This is a follow-up to part 1 of “the market is stronger …., and here we look at subdivisions located east of Swan Rd where, in theory, we should discover evidence of this years 10% rise in median sold prices that were not evident in subdivisions located west of Swan.
The following figures are for single family homes sold from Jan 1 thru April 30th 2016 & 2017.
off we go,
Alta Vista
2016
3 homes sold at a median sold price of $575,000 in 130 median days on market (MDOM)
2017
4 sold at a median sold price of $857,500 in 138 MDOM – BINGO!, up 49% in AV.
Cimarron
2016
3 sold at $525,000 in 195 MDOM
2017
8 sold at $702,250 in 67 MDOM – Cim’s up 33%, we’re on a roll
Flecha Caida
2016
10 sold at $370,000 in 132 MDOM
2017
8 sold at $440,000 in 65 MDOM – up 19%, & quicker too.
Fairfield/Sunrise
2016
9 sold at $392,000 in 89 MDOM
2017
also 9 sold but at $455,000 in 53 MDOM – up 16%
Villages of Ventana
2016
3 sold at a cheap-cheap $272,500 in 6 MDOM
2017
3 sold at $375,000 in 3 MDOM – up 37%
Ventana Country Club (including all of its meandering and constituent subdivisions)
2016
11 sold at $720,000 in 85 MDOM
2017
10 sold at $637,500 in 4 MDOM – party pooper, down 11%
and, last but not least,
Sabino Mountain
2016
5 sold at $369,000 in 218 MDOM
2017
6 sold at $594,000 in 41 MDOM – up a whopping 61%
Well, there you have it, mystery solved. Median sold prices are UP UP UP east of Swan and they’re flat or down west of Swan. Why is that? Is it because buyers prefer the east side of the foothills and therefore there’s more demand. Well, sort of but not exactly.
My theory, it is not, per se, about a preference for the east side, it’s about the cost of homes east side v. west side.
Homes on the east side of the foothills are generally cheaper than those on the west side. Generally, not absolutely, with Ventana being the most obvious exception. Said another way, for the same $$ amount you can get more house for your $$ on the east side than on the west side. And, and this is important, homes on the east side are, overall, also newer (or at least less old) than homes west of Swan. And that demand (and low supply) is driving up prices for lower priced homes on the east side.
Lower priced homes have been selling like crazy for a few years now, the supply of homes priced up to $599k has been and continues to be (very low) in the 3 – 4 month range. While higher priced homes have not fared nearly as well, the inventory is higher and sales are not nearly as brisk.
Got a different, better, more amusing theory, love to hear it.
Thanks, JS
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
