N Pinnacle Ridge Drive Tucson, AZ 85718   $645,000
(listed by Long Realty)

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when the right buyer comes along

7422 N Mystic Canyon Drive sold today as a foreclosure for $695,000 after starting out in 07, yes the year 2007, at $1,475,000. For a glimpse at the fascinating history of this sale see >  yeah, but what is it

7422 N Mystic Canyon Drive Tucson, AZ 85718
(listed by Integra Group Real Estate, LLC 4187)

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a tough sale

Listed between $675,000 and $749,000 5650 E Pinchot Road failed to sell in 03, 04 and 05. Then it was off the market until late 2011 when it was listed by two different agents at $675 - $650, but still no go. Then agent #3 came along and listed it in late 2012 for $625,000, dropped it to $599,000 and it sold today for $550,000 ($192/sf). Why such an ordeal. Well, the price, sure.

But I’m guessing it has a lot to do with being that close to Craycroft and right at the entrance/exit to Pinchot Rd where everyone who’s coming and going passes by your front door. But now, with that price range as hot as it is, it’s not too surprising.

5650 E Pinchot Road Tucson, AZ 85750
(listed by Long Realty)

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another quick hit for Pima Canyon

7598 N Mystic Canyon Drive was listed 29 days ago for $1,050,000 ($295/sf) and is in contract today. That’s despite having finally sold in 2010 for $875,000 after more than 2 years on the market. 
7598 N Mystic Canyon Drive , Tucson, AZ 85718
(Listed by Long Realty)

The score - 6 for sale, 4 in contract and 7 sold since the 1st of the year – leaving a very lean
3 month supply of homes in PC. In the post I did the other day titled  the high-end market has barely budged I noted that 16 homes have sold for 1$million or more in the entire foothills since Jan 1 –  but I failed to mention that 6 of those $$million sales were in Pima Canyon.

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the high-end market has barely budged

since last year.

From January 1st 2012 to April 16th - 17 homes sold for 1$million or more for an average/median of $1,318,529/$1,295,000 in 173 cumulative days on market (CDOM)

Same period this year – 16 homes sold for 1$million or more for an average/median of $1,337,750/$1,217,500 in 237 CDOM.

But there are 8 in contract, and that’s encouraging, but there are also 78 still for sale at an average/median list of $1,995,718/$1,417,000 at 218 CDOM and counting.

And come Memorial Day the last of the winter visitors/snow birds will be gone and with them many of the high-end buyers of foothills homes.

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a dip in contracts last week

From Monday April 8th thru Sunday April 14th, 22 single family homes went to contract in the Tucson Foothills - 24 actually went to contract but 2 fell out already. And all but one were below $630,000.

19 from $180,000 to $550,000
1 each at $617,500 and $629,900
1 at $1,050,000

It happens, the market took a breather!  And could it be that taxpayers were cramming to make the April 15th filing deadline.

The numbers for the previous week are HERE

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sales, where the rubber meets the road

Homes in the foothills are selling well this year, no doubt about it. But, the hoopla aside, we’re still neck and neck with last year.
From Jan 1 thru April 15th last year 237 homes sold for an avg/med of $464,469/$359,850
vs. 236 this year (amazing how close) for $473,295/$381,000.  

Here’s a look at where some of them have sold this year along with the average/median sold price + the number of homes currently for sale.

