The following charts track the number of single family homes sold and median sold prices in the Catalina Foothills of Tucson, AZ for the period of January 1st thru April 30th of each year from 2005 to this year, 2020.
The home sales and sold price numbers are based on sales thru the Tucson Association of Realtors® Multiple Listing Service and represent all the homes sold by all Realtors® in the Catalina Foothills of Tucson, AZ (zips - 85718 & 85750)
The charts clearly show that the real estate market priced up to about $1,000,000 in the Catalina Foothills was doing quite well. While sales over $1,000,000 have seen some slight improvement they continue to disappoint.
I say 'was doing well' because the market has slowed considerably, with fewer contracts each week since the middle of March - which will, increasingly, translate into fewer sales. Most of the sales that took place in this 4 month period are the result of deals that were made before mid March, before the virus really hit home here in Tucson.
And eventually sold prices are bound to take a hit though it may (and I think it will) be more due to fewer upper-end discretionary purchases than it is to actual falling home prices. At least at first.
First up is sales up to $999,999, which represents about 93% of the Catalina Foothills Single Family Home Market.
And it was doing nicely.

a very different story though, and it has been for years, at $1,000,000+, where the market is the most vulnerable.

and sold prices are up a whopping 14% from the same period last year.
But thru the end of March they were up a more-whopping 16% over the same
period last year.

we are just beginning to witness the damage the coronavirus is going to wreak on our real estate market. Where we go from here, I won't even guess, we will have to wait and see. Weekly contracts are where it's at in gauging the current market and predicting what sales will look like in the weeks ahead.
Take care, stay home, stay well.
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