Hello and welcome
If you've been following my monthly sales reports from previous months, this one is pretty much the same. A continuation of the same hectic, low-supply / high-demand, fast moving market we've seen for all of 2021. The only difference here is that this report includes the sales data for the full years from 2015 thru 2021.
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 each year from 2015 thru 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 about 80% of all the homes sold in the Catalina Foothills. It's a market that had been fairly stable and slowly improving in recent years, that is, 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 2020 and has continued and worsened since then. The drop in sales in 2021 was not due to lack of motivated buyers. No. There were and still are plenty of buyers. There are not nearly enough homes for sale to satisfy those buyers.
On the other hand sales at $1,000,000 & UP are Way UP. Huh? How? Why? After peaking in 2006 at 126 homes sold, followed by the devastating market crash of Sept. 2008, by 2009 $Mil+ sales had dropped 68%, to 40 homes sold that year. Upper-end sales continued to bounce along the bottom - averaging about 46 homes sold/year from 2009 to 2019 - until 2020 when things perked up in the 2nd half of the year with 86 sold. As you might imagine, there were a lot of high-end homes unsold and left over from those stagnant years. And many of those homes, and others that recognized the opportunity, came back on the market in time for 2021 when the market really took off with a record shattering 182 homes sold from $1,000,000 up to $4,063,564.
Next up, median sold prices for all homes sold. Prices are also Way UP. They're up 22.5% over 2020 and up 40% over 2019
Some of that price jump is due to the big increase in the number of homes sold for $1,000,000 & UP in 2021.
If we include only homes sold for up to $999,999 the 2021 price increase is 16% over 2020 and 32.8% over 2019.
Next, DOM.. Homes sold faster, by a wide margin, in 2021 than in any other year
at the risk of beating it to death ...
The supply of homes is both very skimpy and also lopsided. 959 total homes sold in 2021
As I noted up above, home sales up to $999,999 comprise about 80% of the market - 777 sold in 2021
while home sales at $1Mil and Up comprise about 20% of the market - 182 sold in 2021
yet, of the overall skimpy supply, just 77 homes for sale at all prices
33 of them (43%) are listed for up to $999,999
while 44 of them (57%) are listed at $1Mil and UP
Which makes for a very tight market across the board, but even more so at under $1Mil.
Check out the Market Snapshot for a more detailed look at current supply and demand
Contact me if you have a question or would like my help navigating the market. Thanks for stopping by.
Take care, stay well.
John Schneider, Realtor®
Catalina Foothills Homes
(520) 271-4164
[email protected]
Tierra Antigua Realty, Foothills Office
1650 E. River Rd
Tucson, AZ 85718
see thefoothillsToday.com
to find your very own Catalina Foothills home
