From Monday March 29th thru Sunday April 4th - 16 single family homes went to contract in the Catalina Foothills of Tucson, AZ (85718 & 85750) (link expires 5/10/2021)
3 were priced $375,000 to $499,000
7 from $615,000 to $850,000
6 from $1,095,000 to $3,300,000
The lower end of the market, up to about $500k, is hurting from a lack of supply - not enough homes for sale. From $0 to $500k there is a grand total of 8 homes for sale while, typically, at this time of the year (March/April, the busiest time of year) there are roughly 70 to 100 or more homes for sale in that price range.
And it's not because they're selling like crazy this year, they're not - because there's almost nothing to sell.
Here are the # of homes sold from January 1st to April 10th in each of the following years;
2016 - 109 sold
2017 - 147 sold
2018 - 122 sold
2019 - 117 sold
2020 - 100 sold, and this, during the outbreak of the covid-19 in Tucson
2021 - 66 sold, during what is otherwise the hottest real estate market we've ever had
Meanwhile, sales at $1,000,000 & UP are going thru the roof -
with 6 contracts last week at $1,000,000 & UP and 2 of them priced at $3,250,000 & $3,300,000 that makes it 5 homes now in contract priced from $3,250,000 to $3,650,000.
Most years few, if anything, have sold at $3,000,000
Here are yearly sales at $3,000,000+ since 2016;
2016 - 1 sold
2017 - 0 sold
2018 - 2 sold
2019 - 0 sold
2020 - 3 sold in the 2nd half of the year when Tucson became the hot ticket for those fleeing more congested places..
Take care, stay well
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