where it appears the wheels start to get wobbly
57 for sale – 7 in contract – 7 sold in last 30 days = 8 months inventory. A market with 8 months inventory is usually considered a weaker market, a market teetering into buyers market territory. And the change occurred abruptly, just by jumping from $500k (with 5 months inventory) to the $600k price range.
But the homes that sold, sold fast, in an average cumulative days on the market (ACDOM) of just 46 days. And that is super fast – and much faster than homes sold in lower price ranges. And they sold very close to list price – 97.8% of list price. And those numbers point to a strong market.
Could it be that buyers are out there with $$$ burning a hole in their pockets but there just aren’t enough homes of the type they are looking for. Maybe not enough newer homes, or, …??…or, maybe just one of those things
Here are the 7 sales;
6988 N Pusch Peak Place was listed for $629,000 last October, dropped to $615,000 and went to contract in February and sold for $610,000 ($194/sf) last month – 137 DOM. Zillow had it at
$548,570.
5704 N Williams Drive a 2005 built home listed for $645,000 in February, went to contract 27 days later and sold last month for $630,000 ($164/sf). Zillow hasn’t picked up this latest sale but zestimates its current value at $647,529.
5455 E Camino Bosque - in Skyline Bel Air - was listed for $649,000, went to contract 38 days later and sold for $615,000 ($133/sf). And a near bulls-eye for Zillow at $621,623.
Another quickie in La Paloma, 5780 N Calle De Los Camarones was listed on February 6th for $650,000, went to contract 39 days later and sold for $640,000 ($240/sf) last week after selling one year ago for $620,000. Zillow wasn’t too far off at $616,659 .
In Alta Vista, 6035 E Fangio Place didn’t dilly-dally either. It sold for $632,000 ($204/sf) from a $669,000 list price (reduced from $695) in 73 days. And once again Zillow nailed it at $639,033.
And 5761 N Campbell Avenue sold in 5 days, even though it is adjacent to Campbell Ave, which is usually a difficult location to sell. And it basically sold for list price, listed for $678,000, sold for $677,500 ($198/sf). But it’s newer, built in 2005. And there’s very little, almost none, to choose from that’s newer, in that price range and in the old foothills. And get this, it sold for $700,000 in 2007, one of the lightest losses from buying then and selling now that I’ve come across. And at $720,139 Zillow was even more bullish.
And 4601 E Quivira Drive in Coronado Foothills wasn’t far behind. It sold in 6 days – listed for $699,000 it sold for $699,000 ($200/sf). Zillow liked it at $743,341.
Click for >
Recent sales in the $300’s
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
