The Catalina Foothills

in contract last week, 3/21 - 3/27/2022

From Monday March 21 thru Sunday March 27 - 24 single family homes went to contract in the Catalina Foothills of Tucson, AZ   (85718 & 85750)    (link expires 4/29/2022)

 6 were priced from $340,000 to $515,000
15 from $619,000 to $950,000
 3 from $1,000,000 to $1,450,000

and they're still going fast - this group went in 4 *MDOM

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

 
*median days on market

in contract the last 2 weeks, 3/7 - 3/20/2022

From Monday March 7 thru Sunday March 20 - 39 single family homes went to contract in the Catalina Foothills of Tucson, AZ   (85718 & 85750)    (link expires 4/23/2022)

11 were priced from $359,900 to $575,000
15 from $650,000 to $950,000
13 from $1,000,000 to $3,750,000

and they went quickly, buyers put those 39 homes in contract in just 7 MDOM

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

recent list & sold prices

The following are the list and sold prices of the 29 single family homes that sold in the Catalina Foothills of Tucson, AZ (85718 & 85750) from March 7th to  March 18th, 2022 thru the Tucson Association of Realtors® MLSSAZ (Multiple Listing Service of Southern Arizona).

 

List Price	Sold Price
475,000	450,000
505,000	485,000
547,950	620,000
571,499	592,500
599,000	620,000
635,000	627,500
649,900	727,000
675,000	713,000
700,000	730,000
700,000	725,000
719,000	720,870
725,000	750,000
749,000	765,000
850,000	907,000
850,000	950,000
855,000	855,000
875,000	1,025,000
925,000	1,151,000
975,000	975,000
1,029,000	1,029,000
1,145,000	1,150,000
1,285,000	1,250,000
1,300,000	1,352,000
1,300,000	1,300,000
1,395,000	1,361,366
1,895,000	1,895,000
1,999,999	2,400,000
2,095,000	1,925,000
2,650,000	2,600,000

 

The MSP of the 29 sold is $907,000 & they sold in 5 median DOM 

29 homes sold

these 17 sold for over list price

these 5 sold for list price

these 7 sold for under list price

That's it, the current market in the Catalina Foothills, 
 
John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

Take care, stay well

see TheFoothillsToday.com 
to see all the homes for sale in the Catalina Foothills 
(and only in the Catalina Foothills)

where home prices are headed

Two articles from Fortune

Where home prices are headed through 2023, as forecast by Bank of America

BY LANCE LAMBERT

March 16, 2022 2:43 AM MST

Federal Reserve Chair Jerome Powell told Congress earlier this month he favors upping rates in order to help rein in runaway inflation. In preparation of the first hike, which is expected today, financial markets are already pricing in higher mortgage rates. As of Friday, the average 30-year fixed mortgage rate sits at 3.85%—up from 3.11% in December.

Spiking mortgage rates should help to cool the red-hot housing market, right? Not so fast, predicts a report due out this week by Bank of America.

While higher mortgage rates would price out some buyers, Bank of America says it won't be enough to stop the housing market from posting strong home price growth this year. Indeed, Bank of America predicts that U.S. home prices will finish 2022 up 10%. That's nearly double the average annual home price growth (4.6%) posted since 1989. However, it would be a bit of a deceleration: Between December 2020 and December 2021, the Case-Shiller U.S. National Home Price Index—the leading measurement of U.S. home prices—jumped 18.8%.

Why the bullish 2022 outlook? While climbing mortgage rates could pour some cold water on the housing market over the long term, Bank of America says it could increase buyers’ urgency—as they rush to lock in rates—in the short term. Rising household incomes, favorable demographics, and "shifting preferences due to remote work" should also put upward pressure on price growth, writes Bank of America. That demand is something the supply side of the market—which is still hovering around four-decade lows for housing inventory—simply can't handle.

