Hello and welcome
The following charts track the single family home market in the Catalina Foothills of Tucson, AZ and include the number of homes sold, median sold prices (MSP) and days on market (DOM) for the period of January 1st thru October 31st of each year from 2015 to this year, 2021.
All of the data is based on sales thru the MLSSAZ (Multiple Listing Service of Southern Arizona) and represents all the homes sold by all Realtors® in the Catalina Foothills of Tucson, AZ (zips - 85718 & 85750)
First up is a chart showing the number of homes sold for up to $999,999, which comprises 80% of all the homes sold in the Catalina Foothills. It's a market that had been fairly stable until everything changed in Feb-March of 2020.
The drop in sales of homes sold for under $1Mil is due to the all-time low supply of homes for sale, a predicament that began in Feb-March of 2020 and has worsened this year. The drop in sales is not due to lack of motivated buyers. There are plenty of buyers, there are not nearly enough homes for sale.
today, there just 103 homes for sale
For perspective, in November of previous years there were;
341 for sale Nov 2017
305 in Nov 2018
268 in Nov 2019
and by Nov of 2020 we were down to a measly 130 homes for sale, and dropping
For much of this year, during spring & summer, the number of homes for sale hovered in the 60's to 80's range.
On the other hand at $1,000,000 & UP sales are Way UP. How? Why?
A glut of unsold $$Mil+ homes from the 2003 - 2006 $$Mil+ luxury building/selling frenzy that fizzled quickly in 08 and remained fizzled from 2009 to 2017 when fewer than 50 $$Mil+ homes sold each year until 2016 when 53 sold.
This is how it was...
Put that together with an influx of motivated high-end buyers looking for an attractive and less congested and safer place to live and Voila!, sales boomed and continue to boom. So far this year 152 have sold at $$1Mil+
This is how it is
With high demand and short supply homes are selling quickly
Very quickly!
All of which is resulting in higher sold prices, across the board
higher than ever
That's it, a snapshot of YTD sales in the Catalina Foothills Single Family Home market.
For more recent info checkout my postings of ".... In Contract last week ..." which show recent contract activity and checkout the Market Snapshot for breakdown of what's happening in your price range.
Please contact me if you have a question or would like my help navigating the Catalina Foothills real estate market.
Thanks for stopping by
John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164
Take care, stay well
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