Here’s a comparison of home sales at $1,000,000+ from Jan 1 – June 10 for last year and this year.
2015
14 sold
Average/median Sold - $1,338,714/$1,287,500
Sold in 206 median days on market
Total $$ value of sales = $18,742,000
2016
23 sold
Average/median Sold - $1,407,667/$1,250,000
Sold in 94 median days on market
Total $$ value of sales = $32,376,330
The number of homes sold this year at $1,000,000+ is up 64%, the average/median sold prices are pretty much a wash, the median days on market is down –54% (down is good), and the total $$ value of the homes sold is up 74%.
For months now I’ve been cautiously touting signs of an improving upper-end market. And now, with 5+ months of sales under our belts, that forecast appears to be coming true.
There are also 3 homes in contract listed from $1,799,000 to $2,295,000, but – on the other side of the coin – there are still 89 homes for sale. 89 for sale & 23 sold in 5+months = roughly, a 19 month supply of $1,000,000+ homes for sale - assuming sales continue at the pace of the first 5 months, our busiest time of year.Which is very unlikely. So we're not out of the woods yet, far from it.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
