The Catalina Foothills

In Contract Last Week, 4/17 - 4/23/2023

From Monday April 17 thru Sunday April 23, 18 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718 / 85750 (link expires 5/2

6 were listed from $400,000 to $585,000
8 from $695,000 to $999,500
4 from $1,390,000 to $4,650,000

Though fewer than in recent weeks, 4 of the homes that went to contract last week were also just listed last week. All 18 homes went to contract in an unusually high 43 median DOM. The homes that didn't immediately fly off the shelf were on the market 9, 16, 29, 42, 51, 64, 87, 230, 231,193, 223, 246 days.

So quite a mix of slow, medium and fast movers. Kinda like a normal market.

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)

25 Homes Sold in Last 2 Weeks

Homes sold in the last 2 weeks are likely the result of deals that were made from around early to late March with maybe a cash deal or 2 in early April.

Listed	Sold	DOM
399,900	387,500	16
400,000	405,000	45
450,000	445,850	109
445,000	440,000	5
525,000	494,000	138
499,000	499,000	8
495,000	515,000	8
529,900	529,900	6
540,000	530,000	2
540,000	540,000	2
585,000	590,000	7
630,000	650,000	2
699,999	685,000	107
699,900	694,900	2
700,000	700,000	5
795,000	735,000	57
720,900	757,519	193
825,000	816,000	1
1,000,000	937,000	122
949,000	969,000	2
1,100,000	1,100,000	4
1,149,000	1,100,000	28
1,299,888	1,250,000	7
1,700,000	1,593,735	251
1,989,000	2,200,000	40

25 Homes Sold
(link expires 5/23/2023)

 5 Sold at List Price
13 Sold under List Price
 7 Sold over List Price

MSP is $685,000 // in 8 MDOM

$685,000 is a big drop from $770,000 MSP in the March 28 report as well as the $767,500 MSP in the March 6 report. 

What gives. Have prices dropped that much? No they have not. 
In the report shown above 11 homes or 44% were listed and sold for less than $600,000. In the March 28 report just 2 homes or 13% were listed and sold for less than $600,000 and likewise in the March 6 report which had 4 homes or 15% listed under $600,000.
When a high % of lower priced homes sell, like they did in the last 2 weeks, it pushes the median sold price down. And a drop that is based on just 2 weeks of sold numbers - is way too short a time period to draw any conclusions about where prices are headed. 

The good news is that more lower priced home buyers are finding ways to purchase homes in the Catalina Foothills. 

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)

In Contract Last Week, April 10 - April 16, 2023

From Monday April 10 thru Sunday April 16,  20 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718 / 85750 (link expires 5/20/2023)

5 were listed from $374,900 to $597,000
7 from $649,000 to $975,000
8 from $1,299,000 to $2,275,000

Once again 11 of the homes that went to contract last week were also just listed last week. Overall the 20 homes went to contract in 15 DOM. 

We're in the thick of our spring season, a time when more buyers are in the market and more homes go to contract. And with the continued tight supply of homes for sale there is increased motivation for buyers to act quickly. 

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)

Home Sales at $1,000,000 & UP

Catalina Foothills Single family home sales at $1,000,000 & UP from Jan 1 - April 15

Year	# Sold	MSP	DOM	*% SP/OLP	% Sold Cash
2023	39	$1,450,000	21	96.5	41%
2022	69	$1,315,000	5	99.5	55%
2021	52	$1,380,278	10	97.4	50%
2020	19	$1,260,000	42	95.1	47%
2019	13	$1,450,000	12	94.1	46%

*% Sold Price/ Original List Price 

While sales are down drastically from last year, (blame drastically higher mortgage rates) sold prices and days on market appear to be holding up nicely. DOM numbers have been drifting back to more normal and bearable numbers from the frenzied panic-buying of the Covid era.

Currently there are 51 homes for sale listed from $1,000,000 - $12,500,000, and 40 in contract listed from $1,000,000 to $6,788,000. We continue to have a very active upper-end market. 

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)

In Contract Last Week, April 3 - April 9, 2023

From Monday April 3 thru Sunday April 9 18 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718 / 85750 (link expires 5/12/2023)

4 were priced from $510,000 to $574,900
9 from $705,000 to $995,000
5 from $1,100,000 to $5,495,000

As we've seen in recent weeks, 9 of the homes that went to contract last week were also just listed last week.

And we may soon see a new high $$$$ sale price,  assuming the home in contract listed for $5,495,000 closes for more that $4,450,000 it will be the highest $$ sale thru the Tucson MLS in the Catalina Foothills ever. We've a had run of new highs in the last few years.
Highest sale prices were reached in a 2021 sale at $4,063,564, in 2022 at $4,450,000 and most recently a 2023 sale for $4,000,000 - all 3 were cash sales and prior to those sales nothing sold at $4mil or more. 

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)

in contract last week, 3/27 - 4/2/2023

From Monday March 27 thru Sunday April 2  17 single family homes went to contract in the Catalina Foothills of Tucson, AZ - 85718 / 85750 (link expires 5/5/23)

6 were listed from $470,000 to $585,000
7 from $685,000 to $985,000
4 from $1,149,000 to $1,350,000

Notably, 7 of the homes that went to contract last week were also just listed last week. Overall the 17 homes went to contract in 27 MDOM

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)

Q1 2019 - 2023

OK, here it is, Q1 sales data from 2019 thru 2023 showing *shrunken sales yet with sold prices still holding up and DOM, while not flying off the shelf as they did in 2021-2022, still considerably quicker than pre-pandemic levels. 

Year	# Sold	MSP	DOM
2023	131	763,750	22
2022	207	750,000	6
2021	243	650,000	5
2020	216	543,500	29
2019	184	475,000	55

*due mostly to un-affordably high mortgage interest rates locking would-be sellers into staying put while locking would-be buyers out of purchasing a new home

 

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 Fortune, the spring U.S. housing market

From Fortune.com

With the Catchy and aptly titled;
    Home sellers go on strike

BYLANCE LAMBERT

April 2, 2023 at 12:12 PM MST

 

The U.S. housing market has entered into its peak annual spring season where buyers and sellers alike get serious about their moves. Only this year there’s something off: Not a lot of homes are going up for sale.

According to Realtor.com (see chart below), only 349,284 U.S. homes were listed for sale in March 2023. That’s below the 437,270 listed in March 2022—a period which was infamous for its tight supply—and far below the 478,100 listed in March 2019.

What’s going on? Well, sellers have sort of gone on strike.

See, if someone is eager to sell their home right now in search of a new property, they’d likely be giving up their 2% or 3% mortgage rate—one of the biggest financial perks of the pandemic—for a 6% mortgage rate. The idea of getting a substantially larger monthly mortgage payment has a lot of would-be buyers opting to stay put. Cue fewer homes coming onto the market.

That said, this pullback in new listings isn’t just felt on the supply side—it’s also delivering a hit to the demand side. See, if a particular homeowner decides to hold off on trading up properties, it means there is one fewer home going on the market and one fewer buyer hitting the market.

The best way to describe the housing market over the past year is a fight between tight supply and deteriorated affordability. 

So do buyers or sellers have the upper hand?

Continue reading at Fortune.com

Or click the link below to continue reading on this blog, minus the charts shown on Fortune site