Here's a look at the numbers for home sales, sold prices and days on market for Catalina Foothills single family homes from the 1st Q of 2021, when the red hot market emerged thru the 3rd Q of 2022 as it now transitions to something other than a red hot market. Time will tell what that something is.
First up is the number of homes sold for up to $999,999. Sales are down due to (take your pick) A low supply of homes for sale + high-high list prices for those that are for sale + whopping increases in interest rates + raging inflation + a volatile and falling stock market + in general a weak economic forecast ...
A somewhat similar scenario at the upper 7figure-end of the market + with many upper-end sales being discretionary purchases, 2nd homes, 3rd homes, don't have to have it now homes, v. buying a home to have a place to live, some upper-end buyers must be asking themselves ... "why buy now...?"
When now, in the 3rd Q, there is a drop in median sold prices, albeit a small drop from $795,000 to $775,000, -2.5%, a drop that was inevitable given the withering economic environment we are in. Frankly, I'm surprised prices didn't drop sooner and further. And I believe they didn't because, as I mentioned the other day... "the desirable homes are still going quickly due to a shortage of desirable homes for sale - supply & demand flexing its muscles - which is also helping to prop up sale prices which, given the withering economic environment we are in, is quite extraordinary". But it all went down the drain in September
in July median sold prices were $830,000
in August median sold prices were $840,00 ... in September median sold prices were $710,000 - Yep $710,000 but I don't bank on one months numbers as a reliable predictor of what's ahead.
+ an uptick in DOM - though the current DOM, while a few days higher than the last 2 years, are WAY faster than at anytime prior to the red hot market of the last 2 years
I'm thinking, hoping, the Foothills fall/winter real estate season is going to shine a brighter light on where the Foothills market is headed.
Thanks for dropping by
John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164
Take care, stay well
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