The Catalina Foothills

In Contract Last Week, 10/21 - 10/27/2024

From Monday October 21 - Sunday October 27, 10 single family homes went to contract in the Catalina Foothills of Tucson, AZ       85718 / 85750 (link expires 11/29/24)

1 listed at $495,000 / DOM - 3
5 listed $619,950 - $890,000 / DOM 162,162, 11, 41, 114
yep 2 at 162 DOM, in the same week ...
4 listed $1,525,000 - $2,700,000 / DOM 7, 73, 29, 39

the 10 contracts came in at 48 MDOM / quite a bit higher than other recent weeks??

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                           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, 10/14 - 10/20/2024

From Monday October 14 thru Sunday October 20, 14 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 11/23/24)

1 was listed at $599,950 / DOM - 97
7 from $679,000 to $968,900 / DOM - 0, 4, 7, 15, 22, 22, 165
6 from $1,395,000 to $1,850,000 / DOM - 5, 6, 6, 7, 39, 68

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                   The What, Where, When & For How Much 
                           in the Catalina Foothills
               TheFoothillsToday.com | TheTucsonFoothills.com  

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

In TheFoothillsToday.com / October 22, 2024

174 Homes for Sale > $900,000 MLP / 54 MDOM
  75 Homes in Contract > $849,000 MLP / 29 MDOM
  43 Homes Sold last 30 days > $750,000 MSP / 31 MDOM
                                                                                                 
MLP = Median List Price / MSP = Median Sold Price / MDOM = Median Days on Market (links expire 11/21/24) the actual # of homes for sale will rise and fall as more homes are listed and go to contract. 

Currently;
the median list price of the homes for sale is 5.8% higher than the median list of the homes in contract & 18% higher than the median sold price of the homes that sold. Perhaps suggesting that sellers are more flexible with their asking prices and buyers are more confident to offer less than asking.

Or could it also be that the market for the highest of high priced homes, lets say $1.5m+, has cooled off and they're sitting on the market longer and accumulating as more get listed thereby pushing up the median list price of homes for sale.  Supporting that theory is the fact that MDOM is much higher for the 174 Homes for Sale than it is for those in Contract and Sold.  The Market Snapshot, also supports that theory showing that there are many more MOI, (Months of Inventory) for homes listed from $1.5m and UP, starting to look like a backlog, than for the rest of the market.

Looking for a home in the Catalina Foothills? 
Check out Just Listed to see all the new Foothills listings over the last 7 days

and the Market Snapshot for a closer look at what's happening in your price range

Here's a look at the Yearly October Inventory of Single Family Homes from 2016 to now

 

A bit more inventory this October than in recent years but still pretty darn tight - with about a 4 month supply at the current rate of sales and we expect that sales will increase over the next few months. And also over the next few months maybe sellers will finally get off the fence and list their homes which could lead to a more vibrant and balanced market. 

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                            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's not just us, Fannie Mae CEO says she has never seen a housing market like this before

MarketWatch
By Aarthi Swaminathan

Fannie Mae CEO Priscilla Almodovar has worked in the housing-finance industry for decades, including during the 2007-09 financial crisis. The current market is unlike any she’s ever seen, she said.

After two decades working in housing policy, Priscilla Almodovar is intimately familiar with the challenges the U.S. faces when it comes to housing.

The Brooklyn native took the reins of the New York State Housing Finance Agency in 2007 amid a financial crisis that was fueled by a crash in subprime mortgages. Today, buyers are facing the opposite problem: Demand for homes is so insatiable that even as mortgage rates remain elevated and home-insurance costs soar, home prices keep inching up to new record highs.

As the chief executive of Fannie Mae FNMA 3.70%, a government-sponsored enterprise that backs one in four residential mortgages in the U.S., Almodovar, 57, has a front-row seat to it all. That lands her on the MarketWatch 50 list of the most influential people in markets. 

“It’s a highly unaffordable market right now. We are monitoring and following all these trends, things that we’ve never seen before,” Almodovar told MarketWatch in an interview. “You have home prices the highest we’ve seen in two decades,” she said.

Home sales on track for worst year since 1995 

Home buyers and renters are facing record-high housing costs. The issue has become such a big priority for average Americans that the presidential candidates are proposing various solutions to make homeownership more affordable. 

Continue reading at MarketWatch

 

Likewise, here in the Catalina Foothills, with 2+ months to go it looks like 2024 home sales are on par to match the low sales levels seen during the 2008-2009 Great Recession while 2024 sold prices are higher than they've ever been. 

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                            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

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Buckle Up, They're going fast

In a post the other day I reported that 3 homes priced 1,200,000 to $3,195,000 had gone to contract last week in 3, 4 and 5 DOM

Since Monday this week, 10/14, 5 homes priced $849,000 to $1,850,000 have gone to contract in 4, 5, 6, 6, and 7 DOM.
(links expire 11/15/24)

DOM numbers like this are reminiscent of 2021 - 2022

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                           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, 10/7 - 10/13/2024

From Monday October 7 thru Sunday October 13, 17 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 11/13/24)

4 were listed from $399,000 to $570,000
9 from $600,000 to $949,900
4 from $1,200,000 to $3,195,000, 

Worth mentioning;
3 of the 4 homes that went to contract listed from $1,200,000 to $3,195,000 did so quicker than you might expect, in 3, 4, and 5 DOM 

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                           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 / 9/22 - 10/6/2024

From Monday September 23, thru Sunday October 6,  22 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 11/07/24)

 4 were listed from $425,000 to $549,990
12 from $649,000 to $990,000
 6 from $1,095,000 to $3,400,000

from listing to contract took 26 MDOM

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                            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 First 9 Months / Catalina Foothills Homes

Checkout the charts for a Snapshot View of the Catalina Foothills Single Family Home Market / Jan 1 - September 30 / 2019 - 2024

   Showing:
: # Homes Sold up to $999,999
: # Homes Sold at $1m+
: Median Sold Price (MSP)
: Median Days on Market (MDOM)

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● first up, dwindling sales up to $999k

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● compared to, nearly rising off the chart sales at $1m+

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● with all those high-end sales the MSP has nowhere to go but UP

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● Days on Market is also up + interesting tidbit, homes sold up to $999k took 20 MDOM while those sold at $1m+ went quicker, at 14 MDOM  *the chart shows MDOM for all sales at all prices

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PS 
165 Homes For Sale in TheFoothillsToday / 95 (58%) are listed up to $999K / 70 (42%) are listed at $1m+

YTD - 483 Homes Sold / 315 (65%) sold up to $999K / 168 (38%) sold at $1m+ 

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                           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.com / October 1, 2024

160 Homes for Sale  > $900,000 MLP / 54 MDOM

  54 Homes in Contract > $863,750 MLP / 41 MDOM

  37 Homes Sold last 30 days > $750,000 MSP / 20 MDOM

(MLP= Median List Price / MSP = Median Sold Price / MDOM = Median Days on Market)(Links expire 10/31/2024)

Looking for a home in the Catalina Foothills?
       See Just Listed last 7 days

Check out the Market Snapshot to see what's happening in your price range

As we approach the start of our usually busy home buying season here's a look at the October Inventory of Single Family Homes from 2016 to now. 

A bit more to choose from than recent years but at the moment still a fairly tight supply that may soon be helped by more sellers finally getting off the fence.

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                            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
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