Shadow Hills – 4 sales - $403,875/$417,500 (4 for sale)

Cobo Catalina Hills – 1 sale - $580,000/$580,000 (3 for sale)

Pima Canyon - 10 sales - $1,266,429/$1,015,000 (7 for sale)

Cobblestone – 2 sales - $1,417,500/$1,417,500 (8 for sale)

Las Alturas – 3 sales - $437,333/$435,000 (3 for sale)

Sin Vacas – 2 sales - $615,250/$615,250 (9 for sale)

Catalina Foothills Estates(0–9) – 8 sales - $557,375/$518,750 (23 for sale)

Coronado Foothills Estates – 5 sales - $432,040/$389,000 (8 for sale)

La Paloma (not including the Estates) – 3 sales - $528,967/$560,000  (4 for sale)

La Paloma Estates – 1 sale - $672,000/$672,000 (2 for sale)

Hacienda del Sol Estates – 3 sales - $966,667/$1,050,000 (1 for sale)

Flecha Caida Ranch Estates(0 – 10) – 8 sales - $439,172/$429,000  (11 for sale)

Skyline Belair Estates – 9 sales - $400,111/$385,000 (9 for sale)

Skyline Country Club – 4 sales - $501,125/$522,750 (13 for sale)

Fairfield – 9 sales - $410,722/$420,000  (13 for sale)

Sabino Mountain – 7 sales - $596,643/$325,000  (6 for sale)

Ventana Canyon Golf Villas – 1 sale - $505,000/$505,000 (6 for sale)

Ventana Canyon Mountain Estates – 0 sales – (5 for sale)

Ventana Canyon Estates, Lake Est & Whaleback – 3 sales - $871,667/$870,000 (9 for sale)

That said, there was a nice jump in contracts from about the 2nd week in March and so far April contracts are up from there. And many of those contracts haven’t closed yet, but, when they do, I expect we’ll see the sales numbers jump as well. Prices, it’s probably too soon to say but it sure looks like they may be inching up. Or, at least, not inching down.

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6 hours from listing to contract

6230 N Via De La Tortola was entered in the MLS yesterday at 3:07 PM and at 9:04 PM was reported under contract - listed at $700,000 ($242/sf) in La Paloma. And with not even one picture in the listing,

6230 N Via De La Tortola Tucson, AZ 85718
(listed by Long Realty)

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contracts

In Cat 10 5121 N Camino Sumo, listed at $869,000 is gone in 21 days.
(listed by Long Realty)

6423 N Desert Wind Circle listed at $995,000 in Ventana CC has a buyer after 103 days.
(Listed by Russ Lyon Sotheby's Int Realty )

Another contract in Skyline Belair at 6030 N Camino Esquina at $509,000 in 17 days. 
There seems to be a new contract in here every other day. (listed by Long Realty)

and 3 deals at $499,000
5940 E Fort Crittendon Trail in Fairfield, is gone after 4 days.
(Listed by Long Realty)

4132 E Coronado Drive also at $499,000 dawdled for 31 days.
(Listed by Long Realty)

and 5048 E Calle De Las Chacras wrapped it up in 2 days. (listed by Tierra Antigua Realty)

6 contracts

That makes 168 single family homes in contract in the Tucson Foothills. 

and another big sale in Finisterra, 6000 E Finisterra closed today for $1,400,000 from a $1,495,000 list that had been reduced from its opening price of $1,695,000 one year ago . (listed by Long Realty)

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in contract last week

From Monday April 1st thru Sunday April 7th, 30 single family homes went to contract in the Tucson Foothills. The biggest week, by a nose, for contracts this year and a fairly decent showing for the $1.0+ range. 

24 from $149,900 to $599,000
3 from $699,900 to $895,000
3 from $1,000,000 to $1,300,000

The numbers for the previous week are HERE

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a slew of contracts

8 in the last day, starting at $180,000 and pretty evenly spaced on up to $617,500.

And, interestingly, while one of them went to contract on its first on the market the other 7 have been on the market for 27 days, 76, 127, 166, 185, 196 and 206 DOM. So stuff that’s been lingering unsold, until now, is now being reconsidered. But with that price range selling like crazy – and just a 3 month supply of homes – it’s not surprising.
See Market Snapshot for the current supply of homes in the Tucson Foothills from the least to the most expensive.
8 contracts

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a surprisingly quick flip

7377 N McManus was a house in Cobblestone with very good bones, in need of remodeling, that sold last October for $780,000 ($185/sf) in 8 days, and was quickly remodeled and put back on the market on 2/21 for $1,150,000, and went to contract in one day and sold today for $1,000,000 ($264/sf).

more here >  lightning strikes twice

When it went to contract in one day listed at $1,150,000 I assumed that the deal was for pretty close to list price – like $1.1 or more. Wouldn’t you. It’s odd that they would take $1.0 on day one.

