The Catalina Foothills

inventory is down, contracts & sales are up

I just updated the Market Snapshot numbers and noticed that there are many fewer single family homes for sale,18% fewer, this year in the Catalina Foothills than there were last year at this time. And there are 30+% more homes in contract & sold in the last 30 days than there were last year at this time. And while the pace of 2016’s lead in sales over 2015 has increased in recent months, 2016 sales have been running ahead of 2015 all year long.

Usually, shrinking inventory combined with rising sales is a sure-fire recipe for rising prices. But despite what usually happens it’s not happening here. YTD median sold prices are actually down 3.6% v. 2015, and, ironically, despite the more recent tightening inventory and bigger jump in contracts and sales, median sold prices for the last 30 days are down 13% v. the same period last year.

Then again, maybe contracts and sales are rising because prices are not.

YTD 2015 median sold prices - $415,000

YTD 2016 median sold prices - $400,000

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Big Sale in Pima Canyon

It took a while (188 days) but 7578 N Mystic Canyon, Tucson, AZ 85718 closed the other day for $1,610,000, a whopping $364/sf. Then again, this was a brand spanking new spec home, built 2016.

$364/sf is by far the highest $$/sf sale in Pima Canyon  this year and last year and the year before.

This makes it 8 sales in PC this year @ $268 average & $263 median Sold$$/sf.

7578 N Mystic Canyon, Tucson, AZ 85718

PS – Zillow missed it by a country mile, pegging its value at $1,294,964 – $276/sf.

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two 2 stories went to contract this week

and they went quick too. One after just 4 days on the market and the other in 6.

Why is that news? Well, because typically, 2 story homes take longer to sell in the foothills, often much longer, than 1 story homes.  And why is that. That’s because many people, especially those over a certain age, don’t want to be schlepping up and down stairs to get from here to there and from there back to here.

1 story homes – 703 sold since January 1st – in 53 median and 99 average days on market

2 story homes – 130 sold since January 1st – in 84 median and 154 average days on market.

2 two stories go to contract

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to find your very own Catalina Foothills Home

in contract last week, 11/7 – 11/13

From Monday November 7th thru Sunday November 13th,  19 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 12/20)

14 were priced from $265,000 to $584,900
4 from $630,000 to $700,000
1 at $1,095,000

eh!

The numbers for the previous week are HERE

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to find your very own Catalina Foothills Home

I wanted a custom built iron patio door

and after doing my usual lengthy research I found just the guy to do it.

Steven Kimme-Hea, owner and artist of Iron Garden Studio, was an absolute pleasure to work with. He was patient, helpful, full of ideas and, best of all, he designed and created a beautiful door that is just what I wanted and exactly what he promised.

Steven designs and builds doors, gates, trellises, wall art and more. If it’s metal work that you’re looking for give Steven a call. No one else that I talked to even came close, I highly recommend him.

Iron Garden Studio

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to find your very own Catalina Foothills Home

in contract last week, 10/31 – 11/6

From Monday October 31st thru Sunday November 6th,  22 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 12/11/16)

18 were priced from $100,000 to $599,999
2 at $739,950 & $945,000
1 at $3,900,000 ($3million 9)

Though it’s likely the $3.9 deal will close for somewhat less than asking, it may, nevertheless, end up being one of the highest $$$$ sales ever in the Catalina Foothills. Since 1995 there’ve been just 5 sales (thru the MLS) at $3.6 and UP – all 5 were tightly packed from $3.6 to $3.8 - four of which sold from 2003 to 2007 and then nothing until  2014.

The numbers for the previous week are HERE

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Catalina Foothills single family home sales and sold prices thru October,

 

 

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to find your very own Catalina Foothills Home

how’s the market doing this year vs... last year

Let’s have a look at the important stuff, just the hard numbers, with no charts.
The following numbers are for single family homes SOLD UP TO $999,999 in the Catalina Foothills from January 1st thru October 31st for last year and this year.

	2015	2016	+/- %
# Homes Sold	696	733	+6.6%
Average Sold $$	$441,755	$437,470	-1%
Median Sold $$	$405,000	$388,000	-4%
Median Sold $$/sf	$160	$159	eh!
CDOM	67	56	–16%

(CDOM,  Cumulative Days on Market - Lower is Better)

Ho-Hum, same old story. Sales improving but prices (still) going nowhere. Median sold prices have barely budged since 2010.

Here’s the same comparison but this time for homes sold at $1,000,000 & UP 

	2015	2016	+/-%
# Homes Sold	29	40	+38%
Average Sold $$	$1,341,103	$1,397,846	+4.2%
Median Sold $$	$1,270,000	$1,250,000	–1.6%
Median Sold $$/sf	$249	$251	eh!
CDOM	182	74	-59%

Not so Ho-Hum. With a big jump in sales, along with a big drop in days-on-market, there is at least a glimmer of hope that the upper-end – where sales have been bouncing along the bottom since 2009 – may be getting its head above water.

Click HERE for the same comparison for 2014 vs.. 2015.

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in contract last week, 10/24 – 10/30

From Monday October 24th thru Sunday October 30th,  27 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 12/3/16)

21 were priced from $210,000 to $599,000
5 from $649,000 to $900,000
1 at $1,295,000

A healthy haul for October.

The numbers for the previous week are HERE

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to find your very own Catalina Foothills Home