The Catalina Foothills

In The Foothills Today, 10/29/2023

Listings of Single family homes for sale are inching up.

From April thru September listings were running from the low 80's to the high 90's and then last week they hit 112 and today, TA-DA, there are 119 homes for sale. Way less than what's needed but headed in the right direction.
(Links expire 11/28/2023)

See the 44 homes that sold in the last 30 days

Check out the Market Snapshot for the latest numbers of Catalina Foothills homes for sale, in contract and sold in your price range.

Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

Visit my website TheFoothillsToday.com 
to find your very own Catalina Foothills Home

In Contract Last Week, 10/16 - 10/22/2023

From Monday October 16 thru Sunday October 22, - 9 single family homes went to contract in the Catalina Foothills of Tucson, AZ  85718/85750   (link expires 11/24/2023)

5 were listed from $399,000 to $575,000
4 from $690,000 to $800,000
and nothing at $1m +

the 9 homes went to contract in14 MDOM

Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider/Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

 Visit my website TheFoothillsToday.com 
to find your very own Catalina Foothills Home

In The Foothills Today, 10/22/2023

112 SFR homes for sale priced from $399,000 to $12,500,000 // MLP $919,000 // MDOM 49
(link expires 11/19/2023) (MLP = Median List Price  // MDOM = Median Days on Market)

112 homes for sale is a tad more than the 80 - 99 or so that were for sale during the last few months. But now, with our busy season about to begin, bringing more buyers into the market, we are going to need more than 112 homes to satisfy the increased demand.

Without a substantial increase in listings the Fall-Winter-Spring market is going to be a difficult and possibly impossible market for a number of buyers to find a home they would like to buy and put it in contract. Checkout the Market Snapshot for a glimpse of the current supply/demand picture at various price ranges and imagine what it will look like with many more buyers competing for the same number of homes. 

Also, recent sales this year V. prior years
The table below shows sales, median sold prices and median days on market for the period of 7/1 - 10/20 of - 2021, 2022, 2023
Sales that closed from 7/1 - 10/20 are the result of deals that were made (contracts signed) from around mid May to mid September, that is during summer, the slowest time of year for Foothills home sales.

Sales are down from last year and way down from 2021 (if there were more homes for sale there would be more sales) while prices are up from last year and way up from 2021 - the result of the continuing low supply of homes for sale, which is propping up prices, while high interest rates continue to dissuade sellers from listing their homes only to subsequently become buyers. 

	2021	2022	2023
# SOLD	257	190	173
MSP	$690,000	$789,000	$825,000
MDOM	6	10	11

These sales, and other real estate activity reported on this blog are the result of homes that are represented and sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ.

Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

Visit my website TheFoothillsToday.com 
to find your very own Catalina Foothills Home

In Contract Last Week, 10/09 - 10/15/2023

From Monday October 9 thru Sunday October 15, - 12 single family homes went to contract in the Catalina Foothills of Tucson, AZ  85718/85750   (link expires 11/16/2023)

2 were listed at $575,000 & $585,000
6 from $650,000 to $975,000
4 from $1,100,000 to $3,850,000

DOM were all over the place, at 2, 2, 6, 9, 9, 28, 33, 47, 85, 102, 146 & 327 DOM, which works out to 36 MDOM

And although the inventory may be tight last weeks contracts show the wide price range of Catalina Foothills homes that are available to home buyers. 

Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills 
[email protected]
520 271-4164

 Visit my website TheFoothillsToday.com 
to find your very own Catalina Foothills Home

In Contract Last Week, 10/02 - 10/08/2023

From Monday October 2 thru Sunday October 8, - 8 single family homes went to contract in the Catalina Foothills of Tucson, AZ  85718/85750   (link expires 11/10/2023)

3 were listed from $450,000 to $599,800
4 from $719,000 to $850,000
1 at $4,650,000

And that's it....very few contracts, though, for the most part, the few that went to contract went quickly, in: 2, 2, 6, 6, 7, 7, 20 & 334 DOM - which underlines what we already know. That there are more eager, willing and able buyers than there are desirable homes for sale.
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Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