Continue Reading

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also from Fortune

Falling home prices? It’s only likely in these 13 housing markets, says CoreLogic

BY 

LANCE LAMBERT

March 17, 2022 3:18 AM MST

The housing market isn't just running hot—it's running red-hot. The inventory crisis, which has seen homebuyers outnumber sellers by a wide margin during the pandemic, is worsening. Bidding wars are up to a new all-time high, and every single major forecast model shows home prices rising nationally this year.

That said, there are a few regional housing markets that could buck the national trend and actually post declining home values this year. That's according to an analysis released this week by CoreLogic, a real estate research firm ranked No. 952 in the Fortune 1000.

On Wednesday, CoreLogic provided Fortune the market risk calculation for 385 metropolitan statistical areas. Among those markets, CoreLogic rates 13 markets as having a "high" likelihood (between a 50% to 75% probability) of declining home prices in the coming 12 months. Those 13 markets include Niles, Mich.; Lake Havasu City, Ariz.; Chico, Calif.; Lewiston, Maine; Modesto, Calif.; Muskegon, Mich.; Pittsfield, Mass.; Prescott, Ariz.; Worcester, Mass.; Bend, Ore.; Kalamazoo, Mich.; Merced, Calif.; and Springfield, Mass.

Continue Reading

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Me, I don't predict the future.
I simply report on what happened in this market in the past and what is happening in the present. If you wish to, use the information I post here as you see fit to help you gauge what is going to happen in the future. 

That said, at this time there are no signs of a slowdown in this market. It is not loosening up, the inventory is not increasing. If anything the market is running tighter, with more buyers who may have lost out on a house before and are now more determined and better prepared to enter the fray. They, the better prepared, are putting desirable homes in contract lickety-split, often in the midst of multiple offers and often at list or over list prices. That is the not-so-new normal of what's happening in this market now.

 

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

 

they're squeezing them in where ever they can

New homes, that is.
This one looks like it will have a birds-eye view of Craycroft Rd. click photos to enlarge them

In the foothills homes are being built on lots that for years were passed over and ignored. Not no more, they're squeezing them in where ever they can. 

Other parts of the country talk about building their way out of their housing shortage. Not here, not in the foothills anyway. There's not enough land to build enough homes to make a difference. And whatever there is, be it by the side of this road or another one, are being built on or soon will be. 

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

 

in contract last week, 2/28 - 3/06/2022

From Monday Feb 28 thru Sunday March 6 - 19 single family homes went to contract in the Catalina Foothills of Tucson, AZ   (85718 & 85750)
(link expires 4/12/2022)

 2 at $450,000 & $499,995
13 from $650,000 to $929,900
 4 from $1,295,000 to $2,350,000

and btw, those 19 homes went to contract in 4 median DOM, 2 days or more quicker than recent weeks/months

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

 

Housing markets tightening across the USA

Barclays Bank surveys 100's of real estate agents in 38 cities across the country about market conditions in their local market. And each month I participate in the survey covering the Tucson housing market. In addition to answering a set of questions Barclays asks agents to leave a short comment about the current market. The Barclays analysts review the market data, put together the report and choose the comment that best describes prevailing market conditions. They produce a report for each of the 38 cities surveyed and send the complete report with all 38 cities to those agents who participated in the survey.

I just received the latest report and the headline is, "Lack of Home Supply Slowing Buyer Traffic"  which sums it up nicely.  
The comment I left was also focused on the low supply of homes but was probably stated less elegantly. 

Click the report to enlarge it

After reviewing the Tucson report I thumbed thru the headlines of the other 37 cities and found that the low supply issue is even more widespread than I realized.

 I chose the following 21 headlines from the 38 cities included in the report. 