7377 N McManus Trail Tucson, AZ 85718
(listed by Long Realty)

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are they selling faster now than they were in the past

Looking at very recent home sales in the Tucson Foothills for the period of March 15th thru April 7th;

this year 54 homes sold in an average of 94 DOM (days on market)
same period 2012 – 74 sold in 101 DOM
2011 saw 48 sales in 162 DOM
in 2010 50 sales trickled in in an average of 172 DOM

and for comparison to the good old days, in 2005 75 sold in 103 DOM

Why does DOM matter?

The Credit Suisse market report that I posted the other day has what I think is a good explanation – so why reinvent the wheel. (though I did not post this particular bit from the report)

Shorter time to sell reflects increasing buyer urgency: Our time to sell index – a leading indicator for home price trends – increased by another 5 points to 80.8 in March, indicating less time needed to sell a home. We think this reflects rising buyer urgency, driven by improving confidence, a desire to lock in low prices/rates, and a lack of supply across markets (our home listings index came in at 71.7, indicating lower inventory). This should continue to drive prices higher near-term.

We’re off to the races!

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Pima Canyon is eating the competition alive

I made that off-the-cuff remark yesterday when talking about the recent sale in there for  $2.5mil.

And it wasn’t just because of the big sale, it’s because PC is doing better than other high end communities, which I knew, but I didn’t realize how much better until just now when I pulled the numbers. More homes are selling in PC, and for more $$$, resulting in an enviable 4.2 months supply of homes in a high end market where the overall foothills supply is in the neighborhood of 20 months. (See Market Snapshot)

In PC – 7 for sale, 4 in contract, 10 sold last 6 months = 4.2 month supply
Avg list of 7 for sale $1,264,857 – Avg sale price of 10 sold $1,317,050

For example, how does Cobblestone compare;
8 for sale, 0 in contract, 2 sold last 6 months = 24 months supply

Cat 10; a runner up.
5 for sale, 2 in contract, 6 sold in the last 6 = 5 month supply,

The Canyons; not so much.
5 for sale, 0 in contract, 0 sold in the last 6, 0 sold in last 9 months …

La Paloma; only those listed at $700k +
4 for sale, 0 in contract, 1 sold = 24 months supply

Skyline CC; only those listed at $700k + 
8 for sale (for big money $959 – $3.495mil), 0 in contract, 1 sold = 48 months

Ventana anyone; just those listed at $700k +
18 for sale, 4 in contract, 6 sold in last 6 = 18 months supply

Sabino Mountain; only those listed at $700k +
5 for sale, 2 in contract, 2 sold in last 6 = 15 month supply

There are others, but, if I haven’t already, why belabor the point.

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Psst!, a sellers market in Cimarron

6585 E Placita Elevada sold today after just 16 DOM for $627,711 ($189/sf). That’s 13 sales in Cimarron in the last 6 months + 1 in contract and just 3 for sale, for a measly 1.4 month supply of homes. (6585 E Placita Elevada was listed by Keller Williams Southern Arizo 478306)

The 3 for sale average $469,833 list price, 1 in contract is at the very low end of Cimarron prices at $279,900 and the 13 sold sold for an average of $461,016 ($153/sf) at 96% of list price. For the very same 6 month period one year ago there were 6 sales.

For Sale, in contract & Sold in Cimarron

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a record sale in Pima Canyon

I mentioned 2102 E Desert Garden Drive the other day when it went PENDING – … Depending on where it sells, and I don’t have a clue, it could be one of the highest priced sales in the foothills in a few years. If it went for $2.5 (I just pulled that out of my hat) it’d be tied with just one other sale at $2.5 for the highest sale since January 2010.

