The Catalina Foothills

and now for some good news

Home sales so far this year in the Catalina Foothills have been exceptionally strong. 
Sales are UP, sale prices are UP and days on market are down.

Here's a look at single family home sales for January - March for each of the following years. 

2018 
191 homes sold ---- @$465,000 median sold price ---- in 37 median days on market

2019
184 homes sold --- @$475,000 median sold price --- in 56 median days on market

2020
217 homes sold --- @$550,000 median sold price --- in 29 median days on market

That is an 18% increase in the # of homes sold, a 16% increase in sold prices and a 48% drop in days on market. 
WOW!

Yeah but ...  keep in mind that a typical escrow is between about 25 to 45 days from contract to closing. So most of the deals for the 217 homes sold in this 1st Qtr. were made starting from sometime in December, or maybe even November, of 2019 up until about 30 days ago, so around early March.

And, sadly and unfortunately, things have changed drastically since then and it's a pretty sure bet that 2nd Qtr. sales will not look so rosy. But hopefully by then the virus and it's path of destruction will have been beaten back and life around the world will be returning to a safer and more normal state for everyone. 

Take care, stay home, stay well. 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

 

in contract last week, March 23rd - March 29th, 2020

From Monday March 23rd thru Sunday March 29th -- 17 single family homes went to contract in the Catalina Foothills of Tucson, AZ  (link expires 5/2/2020)

6 were priced from $250,000 to $534,000
9 from $600,000 to $785,000
1 each at $1,175,000 & $1,199,000

Not bad, considering ...

Take care, stay well & stay home

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

in contract last week, March 16th - March 22nd, 2020

From Monday March 9th thru Sunday March 15th --- 18 single family homes went to contract in the Catalina Foothills of Tucson, AZ  (link expires 4/24/2020)

10 were listed from $300,000 to $575,000
 6  from $615,000 to $975,000
 1  each at $1,100,000 & $1,750,000

A week in the middle of March with contracts for Foothills homes in all price ranges, but also with a noticeable drop in the number of overall contracts from previous weeks - down 25% from the week before last. 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

in contract last week, March 9 - March 15, 2020

From Monday March 9th thru Sunday March 15th --- 24 single family homes went to contract in the Catalina Foothills of Tucson, AZ  (link expires 4/17/2020)

11 were priced from $399,900 to $599,000
12 from $600,000 to $935,000
 1 at $1,050,000

Very pleased to see that homes in the Catalina Foothills continue going to contract at a good clip.

Take care, stay well. 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

Catalina Foothills Single Family Home Sales January 1st thru February 29th, 2020

Usually, at this time of year when we look at the sales numbers for the first couple a months it helps us get a feel for how the next few months, the big spring market months, are going to go. But with the virus numbers now rapidly ramping up as the stock market plunges to new depths we are now in a new and different reality - one that we have not experienced before. Therefore these sales numbers for Jan/Feb may be just that, a snapshot of the way it was in Jan/Feb rather than a window to what homes sales will look like over the next few months. 

In any case, here they are;
single family home sales numbers for January 1st thru February 29th for each of the following years;

2018 
116 homes sold --- @ $487,500 median sold price ---  in 40 median days on market

2019 
97 homes sold --- @ $495,000 median sold price ---  in 71 median days on market

2020
130 homes sold --- @ $550,000 median sold price --- in 31 median days on market
(link expires 4/14/2020)

There you have it, with more homes sold and sold more quickly and for higher prices, 2020 was shaping up to be an exceptional year for home sales in the Catalina Foothills. 

What happens next, I have no idea. We will have to wait and see.

Take care, stay well.

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

 

in contract last week, March 2 - March 8, 2020

the week the stock market continued to plunge
From Monday March 2nd thru Sunday March 8th --- 25 single family homes went to contract in the Catalina Foothills of Tucson, AZ  (link expires 4/08/2020)

14 were priced from $225,000 to $595,000
11  from $615,000 to $994,000  
and that's it, nothing with 7 figures

Still, other than nothing at $1mil+, contracts for the first week of March were robust, seemingly unfazed by the stock market plunge. 

But after today, Dow −2,013.76 (7.79%) to 23,851.02, I expect that a number of discretionary home purchases are going to be put on hold. 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

in contract the last 2 weeks, Feb 17 - March 1, 2020

In the interest of trying to get a handle on how the virus and resulting stock market plunge may have affected real estate contract activity here in the foothills let's look at the two weeks separately. 

During the first week, the week before the market plunged, Monday Feb 17 - Sunday Feb 23, 2020 -- 28 single family homes went to contract - (there were 32 in contract but 4 of them fell out, 3 of them during the following week when the market plunged)     (link expires 4/02/2020)

14 were priced from $224,900 to $595,000
12 from $615,000 to $990,000
2 from $1,295,000 to $1,595,000

No doubt, a strong week for contracts. 

                   ---------------------------------------------------------------

During the second week, the week the market plunged, Monday Feb 24 - Sunday March 1, 2020 -- 24 single family homes went to contract - (there was 1 more in contract but it fell out yesterday)    (link expires 4/02/2020)

10 were priced from $383,500 to $595,000
13 from $615,000 to $969,000
 1 at $1,250,000

So, a few less contracts but by no means a wholesale bailing out of the market, not hardly. And with 53 homes going to contract, the last 2 weeks compare favorably with the prior two weeks, Feb 3 - Feb 16, when I noted what a very healthy market it was with 56 homes going to contract. 

However, that's just for now, the foothills markets immediate reaction. One way or another there's more to come. 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

 

in contract the last 2 weeks, Feb 3 - Feb 16, 2020

From Monday February 3rd thru Sunday February 16th --- 56 single family homes went to contract in the Catalina Foothills of Tucson, AZ  (link expires 3/21/2020)

31 were priced from $309,900 to $590,000
19 from $620,000 to $949,000
 6 from $1,095,000 to $1,495,000

- a very healthy haul with a wide price range of homes going to contract, and they went quickly too, in just 27 median days on the market

- during the same period last year 33 homes went to contract - that's 41% less than this year

PS; 5 other homes also went to contract in the last 2 weeks but for one reason or another they fell out of contract. And I suspect that one of the reasons they fell out may be that buyers are finding that they have to act quickly, sometimes too quickly, with little or no time to 'sleep on it', if they hope to put a house in contract before someone else beats them to it. 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

 

so far this year ...

... see how this years Catalina Foothills single family home market is outperforming recent years, by a bunch;

Following are the Catalina Foothills top line single family home sales numbers for January 1st thru February 14th for each of the following years;

2018 
68 homes sold --- @ $508,00 median sold price ---  in 48 median days on market

2019 
70 homes sold --- @ $502,500 median sold price ---  in 68 median days on market

2020
89 homes sold --- @ $570,000 median sold price --- in 32 median days on market. (updated 2/19/20 & again on 2/24/20)

So far in 2020 more homes have sold and they sold at much higher prices and in many fewer days on market - than in 2018 & 19.
And 2018 & 19 were not slouchy years either.  However, keep in mind these numbers reflect sales for only 6 weeks - so while they are encouraging we will have to wait and see how the market does in the next couple months. 

 

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home

in contract last week, 1/27 - 02/02/2020

From Monday January 27th thru Sunday February 2nd --- 19 single family homes went to contract in the Catalina Foothills of Tucson, AZ  (link expires 3/10/2020)

14 were priced from $325,000 to $549,900
 5 from $630,000 to $949,000
and that's it! a rare week with no contracts at $$$million+

see TheFoothillsToday.com 
to find your very own Catalina Foothills Home