The Catalina Foothills

What, no blogging

I’ve been very remiss in keeping up with this blog. And it’s not for lack of interest, it’s simply a matter of time. There’s not enough of it. I’ve been up to my eyeballs in actual real estate work, the stuff that gets my clients into new homes and out of their old ones, and also pays the bills.

I did update the Market Snapshot and the Just Sold link on my website – and, other than a slight slowdown in activity, no big changes there. The lower priced end of the market is still doing very well, the middle of the market – priced $600k to $999k – is doing fairly well, considering, and the 7 figure market is awash is listings and not much else.

And today is the last day of May with temps forecast to hit the triple digits any day now.

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

in contract last week, 5/16 – 5/22

From Monday May 16th thru Sunday May 22nd  a whopping 37 single family homes went to contract in the Catalina Foothills of Tucson AZ. A lollapalooza of a week, at least for the low-end.

32 were priced from $115,430 to $574,900
5 from $685,000 to $948,000
And that’s it!

The numbers for the previous week are HERE

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

 

 

May sales in the $400’s

4601 N Paseo Presidio, Tucson, AZ 85750 sold in 42 days for $408,000 ($168/sf) from a $415,000 list price, despite Zillow’s Zestimate^® of $372,187.

5880 N Via Amable, Tucson, AZ 85750 sold in 55 days for $406,000 ($156/sf) from a $424,500 list price, while Zillow was way out in left field at $547,258.

Despite being cheek to jowl with Campbell, 6062 N Campbell Avenue, Tucson, AZ 85718, sold in 25 days for $420,000 from a $450,000 list price. Zillow was pretty close at $395,848.

5249 N Via Velazquez, Tucson, AZ 85750, in Fairfield’s ever popular Sunrise Mountain View Estates, sold in 80 days for $440,000($165/sf) from a $455,000 list. Zillow missed again at $503,643.

6321 N Placita De Rojelio, Tucson, AZ 85718, in Shadow Hills, was listed for $550,000 for 5 days then dropped to $499,500 and 10 days later dropped to $465,000 and, Bingo!, went to contract 3 days later, then fell out of contract and 3 days after that it went back into contract and sold for $455,000 ($135/sf, cheap-cheap for SH) for a total of 22 days on market. Way off in left field again, Zillow had it at $588,825.
Back in the good old days it sold for $660,000 in 2005.

7070 E Chipmunk Court, Tucson, AZ 85750, a Ventana Canyon Golf Villa, sold in 77 days for $445,000 ($205/sf) from $469,000 list. It last sold in 2004 for $405,000 – barely 10% in 12 years – speaks volumes of price appreciation since the boom turned into the bust turned into the snail’s pace recovery we’re now in. For a change, at $435,455, Zillow was dangerously close.

5960 N Camino Padre Isidoro, Tucson, AZ 85718, also in Shadow Hills, sold in 76 days for $448,000 ($142/sf, also cheap for SH) from a $474,000 list. Wow!, talk about left field, the big Z had it at $592,921.

Shadow Hills # 3,5990 N Calle De La Culebra, Tucson, AZ 85718, sold in 29 days for $470,000($162/sf) from a $475,000 list. At $487,433, Zillow was close enough.

1121 E Via Lucerna, Tucson, AZ 85718, in Vista de Las Candelas Estates, sold in 56 days for $470,000 ($147/sf) from a $475,000 list. Zillow was on target at $461,912

5211 N Valley View Road, Tucson, AZ 85718, un-subdivided, sold in 46 days for $487,000 ($148/sf) from a $500,000 list. Zillow was quite bullish on Valley View, guessing its worth at $551,076.

There are others but I think that’s enough to make the point that the $400k price range is doing very well – homes are selling quickly and for reasonably close to list price. And, more often than not, Zillow is out in left field vs.actual market values.

Next up, May sales in the $500's

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

in contract the last 2 weeks, 5/2 – 5/15

From Monday May 2nd thru Sunday May 15th  a not-so-whopping 44 single family homes went to contract in the Catalina Foothills of Tucson AZ. Remember, this is for two weeks.

