104 homes for sale priced from $1,039,000 to $6,500,000
2 are distress sales; a short sale @ $2,099,900 & a REO @ $1,999,000
average list = $1,919,454/median = $1,524,500 @ $359/sf
6 are in contract from $1,149,000 to $13,500,000
2 are short sales @ $1,224,600 & $1,495,000
Excluding the $13,500,000 contract >
average list = $1,432,720/median $1,295,000 @ $265/sf
Including the $13,500,000 contract>
average list = $3,443,933/median $1,395,000 @ $390/sf
26 homes listed @ $1 million or more have sold since Jan 1
2 sold for under a million; @ $999 & $935
2 were distress sales; a short sale @ $1.0 & a REO at $1.8
average sold = $1,367,269/median $1,210,000 @ $269/sf
Which, at the in-season Jan – June sales rate, leaves us with about a 2 year supply of homes at a million $$ & up. A large supply chasing a small demand. And though distress sales are still a small fraction of this Foothills market, with that large supply and small demand, you can bet your boots that more upper-end distress sales are on the way.
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