The Catalina Foothills

In Contract Last Week, 9/16 - 9/22/2024

 From Monday September 16, thru Sunday September 22,  19 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 10/24/2024)

 2 were listed at $475,000 & $517,400
11 listed $665,000 to $990,000
 6 listed $1,149,000 to $3,695,000

9 of the 19 homes went to contract very quickly, in 0 - 10 DOM
the other 10 were not in such a hurry and took 13 - 195 DOM 

19 homes going to contract in mid September across a wide range of Foothills home prices is a positive and possibly promising start to the upcoming winter buying season

---

---

                           
                          Catalina Foothills Homes
                     Get The Real Scoop on The Foothills Market
                 TheFoothillsToday.com | TheTucsonFoothills.com  

                 John Schneider, Realtor® | Tierra Antigua Realty
                   [email protected] | 520 271- 4164 _____________________________________________________________________________________________________________________

The Changing Face of the Catalina Foothills Real Estate Market

A look at where the market was and where it is today

Year	All Homes Sold	Homes Sold $1m+	Market Share $1m+	MSP All $Sold
2016	828	53	6.4%	$417,250
2017	898	53	5.9%	$445,000
2018	823	62	7.5%	$485,000
2019	876	60	6.8%	$495,000
2020	930	86	9.2%	$567,050
2021	962	183	19%	$695,000
2022	715	196	27%	$770,000
2023	596	176	29.5%	$779,250
>9/20/24	457	161	35.2%	$830,000

> so far this year

   Key take aways:
● it ain't over but with just 457 homes sold so far it is likely that 2024 will see the fewest home sales in the last 8 years

● But despite the overall slowdown, the luxury market continues to thrive. Sales of homes priced at $1m+ have more than tripled in the last eight years, and their market share has increased by nearly six times

● As a result, the median sales price (MSP) has reached $830,000, a staggering 99% increase from 2016

Despite the fluctuations of the market, the Catalina Foothills continues to attract those who appreciate its natural beauty, gorgeous climate (for most of the year) and easygoing southwest lifestyle. I hope you enjoy it!

---

---

                           
                           Catalina Foothills Homes
                     Get The Real Scoop on The Foothills Market
                 TheFoothillsToday.com | TheTucsonFoothills.com  

                 John Schneider, Realtor® | Tierra Antigua Realty
                    [email protected] | 520 271- 4164 _____________________________________________________________________________________________________________________

In Contract Last Week, 9/9 - 9/15/2024

From Monday September 9 thru Sunday September 15th 14 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 10/18/24)

 4 were listed at $414,000 - $550,000
 9 from $670,000 - $995,000
 1 at $1,200,000

+ 28 new listings last week brings the inventory up to 166 homes for sale, still a tight supply but headed in the right direction and the highest it's been since the spring of 2020 + a half-point Fed rate cut today.

---

---

                           Catalina Foothills Homes
                     Get The Real Scoop on The Foothills Market
                 TheFoothillsToday.com | TheTucsonFoothills.com  

                 John Schneider, Realtor® | Tierra Antigua Realty
                    [email protected] | 520 271- 4164 _____________________________________________________________________________________________________________________

It looks like Price Cuts are Now 'a thing' in The Catalina Foothills

Take a look at the numbers and see if you don't agree.

41% of homes listed for sale (approx 160 listed) in the Catalina Foothills had a price cut between August 1st and September 15th

49 price cuts were from homes listed $410,000 to $995,000 
Original Median List Price was $780,000 > reduced to $715,000 ...

18 cuts were from homes listed $1,170,000 to $6,900,000 
OMLP was $1,872,500 > reduced to $1,741,666 

During that time 8 homes went to contract, 2 sold and 7 have left the market unsold / leaving 50 homes still for sale clocking in at 98 Median DOM and counting. 

The data shows that homes that sell in their first 30 days on market sell for the highest % of list price
Here's an example, data on 36 homes that sold recently;
24 sold in 0 - 30 days for 97.55% of OMLP
 4 sold in 31 - 60 days for 92.81% of OMLP
 2 sold in 61 - 90 days for 93.86% of OMLP
 1 sold in 91 - 120 days for 96.44% of OMLP
 5 sold in 121+ days for 80.65% of OMLP

---

---

                                  Catalina Foothills Homes
                     Get The Real Scoop on The Foothills Market
                 TheFoothillsToday.com | TheTucsonFoothills.com  

                 John Schneider, Realtor® | Tierra Antigua Realty
                    [email protected] | 520 271- 4164 ___________________________________________________________________________________________________________________________________________________________________________________________  