28 were priced from $199,000 to $595,000
14 from $600,000 to $975,000
1 at $1,200,000 & 1 at $2,200,000

Surprisingly, the drop in sales is at the lower-end which, until now, has been doing approximately 20 – 25 contracts/week.

The numbers for the previous week are HERE

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

upper end sales, where are they selling

We know the upper-end market is doing better this year, sales are up compared to last year. But let’s take a closer look at where they’re selling and what else is for sale, in contract and sold at $1,000,000+ in the sub-d’s where they’ve sold.
(The links will show everything for sale at all prices)

Pima Canyon, once the darling of the upper and the upper-upper-end, is having another tough year – last year was nothing to rave about.

13 homes for sale - $1,175,000 - $2,499,900 (average $$/sf list $338)
0 in contract
1 sold since Jan 1 - $1,751,330 at $226/sf
And it sold quick too, 13 days. Buyers recognize a good deal.

With just one sale at $226/sf, the 13 for sale - listed at an average of $338/sf - are going to have an even tougher time justifying their $$$$/sf price. And last year, during the entire 12 months, just 1 home sold in PC for $million+, at $260/sf.

Cobblestone
4 homes for sale - $1,095,000 - $13,900,000 (average $$/sf list $329 – skewed higher by the $13.9 home on 13.3 acres)
1 in contract at $895,000
1 sold this year @ $1,350,000 - $239/sf in 67 days.
This same home sold last year for $1,200,000 and took 396 days to do it, and as far as I can tell no real changes, upgrades, since then.

Catalina Foothills Estates (average $$/sf list $349)
10 for sale - $1,090,000 - $3,975,000
1 in contract at $1,399,000
1 sold this year at $1,625,000 - $269/sf in 158 days.
That’s it.

Catalina Foothills Estates 10 (Cat 10)
6 for sale - $1,095,000 - $1,650,000 (average$$/sf list $276)
0 in contract
3 sold this year $990,000 - $1,375,000 (average$$/sf sold $217)

Hacienda del Sol Estates
0 for sale (at $million+) 
0 in contract
1 sold this year $1,095,000 - $243/sf in 70 days.

La Paloma Estates
3 for sale - $1,185,000 - $1,345,000 (average$$/sf list $246)
1 in contract - $1,200,000
1 sold - $1,100,000 - $266/sf

Montanas de Paz (Montanas de Where - a newer, small gated sub-d that sprung up toward the end of the boom years , east side of Swan Rd north of River)
0 for sale
0 in contract
1 sold this year $1,220,000 - $320/sf (holy cow) in a clean as a whistle 31 days. It last sold in 2012 for $1,010,000. 

Sabino Mountain
1 for sale $1,295,000 ($217/sf)
1 in contract $1,295,000
1 sold this year $1,155,000 ($292/sf)
A nicely balanced market.

Skyline CC
10 for sale - $1,095,000 - $1,895,000 (average$$/sf list $268)
0 in contract
3 sold this year $1,050,000 - $2,100,000 (average$$/sf sold $283)
With the $2.1 sale, Skyline has the honor of selling the highest priced home sold this year, so far. As I’ve mentioned before, in my opinion, Skyline is experiencing a resurgence due, in large part, to the newly refurbished club facilities and the resulting growing participation of residents in the club.

Finisterra
2 for sale - $1,150,000 - $1,295,000 (average $$/sf list $241)
1 in contract at $2,295,000
1 sold this year $1,550,000 ($359/sf)

Ventana CC
11 for sale – $1,195,000 - $6,500,000 (average $$/sf list $324)
1 in contract - $2,200,000
4 sold this year $1,200,000 - $1,320,000 (average $$/sf sold $282)
More $million+ homes sold this year in Ventana than anywhere else.

That’s it, 17 sold this year v. 12 sold during the same period last year.
No doubt, it’s a nice improvement. But try telling that to the sellers in Pima Canyon, Catalina Foothills Estates, Skyline CC or Ventana, where there are still many times more for sale than have sold. Plus 32 more $million + homes for sale scattered here and there throughout the Catalina foothills. And this is the middle of May. Calling Caterpillar, where are you. 

