The Catalina Foothills

in contract last week, 10/16 – 10/22/17

From Monday October 16th thru Sunday October 22nd  17 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 11/25/17)

MDOM - is Median Days On Market

15 were priced from $289,900 to $599,950 – in 37 MDOM
1 at $615,000 – in 116 days on market
1 at $1,395,000 – in 798 days on market

The numbers for the previous week are HERE

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

The Catalina Foothills market is heating up

Looking only at recent sales, from 9/15 – 10/21

-sales of single family homes are UP 31% over the same period last year. 76 v. 100 sold this year.

-more homes are selling quicker – last year 19 homes sold  in 10 days or less, v. 32 this year

-the total $$ value of the homes sold last year was;
$37,266,334 
this year it’s $49,469,659,  a 32% increase.

why stop there, let’s see what the market did in 2015 v. this year

- sales are UP 49% this year v. 2015 – 67 v. 100 sold this year.

- in 2015 11 homes sold in 10 days or less v. 32 this year

- in 2015 the total dollar value of homes sold was;
$30,103,144 v. $49,469,659  this year, a 64% increase.

Median sold prices are also up a wee bit;
they’re up nearly 5% since last year
and up 7% since 2015.

When 1/3 of the homes selling are selling in 10 days or less, it’s a sure sign the market is heating up.

Also, of the 102 homes currently in contract, 37 went to contract in 10 days or less.

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

in contract the last 2 weeks, 10/2 – 10/15/2017

From Monday October 2nd thru Sunday October 15th  33 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 11/18/17)

MDOM is Median Days On Market

23 were priced from $219,900 to $585,000 – in 10 MDOM
7 from $600,000 to $899,950 – in 197 MDOM
3 from $1,150,000 to $1,295,000 – in 20 MDOM

197 MDOM, WOW, that's a lot of days on market. But instead of seeing it as a home taking forever to sell, how about seeing it this way;
the market is so Hot that homes that were passed over before are getting a second glance now. 
It happens, and I think that is what is happening now. Low supply/high demand and buyers are forced to compromise more than they would like to  -  and the homes that have been sitting around for months start to look more appealing. 

The numbers for the previous week are HERE

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

Spec homes are making a comeback

Many spec builders got hammered badly when the market tanked in 2008. And in the years that followed a slew spec homes sold for a fraction of their original asking prices and often fell to short sale or foreclosure. By the time the smoke began to clear around 2011 – 2012 spec home building was at a standstill and for the most part remained at a standstill, or at best a crawl, until 2 or 3 years ago.

But now, with the market on the upswing, builders are once again swinging their hammers in earnest. So far this year 14 new spec homes have been completed or are under construction. 

Of the 14, 3 have sold at $345,000, $915,000 and $1,995,000, 3 are in contract at $479,900, $985,000 and $1,249,000, and 8 remain for sale at $799,000, $1,995,000, $589,900, $895,000, $795,000, $1,895,000 and two at $1,595,000. See the 2017 Spec Homes here  (link expires 11/12/17)

And there are 3 specs for sale that are leftover from last year priced at $800,000 $1,095,000 & $1,795,000. In 2016 4 spec homes sold at $721,701, $1,600,000, $1,610,000 & $2,197,500.

This is more specs than we’ve seen in years, though not quite the tsunami of spec homes that appeared and sold in 2006 when 35 sold.
7 sold from $565,186 to $995,000 and the remaining 28 sold from $1,052,000 to $3,100,000 – median sold price $1,375,000.
See the 35 Spec Homes Sold in 2006  (link expires 11/12/17)

Many buyers prefer new homes and there is, and has been for years, a shortage of new homes in the Catalina Foothills. And with hardly any bargains to be found amongst the many older homes that are in need of large scale and expensive renovations I think the new specs have a better than even chance of finding buyers.

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

in contract last week, 9/25 –10/1/2017

From Monday September 25th thru Sunday October 1st 22 single family homes went to contract in the Catalina Foothills of Tucson AZ. (link expires 11/7/17)

MDOM is Median Days On Market

17 were priced from $284,450 to $595,000 – in 17 MDOM
3 from $699,000 to $869,000 – in 11 MDOM
1 each at $1,250,000 & $1,900,000 – in 30 MDOM

Buyers didn't dilly-dally last week.

The numbers for the previous week are HERE

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

 

The First 9 Months; Catalina Foothills Single Family Home Sales & Sold Prices

The following charts track single family home sales & sold prices in the Catalina Foothills for January – September of each year from 2004 to 2017.

First up, the number of homes sold up to $999,999 – the brightest spot in the Catalina Foothills market. And thank goodness, it's also the bulk of the market. 

Thru September home sales up to $999k are UP nearly 12% over the same period in 2016 – and are ahead of every year since 2005.
And they sold quicker this year, 36% quicker than last year – in 41 median days on market v. 64 last year. And get this, they even sold quicker this year than in 2004 – 2005, when the market was going thru the roof, 89 & 62 days on market then v. 41 this year.

Next up, the number of homes sold at $1,000,000 or more

In September sales at $1million+ picked up and regained the lead, though by just a nose, over 2016 sales for the same period. And I’ll say it again, while sales this year are ahead of every year since 2008, the lead is awfully slim (and, I think,fragile). The $1million+ market today is still down 60% from where it was in 2006. Interesting tidbit though, 39 homes sold thru September his year in 112 median days on market – 99 homes sold during the same period in 2006 in 175 days on market. Hmm!

And finally, those stubborn median sold prices for Catalina Foothills homes.

Thru September median sold prices for the overall Catalina Foothills market are up 7% over 2016. Hip-hip…And, since hitting bottom in 2012, they’re up 15.4% – after 5 long years of a snails pace recovery.

But please keep in mind that sales and sold prices do not perform uniformly throughout the Catalina Foothills. Some areas, some homes, some price ranges perform better or worse than others. The median numbers are only indicative of the overall Foothills market.

For an example of how different subdivisions have performed this year see; Catalina Foothills, median sold prices by subdivision

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