In TheFoothillsToday, 9/14/2024

157 Homes for Sale  @ $925,000 MLP / 65 MDOM

  49 Homes in Contract  @ $795,000 MLP / 45 MDOM

  36 Homes Sold last 30 days @ $670,000 MSP / 12 MDOM
(MDOM = Median Days on Market// OMLP = Original Median List Price // MLP= Median List Price // MSP = Median Sold Price) (Links expire 10/13/2024)

The nitty-gritty details for the 36 sold breaks down as follows:
OMLP $727,500 >reduced to MLP $697,450 >reduced to MSP $670,000
that's a -4% drop from OMLP to MLP & -4% drop from MLP to MSP, i.e., they sold for 8% off original list price

It looks like price cuts are once again becoming 'a thing', so I'll be keeping a closer eye on them and sharing updates here.

See Just Listed last 7 days

and be sure to check out the Market Snapshot to see what's happening in your price range.

---

---

                           Catalina Foothills Homes
                     Get The Real Scoop on The Foothills Market
                    TheFoothillsToday.com | TheTucsonFoothills.com

                John Schneider, Realtor® | Tierra Antigua Realty
                    [email protected] | 520 271-4164
 _____________________________________________________________________________________________________________________________________________________________________________________________

In Contract the Last 2 weeks, 8/26 - 9/08/2024

From Monday August 26 thru Sunday September 8, 20 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 10/10/2024)

 4 were listed from $380,000 to $559,000
10 from $600,000 to $995,000
 6 from $1,195,000 to $2,900,000

Something for everyone in the Foothills, from the lowest priced homes to well-up into the high-end

---

---

                       Catalina Foothills Single Family Homes
                     John Schneider, Realtor® | Tierra Antigua Realty 

● Expert market knowledge l About Me
● Personal service
● Buy or Sell with Confidence
●  No Bull
●  [email protected] | 520 271-4164
                                   TheFoothillsToday.com   
______________________________________________________________________________________________________________________________

In Your Favorite Catalina Foothills Subdivision, 9/03/2024

Catalina Foothills Single Family Home Sales Data 
Jan 1 - Aug 31, 2023 / 2024

2023 > 449 Sold / $780,000 MSP / 13 DOM
2024 > 439 Sold / $835,000 MSP / 17 DOM

While the overall Foothills market offers a wide range of homes, individual subdivisions often have a more specific focus. Notice how differently the following subdivisions performed compared to each other and to the broader Foothills market. Click highlighted subdivision names to see all the homes currently for sale.

OK, here we go

Catalina Foothills Estates 1 - 9
2023 > 32 Sold / $1,122,500 MSP / 29 DOM
2024 > 28 Sold / $1,148,642 MSP / 25 DOM
---------------------------------------------------------------

Catalina Foothills Estates 10
2023 >  5 Sold / $1,600,000 MSP / 49 DOM
2024 >  5 Sold / $1,687,282 MSP /   8 DOM
----------------------------------------------------------------

Fairfield
2023 > 14 Sold / $662,500 MSP / 15 DOM
2024 > 15 Sold / $830,000 MSP / 34 DOM
----------------------------------------------------------------

Pima Canyon
2023 >  8 Sold / $2,068,600 MSP / 30 DOM
2024 >  8 Sold / $2,112,500 MSP /   5 DOM
---------------------------------------------------------------

Shadow Hills
2023 > 12 Sold / $889,500 MSP / 3.5 DOM
2024 >  8 Sold /  $845,000 MSP /11.5 DOM
----------------------------------------------------------------

La Paloma
2023 > 21 Sold / $700,000 MSP / 12 DOM
2024 > 21 Sold / $736,000 MSP /  11 DOM
----------------------------------------------------------------

Foothills Clusters
2023 >  6 Sold / $ 551,500 MSP /13 DOM
2024 >  8 Sold /  $ 584,750 MSP / 8 DOM
----------------------------------------------------------------

Skyline Bel Air
2023 > 15 Sold / $825,000 MSP / 34 DOM
2024 > 11 Sold / $876,500 MSP /   4 DOM
---------------------------------------------------------------

Coronado Foothills 
2023 > 11 Sold /  $695,000 MSP /  7 DOM
2024 > 12 Sold / $847,000 MSP /   8 DOM
---------------------------------------------------------------

Skyline Country Club Estates
2023 >   6 Sold /     $917,500 MSP /   80 DOM
2024 > 12 Sold / $1,231,250 MSP / 43.5 DOM
---------------------------------------------------------------

Alta Vista
2023 > 12 Sold / $1,512,500 MSP / 8.5 DOM
2024 >  7 Sold /  $1,495,175 MSP /  11 DOM
---------------------------------------------------------------

