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 June 30th 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 73% of all the homes sold in the Catalina Foothills. For years and years, until the latter half of 2020, home sales up to $999,999 comprised about 90% of all the homes sold in the Catalina Foothills.
The market up to $999k had recovered slowly but steadily from the collapse in 2008 and was doing just fine. But with Covid on the rise fewer sellers were willing to list their primary home and, as the market tightened, 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 and now represent 27% of Catalina Foothills home sales v. the paltry 8% - 10% of the market $1,000,000+ sales occupied for years.
--The high-end home building/selling frenzy of 2004 - 2007 peaked in 2006 with126 homes sold for $1,000,000+
-- then sales dropped to 92 sold in 07, 56 in 08, 40 in 09 and that was pretty much it for high-end sales, leaving a big supply of unsold high-end homes, many of them spec homes, losing value, dropping prices, going to short sale & foreclosure month after month year after year.
The high-end market never recovered from its collapse in 2008, that is until cash carrying Covid buyers started arriving in mid 2020. And as the demand for high-end homes grew high-end owners began listing their homes,(many of which were 2nd homes) which fueled the buying frenzy and the rapid rise in prices - up 40% +/- since then. And homes that were in the $700k range pre-Covid are now well into the 7 figure range.
The supply of home is still very low, too low for the demand, which continues to support higher prices
homes continue to go to contract quickly because there is very little to choose from, and when a good one comes along buyers pounce on it
And while the above sold numbers are still very strong, the June numbers represent deals that were made 30 - 60 or more days ago - and therefore represent what the market was 30- 60 days ago not what it is today.
On the street, the escrow officers, home inspectors, termite and roof inspectors and others who are involved in the day to day business of supporting the foothills real estate market, their businesses have slowed and they are less busy now than they were back in May > April > March and before.
It's also summer and traditionally the market slows down in summer. Why wouldn't it, it's too %%@$ HOT.
Stay cool
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)