Boston, MA –Persistent Inventory Shortage Pushes Prices Higher; Rate Urgency Fuels Traffic Lift

Cincinnati, OH –Housing Supply Outnumbered By Interested Buyers

Denver, CO –Housing Supply Constraints Persist, Especially at More Affordable Price Points

Detroit, MI –Buyers Look to Lock In Lower Rates Across Slim Housing Offerings

Houston, TX –Prices Continue to Rise, Leaving Scarce Inventory Available for Entry-Level Buyers

Kansas City, MO –Limited Inventory Pushes Prices Higher, Buyer Traffic Accelerates

Las Vegas, NV –Demand Slows on Pandemic & Inventory Concerns, Although Prices Appreciate Further

Los Angeles, CA –Sales Pressured By Tight Inventory; Risk of Higher Rates Increasing Buyer Interest

Nashville, TN –Price Appreciation & Strong Traffic Patterns Persist; Buyers Staying Put in Larger Homes

Orlando, FL –Inbound Migration Supports Steady Buying Activity; Prices Climb Against Tight Inventory

Philadelphia, PA-Southern NJ –Short Inventory Levels Stifle Buyer Traffic

Phoenix, AZ –Supply Softness Pushes Prices Higher on Elevated Buyer Traffic

Portland, OR –Prices Jump Against Stable Buyer Traffic & Inventory Pressures

Raleigh, NC –Shortage of Inventory Pressures Purchasing Activity; Buyers Engage in Multiple Offer Bidding

San Diego, CA –Accelerating Prices on Limited Offerings Push Buyers to the Sidelines

San Francisco, CA –Buyer Interest Persists Despite Inventory Shortage

Seattle, WA –Buyer Traffic Outweighs Available Listings

Tampa, FL –Inventory Pressures & High Prices Dampen Purchasing Activity; Multiple Offer Competition Continues

Tucson, AZ –Lack of Home Supply Slowing Buyer Traffic

Virginia Beach, VA –Inventory Pressures Worsen as Buyer Activity Accelerates

Washington, D.C. –Rising Mortgage Rates Incentivize Buyers to Shop Limited Inventory

                           -------------------------------------------

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

54 single family homes sold in the last 30 days

how many sold at, below and above list price?
(MSP-median sold price // DOM-days on market)

14 sold for list price
at $854,500 MSP // in 6 DOM

21 sold for less than list price
at $772,500 MSP // in 38 DOM

19 sold for more than list price
at $660,000 MSP // in 3 DOM

for a visual treat take a moment to lookover the home that sold for $3.0m, probably the most striking contemporary I've ever seen...and apparently the buyer, and the other bidders, felt something like that as well, the house was listed for $1,995,000 and sold, in 2 days, for $3,000,000.  yes, $1,005,000 over list price.

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

Jan - Feb Homes Sales, Now and Then

The following is a snapshot of January - February single family home sales in the Catalina Foothills from 2019 to 2022.
It's pretty much the same pattern we've seen since the 3rd Qtr of 2020; rising prices, quick sales, more cash sales and a dwindling number of homes for sale. 

Year	# Homes Sold	# Sold for Cash	% of Cash Sales	Median Sold Price	% $Rise prior year	Days on Market	# Homes For Sale
2022	116	44	38%	$710,000	12.7%	9	+/- 67
2021	141	46	32.6%	$630,000	15%	10	+/- 80
2020	132	34	25.7%	$547,500	10.6	32	+/- 230
2019	97	34	35%	$495,000	2%	71	+/- 318

 

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home

in contract last week, 2/21 - 2/27/2022

From Monday Feb 21 thru Sunday Feb 27 - 21 single family homes went to contract in the Catalina Foothills of Tucson, AZ   (85718 / 85750)  (link expires 4/01/2022) 

4 were priced from $429,900 to $549,000
9 from $625,000 to $850,000
8 from $1,165,000 to $1,650,000

the numbers say they went to contract in 9 DOM. But in reality when the listing goes into the MLS on 2/17 and it states "... allow time in contract for seller to review and respond to offers on Monday  Monday 2/21 ..." the DOM have been extended by 4 days in order to create a silent auction.
If that wasn't done some of those homes would have gone to contract sooner, on their 1st or 2nd day on market.

and the $Mil+ market, geez, as hot as ever

Take care, stay well

John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164

see my website TheFoothillsToday.com 
to find your Catalina Foothills Home