The following chart is a snapshot of current activity in the Catalina Foothills single family home market in Tucson, AZ - zip codes 85718 / 85750.
Included is the number of homes currently listed for sale, in contract and the number of homes sold in the last 30 days - broken down into 8 price ranges - with the resulting months of inventory (MOI) for each group. +/- 6 MOI is considered a normal, balanced market. With a much lower MOI the market veers into a sellers market - whereas, with much higher MOI it slips into a buyers market. MOI is a basic measure of current supply and demand. The numbers shown are based on homes listed with the Multiple Listing Service of Southern Arizona - MLSSAZ.
It’s a starting point to help you gauge the level of activity in your price range. I hope it helps and I look forward to your questions, comments and suggestions.
I usually update the Market Snapshot every 10 days or so, (updated December 6, 2023)
|
List Price |
For Sale |
in Contract |
Sold | MOI |
|---|---|---|---|---|
| $0 - $399,999 | 0 | 0 | 1 | 0 |
| $400k - $599,999 | 20 | 4 |
12 |
-2 |
| $600k - $799,999 | 29 | 15 | 10 | 3 |
| $800k - $999,999 | 23 | 5 | 8 | 3 |
| $1.0 -$1,249,999 | 11 |
7 | 2 | 5+ |
| $1.250-$1,499,999 | 9 | 2 | 3 | 3 |
| $1.5 - $1,999,999 | 15 |
3 |
2 |
7 |
| $2.0 & UP | 20 |
4 | 1 | 20 |
| Total Market | 127 | 40 | 39 |
3.25 |
CLICK HERE to Quickly Search and see all the Single Family Homes For Sale in your price range in the Catalina Foothills of Tucson, AZ.
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Plus a recap of Q1 2021 - Q3 2023, quarterly sales, sold prices and DOM for Catalina Foothills Single Family Homes
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 under current conditions.
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. 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.
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That's it for now, please contact me if you have a question or would like my help navigating the Catalina Foothills market.
Thanks for stopping by
John Schneider, Realtor®
Tierra Antigua Realty, Foothills Office
1650 E. River Rd
Tucson, AZ 85718
Catalina Foothills Homes
(520) 271-4164
[email protected]
see my website thefoothillsToday.com
to find your very own Catalina Foothills home
