See the number of homes currently for sale & the number sold from Jan 1 to the end of April, broken down by price range, with resulting MOI (months of inventory)
$0 – $599,999
281 for sale
164 sold
= 7 MOI
$600,000 – $999,999
118 for sale
40 sold
= 12 MOI
$1,000,000 & UP
104 for sale
12 sold
= 34+ MOI
So we have high inventory and low sales above $600k. And very high and very low above $1.0. What else is new.
I think a good part of why this has happened is due to the mistaken impression by would-be sellers that this was going to be a bang-up year for sales. So they listed their homes in droves, and some, after waiting it out for 3 or 4 years for a good year to come along. Very frustrating. But it’s also true that many of them had vey high hopes for this year. Way too high.
And the longer this stalemate goes on, the further prices are going to fall. I’m mostly referring to the $1.0+ market, where list prices are falling, and where there are some homes that appear to be very well priced but are still not selling.The market that, back in the early days of the recession and RE bust, was touted by many as being virtually recession proof. Yeah sure.
And, incomprehensibly, in some ways it’s even worse today than it was back then.
For a trip down memory lane, to those early days, see the almost identical piece I posted 5 years ago to the day – May 4, 2009, HERE - the only difference being that back then the low-end went to $649k and the mid range started at $649,001.
Tick-tock
see TheFoothillsToday.com
to find your Catalina Foothills Home
