UPDATED 3/3/2023 this year (1/1/23 - 2/28/23) 74 single family homes Sold at $727,000 MSP in 29 DOM V. last year (1/1/22 - 2/28/22) 119 single family homes sold at $710,000 MSP in 7 DOM
This Jan-Feb; -38% drop in homes sold +2.4% increase in MSP +314% increase in DOM
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
From Monday February 13 thru Sunday February 19 , 11 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718/85750 (link expires 3/25/2023)
4 were listed from $525,000 to $599,900 5 from $723,000 to $950,000 2 at $1,025,000 & $1,950,000
Those 11 homes went to contract in a pretty long 61 median DOM - with individual DOM ranging from a low of 5 DOM to a high of 256 and just about everything in between. Oddly enough, I think the higher DOM figures are at least partly due to the continuing shortage of desirable homes for sale. Which is causing some buyers, those that need to put a roof over their heads, to now reconsider homes that weren't their 1st choice a month or two ago, but since nothing better has come along they're now doing the best they can to make do with what they can get. And after 60 - 100 or more DOM some sellers are making their homes more desirable by dropping their prices and/or looking more favorably on offers they may have rejected in the past.
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
This article from CNN does a nice job of walking us thru the twists and turns of the real estate market over the last couple of years. And, thankfully, except for one expectation from Lawrence Yun chief economist at NAR, it does not make predictions about the future.
Washington, DCCNN — Home prices are going up across the country — in aggregate. Looking at individual markets, however, some are showing prices have fallen from a year ago.
Single-family median home prices increased 4% in the fourth quarter from a year ago to $378,700. Prices were strongest in the Northeast in the last quarter, up 5.3%; followed by the South, up 4.9%; the Midwest, up 4% and the West, up 2.6%, according to the National Association of Realtors.
But drill down to the market level and it’s clear that prices in some areas are declining from the prior year. The positive regional numbers mask that about 11% of individual housing markets tracked by NAR — 20 of 186 cities — experienced home price declines in the fourth quarter of last year.
“A few markets may see double-digit price drops, especially some of the more expensive parts of the country, which have also seen weaker employment and higher instances of residents moving to other areas,” said Lawrence Yun, NAR’s chief economist.
Nearly all of the most expensive places to buy are in the West and half of the 10 most expensive cities are in California. Several of those places are seeing prices fall the most.
San Jose, California, was the most expensive place to purchase a home in the United States in the fourth quarter. But that median price of $1,577,500 is actually down 5.8% from a year ago — and prices there have already dropped 17% from the peak $1,900,000 median price in the second quarter of last year, according to NAR.
In the Catalina Foothills (85718 / 85750) Q4 2022 median sold prices were up 6.2% over Q4 2021 // $741,250 v $697,575
however, Q4 2022 MSP is down 10% from its short lived tippy-top peak in June/July of 2022 // $741,250 v $825,000 =============================================================
There is a lot more to this article, Continue Reading it at CNN BUSINESS
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
see TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
Confused about where the real estate market is headed. You're not alone, everyone is. And while the following articles won't sort it all out they may at least offer some food for thought while showing the wide range of opinions among the experts.
Higher Mortgage Rates Is What the Housing Market Needs Now
Homebuyers are more resilient than expected. Costs will have to rise again to choke off demand and bring inflation down to the Fed’s target.
The surprise of January was how strong the economy started off the year — particularly the housing market. All it seemed to take for buyers to come flocking back was for 30-year-mortgage rates to ease to near 6% after reaching as high as 7.25% in October.
Mortgage purchase applications are rising again. The glut of existing homes we expected as the market slowed last year never materialized. Homebuilders’ stocks have surged. Goldman Sachs Group Inc. now believes home prices will fall by 6% from the peak, rather than its previous forecasted of a 10% decline. The housing analytics firm CoreLogic is even predicting a rise in home prices in 2023.
It seems the housing market is making clear what it needs to cool down: higher mortgage rates.
The strength in the housing market is an unwelcome development in the Federal Reserve’s fight to lower inflation to 2%. Fed Chairman Jerome Powell spoke last year about the need for a "reset" in the housing market. To the extent the Fed’s tweaking of interest rates is meant to help balance the market, the evidence so far in 2023 is that a rate of 6% is too low. To keep the economy from overheating, mortgage rates around 6.5% — their closing level on Friday — get closer to the mark.
