Let's first look at the three main areas where $1,000,000+ homes sell. The following chart shows the number of homes sold for $1,000,000 or more in the first 6 months of each year, in the Catalina Foothills, in the Northwest including Oro Valley and Marana, and in the Northeast including Tucson CC.
| area | 2015 | 2016 | 2017 |
| Catalina Foothills | 15 | 25 | 31 |
| Northwest | 14 | 16 | 16 |
| Northeast | 3 | 3 | 3 |
So, since 2015 sales in the Catalina Foothills have doubled while sales in the Northwest and Northeast have barely budged.
For comparison, from January 1st - June 30th 2006, the peak year for $1,000,000+ home sales in Tucson
76 homes sold for $1,000,000 or more in the Catalina Foothills - 145% more than sold this year
11 homes sold for $1,000,000 or more in the Northwest - 31% less than sold this year. (due to the fact that the number of $1.0+ homes for sale has grown - because so many $1.0+ homes and spec homes have been built in the NW since then, though not many more are selling)
8 homes sold for $1,000,000 or more in the Northeast - 166% more than sold this year, but still small potatoes, a fraction of the market.
Currently, at $1,000,000 & UP;
- in the Catalina Foothills there are 74 homes for sale and 31 sold in the last 6 months, equals 14 Months Of Inventory, MOI.
- in the Northwest there are 53 homes for sale and 16 sold in the last 6 months, equals 20 MOI
- in the Northeast there are only 14 homes for sale but only 3 sold in the last 6 months, equals 28 MOI.
Computed like this > ( # of homes for sale ÷ # of homes sold in last 6 months X 6 (months) = the MOI )
6 months of inventory is considered a normal, balanced market. Much less than that and it becomes a sellers market, while, with much more it becomes a buyers market. MOI is a basic measure of recent supply and demand.
So with MOI way above 6 months, all three areas are deep in buyers market territory, at least on paper they are. In real life, in the Foothills anyway, (I can't speak for the NE or NW) the nicest, most desirable homes are not going for the deep discounts one might expect given the high MOI.
Of all the homes sold from Jan 1 - June 30th 2016, where were the top 10 highest priced sales located; in the Catalina Foothills, the Northwest or the Northeast. The envelope please, - 3 in the Northwest sold for; $3,000,000, $2,272,554 & $1,593,000
- 7 in the Catalina Foothills sold for; $2,800,000, $2,100,000, $1,800,000, $1,751,330, $1,750,000, $1,715,000 & $1,625,000
Tidbit - I recently ran across an online article from the AZ Daily Star that purported to show where the top 25 highest priced sales occurred in 2016. And after a quick check I found that at least two sales in the Catalina Foothills that were conspicuous by their absence from the top 25 list. Sales that should have been included in the top 10, never mind the top 25, but were not included at all. Yet, oddly enough, quite a few much lower priced sales in the Northwest were included. Hmm! Oh well, who knows how or why.
Same exercise for this year, Jan 1 - June 30th 2017 - 5 in the Northwest sold for; $2,200,000, $1,768,000, $1,744,900, $1,500,000 & $1,412,500
- 5 in the Catalina Foothills sold for; $2,000,000, $1,960,000, $1,920,000, $1,647,313 & $1,500,000.
- That's it for now.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
