While my focus is on the Catalina Foothills it’s a good idea to keep an eye on how the market is doing in other areas, particularly in the NW and NE, which bear some resemblance to the foothills (the N) in terms of housing stock and their proximity to the foothills. And occasionally I find that buyers who are interested in the foothills would also like to have a look in the NW and NE before deciding where to settle down.
So here’s a broad overview of all three markets.
The table shows the number of Homes listed for sale and sold in the last 6 months from $0 to $999,999, and from $1,000,000 & up, with the resulting MOI (months of inventory) in each area.
| Status & Price | NW | NE | N |
| # Homes listed up to $999,999 | 1,388 | 250 | 370 |
| # Homes Sold | 1,388 | 227 | 329 |
| MOI | 6 | 6.5 | 6.7 |
| # Homes listed @ $1.0mil+ | 62 | 20 | 100 |
| # Homes Sold | 12 | 2 | 25 |
| MOI | 31 | 60 | 24 |
** 1388 for sale and sold in the NW is not a typo, it’s just a weird coincidence.
With approximately 6 months inventory for homes priced up to $999,999 - which is considered a normal, balanced market, and yes the NW is ahead by a nose - all three areas are in the ballpark and in that regard are doing reasonably well.
But from $1,000,000 & Up, with 31, 60 and 24 MOI, all three areas are in deep doo-doo, with the NE in the deepest.
And PS – of the two sales at $1.0+ in the NE, one of them was in Tucson Country Club, which, technically is in the NE but in reality is its own little oasis that bears little resemblance to the rest of the NE.
Also, note that homes listed at $1,000,000+ account for just 4+% of the inventory in the NW, 7+% in the NE, but 21+% in the N.
And what about median list and sold prices. And how close to list price are homes selling. (for homes sold in the last 6 months, list prices shown are the median list price at the time of sale)
| NW | NE | N | |
| Med List $$ | $225,000 | $275,000 | $399,750 |
| Med Sold $$ | $218,068 | $265,000 | $388,500 |
| % List $$/Sold $$ | 97% | 96% | 97% |
Pretty hunkey dory, eh. You’d think. But those numbers are for the homes that sold.
What about the homes that are still for sale, what’s the difference in the median list price of the homes still for sale v. the median list price of the homes that sold.
| NW | NE | N | |
| Med List homes still for sale | $293,000 | $382,500 | $605,000 |
| Med List homes Sold | $225,000 | $275,000 | $399,750 |
| % difference | - 26% | – 28% | –37% |
So, not so hunky dory. And it's all about what is selling and what is not selling.
Homes listed up to approximately the median list price are selling very well, while those listed above the median are not.
For example; 1400 homes sold in the NW (1388 up to $999k + 12 at $1.0+). 1013 of those homes sold up to the median list of $293,000, and just 387 sold above $293,000.
And that’s across the board, with the widest gap right here in the foothills. Due, in part, to our larger inventory of upper-end homes, plus the overall higher prices of foothills homes.
see TheFoothillsToday.com
to find your Catalina Foothills Home
