Home sales under $1,000,000 had another very good year and sales above $1,000,000 had another so-so year. No big surprises there, though I did expect the $1.0mil+ market to eek out a few more sales.
The numbers:
A grand total of 897 single family homes sold in the Catalina Foothills in 2017.
That is 8.2% more homes sold than in 2016 and a great deal more than every year since 2006.They sold quickly too, at a median of 39 days on market, 38% quicker than it took in 2016. And 2017 median sold prices are 6.6% higher than they were in 2016.
Broken down into two price ranges, homes sold up to $999,999 and those sold for $1,000,000 & UP, it looks like this;
First up, the number of homes sold up to $999k each year from 2004 thru 2017. Clearly, a market with impressive gains that has grown stronger year by year.
Next up, the number of homes sold at $1,000,000 & UP each year since 2004.
Well, the good news is, with 53 homes sold in 2016 & in 2017 (yes, 53 sold each year) sales for the last 2 years are higher than they’ve been since 2009. But not by much. And with sales still 57% below where they were in 2006, it is, frankly, a rather pathetic recovery for the upper-end market.
And, median sold prices.
2017 Median sold prices are UP an impressive 6.6% over 2016. However, since bottoming out in 2012 median sold prices are up just 14% since then – and 6.6% of that gain is thanks to 2017’s impressive numbers. Bottom line, other than 2017, sold prices have risen at a snails pace, though, perhaps and hopefully, that is finally changing. We’ll see.
Happy New Year!
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