the Catalina Foothills real estate market is changing, how could it not. Blame it on the rise in interest rates, the falling and volatile stock market, rising inflation, the war in Ukraine and other unsettling world events.
After more than 18 months with the number of homes for sale running from the low 60's to the mid 80's, which was down about 60 - 70% from normal pre-covid numbers, in the last 10 days or so the inventory has started creeping back up, and today there are 117 single family homes for sale - more than at anytime since November 2020. It's small but it's a start.
More homes are getting listed even though it's June, one of most unlikely months for new listings. So why now, I'm guessing that some sellers who were on the fence about selling are now, faced with uncertainty about the future, jumping in before it's too late.
Since June 1st 37 homes listed for sale in the MLS had a price cut, whereas, and here I'm going from memory so ..., from January 2021 thru this April, price cuts were about as frequent, and therefore as memorable, as 75° days in June. The MLS does not make data available on price changes beyond the previous 45 days.
Recent Sold #'s // Sold June 1 - June 24 / 2021 & 2022
June 2021 - 77 homes sold at MSP of $735,250 in 6 DOM
June 2022 - 50 homes sold at MSP of $832,497 in 4 DOM
So sold prices appear to be holding up and DOM are staying down
But for both last June and this June the contracts for those sales were made in April - May, with maybe one or two in early June - and therefore the sold numbers reflect where the market was in April - May, not where it is today.
And perhaps most telling, almost none of the homes listed in the last few weeks have the showings and seller response times structured to create the silent auction scenario that was so popular last year and earlier this year -- when it was common to see listings with variations of this language;
ALL OFFERS WILL BE REVIEWED ON 2-10-22. BUT SELLER RESERVES THE RIGHT TO ACCEPT AN OFFER PRIOR TO 2-10-22, SO HURRY!
or this >offers will be reviewed Sunday Jan 16th at 4pm Please offer highest and best and Include an as-is addendum with the offer. or >> Highest & best Offers being accepted until 1/24/22 at noon and seller will review and respond by 1/25/22 at 6pm. Note house is being sold AS IS, buyer understands that seller will NOT do ANY repairs.
Those were the days, 6 to 10 or more offers, many over list price and more than ever before homes were being sold as-is, no repairs. And now, those days are not quite gone but they're dwindling quickly. Good riddance.
John Schneider /Realtor®
Tierra Antigua Realty
[email protected]
520 271-4164
Take care, stay well
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