Flecha Caida
2023 > 18 Sold / $817,500 MSP / 24 DOM
2024 > 15 Sold / $675,000 MSP / 33 DOM
---------------------------------------------------------------     

Cimarron
2023 >   8 Sold / $772,500 MSP / 20 DOM
2024 > 14 Sold / $876,705 MSP / 22 DOM
---------------------------------------------------------------

Ventana Country Club
2023 > 22 Sold / $968,500 MSP / 23 DOM 
2024 > 28 Sold / $947,024 MSP /   4 DOM
---------------------------------------------------------------

Sabino Mountain
2023 >   6 Sold / $1,310,000 MSP / 36 DOM 
2024 >   8 Sold / $1,075,000 MSP / 17 DOM
---------------------------------------------------------------
Please note that while the subdivisions listed are just a small sample of the many subdivisions in the Catalina Foothills they nevertheless highlight how individual subdivisions can perform differently compared to both the overall Foothills market and to other subdivisions. And whether you're buying or selling, having an understanding of this basic sales data can be a helpful and valuable starting point.

---

---

                      Catalina Foothills Single Family Homes
                 John Schneider, Realtor® | Tierra Antigua Realty 

● Expert market knowledge l About Me
● Personal service
● Buy or Sell with Confidence
●  No Bull
●  [email protected] | 520 271-4164
                                   TheFoothillsToday.com   
______________________________________________________________________________________________________________________________________________________________________________________________   The homes noted in this post are homes that have been listed and sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ

Startling Real Estate Numbers

Here are a few articles on the current state of Real Estate across the USA + a quick review of where things are here in the Catalina Foothills

From a New York Times article that I edited into Snippets
Interest Rates Have Dropped, but Homeowners Are Not Moving
By Rukmini Callimachi

Existing home sales remain at the lowest they have been since 1995, but the country has almost 70 more million people today, according to data from the National Association of Realtors.
_______________________

the 30-year mortgage rate has dipped into the low 7s, then the high 6s and as of last week, it fell to 6.35 percent. The drop — coupled with a “likely” rate cut by the Federal Reserve at their upcoming meeting in September — should spell good news for the housing economy, but a major structural problem remains. Close to 60 percent of homeowners have outstanding mortgages that are locked in at rates below 4 percent,
_______________________

As many as 800,000 fewer moves occurred last year, a direct result of what economists call the “rate lock effect” or the “golden handcuffs,” according to a paper published last month by the National Bureau of Economic Research.

Yet people are itching to pack their bags, according to a survey of over 1,000 homeowners published by Point, a home equity startup, on Wednesday. About 72 percent of homeowners have a desire to move, up from 35 percent last year, the startup found.
_______________________

The part of the housing economy that has been hit the hardest is the so-called “resale” sector — homes that were previously owned and are sold again. “That segment of the market is what has really evaporated,” said Lance Lambert, co-founder of the news and research platform ResiClub 

---

---

National Association of Realtors Magazine
Housing Market Filled With ‘Wait-and-See’ Home Buyers
August 29, 2024
Contract signings dropped to the lowest level on record last month, but pent-up buyer demand could be waiting for opportunities to open up.

---

---

realtor.com/news
Home Price Cuts Reach Highest Level in 5 Years as Sellers Show ‘Patience and Modesty’

Modesty?

---

---

CBS News
A record share of U.S. homes are worth $1 million or more. See which cities have the most.

A $1 million price tag on a U.S. home may no longer indicate a luxury property. Today, nearly one in 10 U.S. homes are worth at least $1 million, with tight supply driving prices up to record highs across the nation, according to a new Redfin report on home prices. 

---

---

Here in the Catalina Foothills ...

Despite fewer homes sold in 2023 than in any year since the 2009 Great Recession, the Catalina Foothills housing market saw a dramatic increase in median sale prices. In 2023, the median sale price reached $779,250, a 57% increase from 2019. This upward trend continued into 2024, with the median sale price reaching $835,000 as of August - a whopping 68% increase from 2019.

The tight supply/high demand pushed prices to record highs, particularly for luxury homes. Sales of homes priced at $1 million or more jumped from just 7% of the market in 2019 to 30% in 2023. This year, through August, 155 homes have sold for $1 million or more, accounting for a whopping 35% of the market.

---

---

     
               Catalina Foothills Single Family Homes
            John Schneider, Realtor® | Tierra Antigua Realty 

● Expert market knowledge l About Me
● Personal service
● Buy or Sell with Confidence
●  No Bull
●  [email protected] | 520 271-4164
                                   TheFoothillsToday.com   
______________________________________________________________________________________________________________________________________________________________________________________________   The homes noted in this post are homes that have been listed and sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