Hello and Welcome,
The following charts track the single family home market in the Catalina Foothills of Tucson, AZ and include the number of homes sold, median sold prices (MSP) and days on market (DOM) for the period of January 1st thru July 31st of each year from 2018 thru 2022.
All of the data is based on sales thru the MLSSAZ (Multiple Listing Service of Southern Arizona) and represents all the homes sold by all Realtors® in the Catalina Foothills of Tucson, AZ (zips - 85718 & 85750)
First up a chart showing the number of homes sold for up to $999,999, which now comprises a shrunken 73% of all the homes sold in the Catalina Foothills. For years, decades, until the latter half of 2020, home sales up to $999,999 comprised +/- 90% of all the homes sold in the Catalina Foothills. The market up to $999k had recovered slowly but steadily from the collapse in 2008 and was doing just fine. But with Covid on the rise fewer sellers were willing to list their primary home and, as the market tightened, they realized that if they did sell they would have an awfully tough time finding and affording a replacement home. All of which led to a shortage of homes for sale, amidst a surge in demand, resulting in fewer sales, bidding wars and rising prices. And more recently the rise in interest rates and the fall/volatility of the stock market continue to put a deep dent in affordability for many buyers.
On the other hand sales at $1,000,000 & UP are Way UP and now represent 27%
of the Catalina Foothills market. Of course many of the homes now selling for $1mil+ crossed the line into $1mil+ territory as a result of sharply rising prices during the last couple years.
And here is a look at those sharply rising prices - up 40% since 2019 and 12+% since last year at this time.
Days on Market remain lower than ever! - Why? because buyers are still feeling the need to move fast to get the home they want.
At the risk of boring repetition I will risk it and end with the same message I left last month
While the above sold numbers are still very strong, the July numbers represent deals that were made 30 - 60 or more days ago - and therefore represent what the market was 30- 60 days ago not what it is today.
On the street, the escrow officers, home inspectors, termite and roof inspectors and others who are involved in the day to day business of supporting the foothills real estate market, their businesses have slowed and they are less busy now than they were back in May > April > March and before.
It's also summer and traditionally the market slows down in summer. Why wouldn't it, it's too %%@$ HOT.
Stay cool
Please contact me if you have a question or would like my help navigating the Catalina Foothills real estate market.
Thanks for stopping by.
John Schneider /Realtor®
Tierra Antigua Realty
johnschneiders@gmail.com
520 271-4164
Take care, stay well
TheFoothillsToday.com
to see all the homes for sale in the Catalina Foothills
(and only in the Catalina Foothills)
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