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

a big boost for Tucson

Gabriela Rico Arizona Daily Star

Caterpillar Inc. is coming to downtown Tucson, bringing hundreds of six-figure jobs to the region, Arizona’s governor and local officials announced this morning.

The regional headquarters of the manufacturer of construction and mining equipment will bring more than 600 jobs to Tucson over five years with employees in executive management, engineering, product development and support positions.

The majority of the jobs will be relocated employees from around the globe. The state estimates the economic impact to Southern Arizona at $600 million.

“This is a huge win for Tucson and the entire region,” Gov. Doug Ducey said today. “In addition to bringing jobs and capital investment to Southern Arizona, a project of this level will have a ripple effect throughout the community and state.”

Moves are set to begin in the coming weeks.

Read All About it -
Caterpillar Inc. bringing regional HQ to downtown Tucson, 600 jobs
______________________________________________________

And from the Milwaukee Sentinel (where Caterpillar is moving from)
By Rick Barrett of the Journal Sentinel

Caterpillar Inc. employees in South Milwaukee have already been shown a streetcar map of downtown Tucson, and this week they will learn more about the southern Arizona city where some of them could be living as early as this year.

Employees say the mining equipment manufacturer has scheduled webinars for Tuesday and Wednesday on the company's plans to establish its surface mining equipment and technology headquarters in Tucson, Ariz.

The move could have a large impact on Caterpillar's engineering and administrative workforce in South Milwaukee where the company builds some of the world's biggest mining machines. South Milwaukee Mayor Erik Brooks said Caterpillar told him more than 200 high-paying office jobs could be moved to Tucson over the next five to seven years.

Read all about it-
Landing Caterpillar a major coup for aggressive Tucson
____________________________________________________________

Needless  to say, with 100’s more motivated home buyers, this is also going to be a huge boost to the mid to upper-end housing market in the Catalina Foothills.

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

in contract last week, 4/25 – 5/1

From Monday April 25th thru Sunday May 1st,  a whopping 32 single family homes went to contract in the Catalina Foothills of Tucson AZ.

25 were priced from $146,000 to $599,000
6 from $699,000 to $900,000
1 at $2,800,000

The numbers for the previous week are HERE

We’re now into May, the last month of our winter/spring selling season. But because the season got off to a slow start, I’m wondering if it will have a longer (past May) finish. ?

Homes don’t stop selling in June, July and August, but the hustle and bustle of contract activity does slow down a bit. Particularly at the upper-end.

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

the latest, on the Catalina Foothills market

I just updated the Market Snapshot numbers (which was woefully out of date) and they’re the best they’ve been in a long time – across all price ranges. MOI (months of inventory) is down across the board.

 

And for the latest year-to-date numbers, I updated the following charts to show sales from January thru April for the years 2004 – 2016. First up, the number of homes sold up to $999,999

 

Next, the number sold at $1,000,000 & UP

 

And finally, median sold prices

A mixed bag. Sales have regained their momentum and are UP over the last couple years, but sold prices are still struggling and nowhere near where they were even prior to 2011.

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

Catalina Foothills April Home Sales

Have you heard, ‘the market’s perk, perk, perking up’
April home sales are not only higher than any month shown on the chart; I went all the way back to Jan 2011 (and gave up there) and they’re higher than any month since then.

For comparison, at the height of the market madness in  2004/2005 - 111 & 96 homes sold in April. And I’ll bet there’s still a few sales for this April that have not yet been turned in to the MLS.

Also, the 94 homes that sold in April sold rather quickly, in a smashing 47 median days on the market. In April 2015 it took 84 days to unload 71 homes, and 66 days to unload 61 in April 2014.

Another bright spot, 7 homes sold from $1,220,000 to $2,100,000.  SEVEN!

 

Thru April,  home sales are up a smidge this year, at 268 v. 257 for 2015 –  April saved the day, thru March 2016 sales were down 6.4% v 2015.

What about sold prices,

Well, ho-hum, the average sold price is right up there (driven by those 7 $mil+ sales) but the median is, at best, mostly mediocre compared to the last 15 months.

Thru April, average sold prices are up 4.5% v. 2015, but (hold the applause) the median is down 2%.

Looking ahead to May and June sales, currently there are 164 homes in contract, and more going under every day.

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