In the interest of trying to get a handle on how the virus and resulting stock market plunge may have affected real estate contract activity here in the foothills let's look at the two weeks separately.
During the first week, the week before the market plunged, Monday Feb 17 - Sunday Feb 23, 2020 -- 28 single family homes went to contract - (there were 32 in contract but 4 of them fell out, 3 of them during the following week when the market plunged) (link expires 4/02/2020)
14 were priced from $224,900 to $595,000
12 from $615,000 to $990,000
2 from $1,295,000 to $1,595,000
No doubt, a strong week for contracts.
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During the second week, the week the market plunged, Monday Feb 24 - Sunday March 1, 2020 -- 24 single family homes went to contract - (there was 1 more in contract but it fell out yesterday) (link expires 4/02/2020)
10 were priced from $383,500 to $595,000
13 from $615,000 to $969,000
1 at $1,250,000
So, a few less contracts but by no means a wholesale bailing out of the market, not hardly. And with 53 homes going to contract, the last 2 weeks compare favorably with the prior two weeks, Feb 3 - Feb 16, when I noted what a very healthy market it was with 56 homes going to contract.
However, that's just for now, the foothills markets immediate reaction. One way or another there's more to come.
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