Heading forward, Zillow economists now expect U.S. home prices to rise 0.5% between January 2023 and January 2024. That’s slightly improved from its previous 12-month outlook of a 1.1% decline.
This upward revision by Zillow, coupled with slightly improved mortgage purchase application data, is why Fortune once again tracked down the latest home price forecasts from 29 of the nation’s leading real estate researchers. Among those forecasters, six expect U.S. home prices to grow or remain flat in 2023, while the other 23 believe U.S. home prices have further to fall. (You can find our prior forecast round-up here).
CoreLogic: The real-estate data firm predicts that U.S. home prices will rise 3% between December 2022 and December 2023. (Here is CoreLogic's latest risk assessment for the nation's 392 largest regional housing markets.)
Zillow: Economists at the home listing site forecast that U.S. home values will rise 0.5% between January 2023 and January 2024. Below is their regional outlook.
From Monday February 6 thru Sunday February 12 , 17 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718/85750 (link expires 3/16/2023)
1 was listed at $399,900 9 from $635,000 to $815,000 7 from $1,179,000 to $1,950,000
An active week for buyers and sellers across a wide range of foothills home prices
They also ran the gamut of Days on Market, from 0 to 249 DOM 7 homes went to contract in 0 to 3 DOM 3 went in 5 - 10 DOM 2 went in 29 & 67 DOM 5 took 104 - 119 - 170 - 171 & 249 days to find a buyer It's no secret that the most desirable homes usually sell quickly and the others take longer. Why - some homes are unique, special, be it the style, features, floorplan, whatever, and can take a while to find a buyer looking for that special spiral staircase - or after being on the market for a long time a recent price cut has finally made a home more attractive (the right price can cure many ills) - and while they've known this for some time from its wide spread coverage in the media, once buyers get here and go out to look at homes they see how little there is to pick from and realize that if they really want to buy a home in the Catalina Foothills they may, and probably will, have to be more flexible and maybe even start considering how unique and fun it could be to have their very own spiral staircase.
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
see TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
The median sums for that group are; MSP - $835,000 MDOM - 31 Sold/ Original List Price Ratio - 97.83%
Actual DOM are all over the place and, not surprisingly, where DOM are higher the sold price is often lower, relative to the list price - though most of the homes listed for less than $1.0m sold at or fairly close to list price - and 2 sold over list. While, mostly, the homes listed for more than $1.0M sold for quite a bit less than list price.
And for the moment, ignoring the severe lack of inventory, these latest sales are looking a bit more like what a normal market looks like. A market where one side, sellers or buyers, don't hold all the cards, and are therefore negotiating to reach agreement. But given howquickly homes went to contract last week I wouldn't be surprised to see them sell closer to list price, with less give and take negotiating, than the 19 shown above. We shall see.
Thanks for stopping by
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
see TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
From Monday January 30 thru Sunday February 5 , 13 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718/85750 (link expires 3/10/2023)
4 were listed from $367,400 to $565,000 7 from $649,000 to $999,500 2 at $1,165,000 & 1,299,999
and the lucky 13 went to contract in a speedy 13 MDOM MDOM - median days on market And during that same week there were 15 new listings and 13 of them went to contract in 3 - 6 DOM. New listings going to contract that quickly is a pretty good sign of a market that is hungry for more homes for sale.
The week before last, 1/23 - 1/29/2023, they went to contract in just 11 MDOM, let's see what happens this week.
Thanks for stopping by
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
see TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
Pretty straight forward stuff, sales data for each January from 2018 - 2023 for single family homes Sold in the Catalina Foothills of Tucson, AZ (85718 / 85750)
# Homes Sold
MSRP
DOM
% SP/ OLP
Jan 2023
38
$707,500
29
94.34%
Jan 2022
66
$710,000
12
100%
Jan 2021
85
$638,000
17
98.3%
Jan 2020
55
$577,000
30
96.94%
Jan 2019
50
$508,000
61
95.97%
Jan 2018
52
$537,000
35
95.6%
being neck n' neck with last Januarys sold price makes this January look pretty darn good, but, wild guess, I'm guessing that the small price gap for January will widen as the months go by
Thanks for stopping by Please get in touch if you would like my help navigating the Catalina Foothills market
John Schneider /Realtor® Tierra Antigua Realty Catalina Foothills Homes [email protected] 520 271-4164
see TheFoothillsToday.com to see all the homes for sale in the Catalina Foothills (and only in the Catalina Foothills)