Well, lucky guess, it closed today for $2.5 ($468/sf Yeow!). So, tied for the highest sale in the foothills since Jan 2010 and it is the highest sale in Pima Canyon since March 2007.

Congratulations to all!

2102 E Desert Garden Drive Tucson, AZ 85718
(listed by Long Realty)

In other news in PC 7562 N Mystic Canyon Drive, listed at $1,050,000 and on the market 73 days, went to contract. PC is eating the competition alive.

7562 N Mystic Canyon Drive , Tucson, AZ 85718
(listed by Long Realty)

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you can ask whatever you want

6201 N Whaleback Place sold in 02 for $1,195,000, was listed in September 08 for $1,850,000, and sold today for $765,000. Mamma Mia!

6201 N Whaleback Place , Tucson, AZ 85750
(listed by Long Realty)

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1st Quarter Sales in the Catalina Foothills

Here’s a look at 1st quarter sales and sold prices for single family  homes from 2003 – 2013.

 

 

 

From 2009 through the1st quarter of this year sales have risen year after year, though from the 1st Qtr of 2012 to that of 2013 the increase is miniscule, just 3 additional homes sold –
198  vs. 195. And, except for the fact that they haven’t fallen, barely worth mentioning.

And as you can see sale prices have been even more stubborn to move up. They’ve been hovering in the range of $450,000 to $460ish average & $360,000 to $380 median for the 1st qtrs. of 2011 – 2013. 

All in all not a negative report, not at all, but not so wildly positive either as you may have heard from the roar of the media. Not here in the Tucson Foothills anyway.

However, in March there was a pretty big jump in sales and prices, which I wouldn’t be surprised to see continue in April.

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a nice contract in Bellas Catalinas

Listed last October at $1,085,000 ($260/sf), and holding the line ever since, 4399 N Placita de Sandra went to contract today still at $1,085,000. The sellers paid list price, $1,225,000, in 05. Just one remains for sale in BC at $815,000.

4399 N Placita de Sandra Tucson, AZ 85718
(listed by Long Realty)

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a quiet couple of days in the foothills

except of course for the low-end of the market which neither snow, nor sleet, nor hail seems to dampen. It just keeps chugging along and churning out contracts and sales as quickly as new listings appear.

Since Thursday morning;

8 new listing from $269,000 to $530,000
8 new contracts from $265,000 to $535,000 & a high roller at $719,000
6 sales from $195,000 to $446,500
And that’s it.

I just re-calculated the figures for the Market Snapshot – link is under the banner photo - and the  $0 – $599,999 price range is now at a squeaky tight 3.4 months inventory, which may be a record.

Enjoy your weekend, it looks like it’s going to be a beauty.

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in contract last week

From Monday March 25th thru Sunday March 31st there were 25 contracts on single family homes in the Tucson Foothills. The numbers for the previous week are HERE

21 are priced from $142,500 to $599,000
1 each at $899,000 and $950,000
1 each at $1,145,000 and $1,199,000

That’s a slight drop from the previous 3 weeks but just slight, nothing to fret about.

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no dillydallying in Fairfield

4490 N Via Masina was listed on 3/12 for $525,000, and went to contract that same day, and closed today for $497,000 – cash.

4490 N Via Masina Tucson, AZ 85750
(listed by Long Realty)

What’s the market like in Fairfield;

there are 14 homes for sale priced from $260,000 to $699,000
4 in contract priced from $255,000 to $420,000
and 9 sold since Jan 1, from $272,000 to $620,000
resulting in a very lean 4.7 month supply of homes

And they sold in an average of 49 cumulative days on market (CDOM), which, if it weren’t for one laggard that held out for 247 days, would have come in at 11 CDOM.
So it’s fair to say that Fairfield is a likely candidate for poster child of the surging real estate market we hear so much about these days.