 Visit my website TheFoothillsToday.com 
to find your very own Catalina Foothills Home

Q1/2021 - Q3/2023 Catalina Foothills Single Family Home Sales Market Data

The charts below track the UPS and DOWNS of the Catalina Foothills Single Family Home Market from Q1/21 - Q3/23

First up is the number of homes sold up to $999,999, which is about 68% +/- of the foothills single family market.
Sales are mostly down, and under the prevailing conditions - high interest rates - high home prices - tight supply of homes for sale - it's hard to imagine a realistic scenario that would cause more buyers to buy more homes. 

in Q3/23 - 37% of the homes sold up to $999k were cash transactions
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Next is the number of homes sold for $1M+ which is about 32% +/- of the foothills market. 
$1M+ sales are also mostly down, and while this price range shares some of the same impediments to increased sales, as lower priced buyers, it does have one big advantage, it has more cash buyers. At $1Mil+ in Q3/23 -  53% of the homes sold were cash sales. And that % has been +/- consistent over the last few years. 

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Look at that, 3 Qs of rising prices in 2023, whoda thunk it. 
After 2 Qs of falling sold prices in the latter half of 22, accompanied by sharply falling homes sales and high and going higher (Fed promised) interest rates, I don't know anyone who expected home prices to go anywhere but down. But they didn't, they went up 10.6% since Q4 2022. And based on Quarterly median sold prices they are higher than they have ever been. Ever!

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Days on Market, or median days on market MDOM, my favorite simple measure of the exuberance, or lack thereof, of the market. MDOM for homes that sold in Q2&3 this year is a quick 11- 12 MDOM. Not as quick as during the Covid frenzy but still very quick. Meanwhile, the 105 homes that are currently listed for sale are at 46 MDOM and counting. 


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Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

Please See TheFoothillsToday.com 
to find your very own Catalina Foothills Home

In Contract Last Week, 9/25 - 10/01/2023

From Monday September 25 thru Sunday October 1, 16 single family homes went to contract in the Catalina Foothills of Tucson, AZ  85718/85750   (link expires 11/05/2023)

3 were listed from $419,900 to $550,000
5 from $650,000 to $800,000
8 from $1,190,000 to $1,895,000

As we bid good riddance to summer and ease our way into the fall market 8 homes to contract at $1Mil+ is an impressive start to our season.   Currently there are just 43 homes for sale at $1M+              SEE THEM HERE

 

Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

See TheFoothillsToday.com 
to find your very own Catalina Foothills Home

The First 9 Months, 2023

The following table tracks Catalina Foothills Single Family Home Sales from January 1st  - September 30th of each year from 2019 - 2023.These sales represent homes sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ.
MSP - Median Sold Price // DOM - Days on Market

Year	# Sold	MSP	DOM
2019	696	$495,000	34
2020	694	$563,500	22
2021	742	$690,000	5
2022	572	$773,750	5
2023	484	$792,500	12

Home sales continue to fall, yet prices remain high

With the burden of low inventory, high interest rates and high home prices home sales are down -15% from last year and -35% from 2021. Yet, despite the dwindling sales sold prices are up, yes up +2.4% from last year and nearly +15% from 2021. This is due mostly to the low supply of homes propping up prices combined with the continuing strong demand from buyers who are eager, willing and able to purchase a home in the Catalina Foothills under the prevailing conditions. 

And while DOM have more than doubled from where they were in 2021- 22 they are still much lower than ever seen in the years before 2020 - years when there were many more homes for sale and many fewer buyers competing so avidly for them, particularly at $1million+. 

which brings us to the $$million question, how many homes sold for $1mil+ during the first 9 months?

2019 -  47
2020 -  59
2021 - 145 
2022 - 159
2023 - 141   (29% of the 484 homes sold)
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Thanks for stopping by,
If you have a question or would like my help, I look forward to hearing from you

John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164

See TheFoothillsToday.com 
to find your very own Catalina Foothills Home