The Catalina Foothills

in contract last week, 3/18 - 3/24/2019

From Monday March 18th thru Sunday March 24th - 24 single family homes went to contract in the Catalina Foothills of Tucson, AZ (link expires 4/27/2019)

19 were priced from $212,000 to $599,900
  3 from $720,000 to $785,000
  2 at $1,455,000 & $1,750,000  

the $1,750,000 ($366/sf) listing, an impressive masonry stucco territorial on a spectacular mountain view lot in Pima Canyon , is the first home listed at $300 or more /sqft - that is NOT A CONTEMPORARY - to go to contract or sell in the last 6 months in Pima Canyon. Hurrah!!

Meanwhile, 3 Pima Canyon contemporaries sold for $342, $343 & $344/sf in the last 60 days - two in March and one in February. 
Contemporaries, in housing, they are the new black.  

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

Remember Robert Schiller, he's still around and still thinking about housing

Nobel Prize winner Robert Shiller: Housing market ‘not as exciting’
CNBC
PUBLISHED WED, MAR 27 2019 • 10:18 AM EDT | UPDATED WED, MAR 27 2019 • 11:05 AM EDT
Tala Hadavi

Nobel Prize winner Robert Shiller told CNBC that despite a strong housing market since 2012, homebuyers do not seem as excited.  Low unemployment is helping drive the market up.

Shiller also says President Donald Trump and his family’s lifestyle might be contributing to people feeling like, they too, can live in extravagant homes.

However, the Yale University economist says, “There could be a change in sentiment toward housing which could bring prices down.”

Shiller also addresses housing affordability as a global issue.

CLICK HERE FOR CNBC VIDEO

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

in contract the last 2 weeks, 3/4 - 3/17/2019

From Monday March 4th thru Sunday March 17th - 32 single family homes went to contract in the Catalina Foothills of Tucson, AZ (link expires 4/18/2019)

22 were priced from $243,100 to $575,000
 6  from $600,000 to $950,000
 4 from $1,095,000 to $1,739,000 

32 contracts over 2 weeks, it's not terrible but it's not what it should be for this time of year - many fewer contracts this March than during the first two weeks of March 2018 and March 2017 and .... yep March 2016 too.

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

a quick snapshot of the current Catalina Foothills single family home market

So far this year, (thru 3/10/19);

110 single family homes have sold
at a median sold price of $476,000
in 65 median days on the market

During the same period last year;

140 single family homes sold
at a median sold price of $497,000
in 42 median days on the market 

The numbers reflect a 21% drop in home sales - a 4% drop in median sold prices - and a 55% increase in market time. 
All signs of a weaker market.

And we're in good company;
An article in Bloomberg covering the hottest housing markets states, "For the first time in years, the U.S. is entering its key spring house-hunting season with buyers holding the upper hand. Nowhere is the shift more pronounced than in once-hot areas such as Seattle, San Francisco and Denver, where bidding wars are vanishing, time-on-market is climbing and prices are flattening, or even falling. These western cities, the center of the recent housing boom, are now leading the slowdown"

Granted, a key reason for the slowdown in those formerly hot markets is the insane price increases they've had in the last 6 or 8 years - with prices doubling in Seattle since 2012. While our price increases have been much more sane, and much more modest - Catalina Foothills median sold prices are up just 25% since 2012. 

Nevertheless, we are also experinencing a slowdown this year - Unless, of course, it's a contemporary home. If so those numbers go out the window. 

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

in contract the last 2 weeks, 2/18 - 3/3/2019

From Monday February 18th thru Sunday March 3rd - 42 single family homes went to contract in the Catalina Foothills of Tucson, AZ (link expires 4/5/2019)

27 were priced from $355,000 to $599,900
14 from $600,000 to $995,000
1  at $1,169,000
                                          

   On March

Traditionally, March is one of the busiest months for Catalina Foothills single family home sales - and judging by the first 6 days this March is no exception. So far, 18 19 homes have gone to contract in just the first 6 days,

16 contracts are for homes priced from $285,000 to $599,900 + 3 from $624,995 to $950,000. 

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

people ask, how's the market doing?

well, that depends - there are a few different markets here in the Catalina Foothills, which one are you interested in?

Is it the market for homes listed for up to under $600,000? If so, the answer is the market is strong, it's doing very well -  the inventory is low and activity, contracts and sales are high. 
124 homes for sale - 76 in contract - 36 sold in the last 30 days = a skimpy 3.4 month supply of homes for sale

Above $600k the market is weaker. 

from $600,000 to $999,999 it's a very different picture;
there are 111 for sale (nearly as many as the homes listed up to $599k) but with just 30 in contract - and just 9 sold in last 30 days = a fat 12 month supply of homes for sale. 

at $1,000,000 to $1,499,999 the market is even slower;
46 homes for sale - 2 homes in contract - and just 2 homes sold in the last 30 days = 23 month supply of homes at the current rate of sales. 

Contracts are a more accurate picture of currrent market activity than sales, because current sales are the result of deals that were made 30 - 60 days ago while contracts are more recent. 

If we compare the relationship of the number of homes for sale to the number in contract at each price range, it looks like this;
$0 - $599,999 - 124:76 (76 in contract = 61% of the number of homes for sale)

$600,000 to $999,999 - 111:30 (30 in contract = 27% of the number of homes for sale)

$1,000,000 to $1,499,999 - 46:2 ( 2 in contract = 4% of the number of homes for sale)

At $1,500,000 & UP it's pretty much the same, slow, there are 37 homes for sale - 4 in contract - 1 sold in the last 30 days. 

That is the market at this time. 

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

another record for contemporary homes

In a post last month I talked about how well contemporary homes are selling here in the Catalina Foothills - "... they are selling well. Better, for more $$ and faster than anything else in the same price range" 

And now a home that was recently remodeled (to flip) in the contemporary style in Catalina Foothills Estates 7 - just sold for list price, $729,000, at $259/sf - the highest $$/sf sold price of the 123 homes that have sold in Cat 7 in the last 10 years. 

And it sold quickly too -  just 18 days from listing to contract.
While - during the last 6 months - the average/median days on market in Cat 7  is 110 & 95 days on market. 

Contemporaries, they're hot and they're scarce. 

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