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March home sales in the Tucson Foothills

In reporting February sales last month I said, “home sales in the foothills have been boringly consistent …. So let’s hope we follow last year’s pattern and see a big jump in the action in March”

And, presto, 73 sales in March, among the top three months since Jan 2012

 

And prices didn’t do too badly either, with March a close 2nd behind last July, (July, huh,that’s weird) , for highest sale prices.

Last month at this time there were 128 homes in contract, this month there are 163 in contract,105 of which went to contract in March. So it’s looking like April may have a shot at topping the charts.

Footnote; with all those sales in March, not  one house sold in the $800’s and just 2 sold in the $9’s. But that cloud passed and in the latter half of March  6 homes priced in the $800’s went to contract.

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the right price at the right time

and another sale for Pima Cyn. 2405 E Long Shadow Place was re-listed on Feb 26th for $1,000,000, went to contract 8 days later, and closed today in a cash sale for $1,000,000 ($240/sf).

Prior to the Feb listing it spent about 10 months trying for $1,295,000 and $1,095,000.

2405 E Long Shadow Place , Tucson, AZ 85718
(listed by Andy Courtney Properties, Ltd. 2049)

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26 days to contract

for 3463 E Corte Paloma Brava, in the Villages of La Paloma. Sold in 2005 for $712,000 and was smartly priced at $599,000 ($194/sf)  in March.

3463 E Corte Paloma Brava Tucson, AZ 85718
(listed by Long Realty)

Two others have sold in there this year, one in 19 days, while the other dilly-dallied for 39 days.

Popular with 2nd home owners and retirees, these are very similar to the homes I’ve mentioned in La P on the north side of Sunrise along Placita Pajaro – if they’re priced right they’re no-brainers

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another contract in the high $8’s

Listed at $899,000, 5000 N Calle Bujia, in Las Alturas, is in contract today after just 80 days.

Last week I said >  it looks like the $800k range is waking up  and then a couple of days later a house on Piedra Seca, listed at $850k went to contract,

And now this,
5000 N Calle Bujia  Tucson, AZ 85718
(listed by Long Realty)

6 down - 23 to go

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sold again in Alta Vista

6155 E Avenida De Chaparron, apparently a very popular house, first sold in 02 for $870,000, in 04 for $965,000, in 06 for $1,267,000 and again yesterday for $900,000 ($204/sf), from a $980,000 list. A 2002 price, give or take, so it seems safe to say these buyers did well.

6155 E Avenida De Chaparron Tucson, AZ 85718
(listed by Long Realty)

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a contract in the $900’s

In Cat10 5180 N Camino Sumo, listed at $950,000, is reported in contract today. Yeah!
Yeah because this is the first contract in the $900’s since January 29th. Yes, hard to believe but true, two full months and not a single contract for homes listed from $900,000 to $999,999.

And, interestingly, 5180 sold for $1,100,000 in 06 and was listed in 2011 and into April of 2012 for $875,000 and, after 9 months and no sale, was taken off the market until this January.

5180 N Camino Sumo , Tucson, AZ 85718
(listed by  Long Realty)

We’ve had sales in the $900’s, three this year, one of which closed today, but they’re all from deals that were made in January. When the upper-end market appeared, briefly, ready to catch fire. 

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contracts

5870 N Piedra Seca sold for $1.2mil in 06 and went to contract today as short sale listed at $850,000. If there’s any consolation it’s that it was over fast, just 10 days from listing to contract.

5870 N Piedra Seca Tucson, AZ 85718
(Listed by  Long Realty)

Just 3 other contracts today, at $239,000, $354,000 and $420,000. Oh, and 6966 N Javelina Drive, that I mentioned last week when it went to contract - it took a few months longer than I thought it would - it’s back on the market, DFT. (deal fell thru)

That’s Thursday,

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