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 May 31st of each year from 2018 thru 2022.
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 now comprises about 73% of all the homes sold in the Catalina Foothills. For years and years home sales up to $999,999 comprised about 90% of the foothills market but that started to change in mid 2020 with the arrival of Covid and of Covid buyers. Buyers who were leaving more congested, more expensive cities for the Catalina Foothills and who were prepared to spend more $$ for a home - but with Covid on the rise fewer sellers were willing to list their homes and, as the market tightened and prices rose, they realized that if they did sell they would have an awfully tough time finding and affording a replacement home. All of which led to a shortage of homes for sale, amidst a surge in demand, resulting in fewer sales, bidding wars and rising prices. And that shortage of homes for sale remains to this day - checkout the Market Snapshot for a snapshot of the current supply & demand in the Catalina Foothills market.
On the other hand sales at $1,000,000 & UP are Way UP. Huh, How? Why?
After peaking in 2006 with126 homes sold for $1,000,000+, as the market dropped in 07 and crashed in 08 sales fell to 40 sold in 2009 and bounced along the bottom, with approximately 33 to 53 sold/year until the latter half of 2020 when Covid buyers started snapping them up - resulting in 186 sold for $1,000,000+ in 2021. Also, with home prices up 40+% since 2020, homes that were around $700k back then are now in the $1,000,000 range.
Low supply - High demand continues to push prices higher
And days on market low
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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 a 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
TheFoothillsToday.com
to see all the homes for sale in the Catalina Foothills
(and only in the Catalina Foothills)
