$/sf sold prices peaked in 2006 at $270 gated and $213 non-gated, and bottomed out at $184 gated and $140 non-gated in 2012.
Since then they have risen 18.5% gated and 27% in non-gated areas.
Yet, after 6 years they are still well below their 2006 prices; 19% below in gated and 16% below in non-gated areas.
I squeezed in too much stuff, click the chart to expand it
I squeezed in too much stuff, click the chart to expand it
However, $/Sq Ft Sold Prices rose more in 2018 than in any other year since bottoming out in 2012 -
up 7.4% in Gated areas
up 8.5% in non-gated areas
And while that seems hopeful, if the current political/economic turmoil and uncertainty continues it is sure to have a negative affect on our real estate market. Though, does anyone doubt that it hasn't already.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
The following charts track single family home sales and sold prices in the Catalina Foothills of Tucson, AZ for each year from 2004 thru 2018.
First up, the number of Homes Sold up to $999,999
Home sales in 2018 fell from where they were in 2017 - and the pace of falling sales has recently accelerated;
thru June sales were down just 2.3%; - thru November they were down just under 9%;
Now they're down 10.6%.
Next up, Catalina Foothills home sales at $1,000,000 & UP
With 62 sales in 2018 more homes have sold for $1,000,000 & UP than in every other year since 2007.
But still a long way from the 92 sales in 2007 and eons from the 126 in 2006.
Sold prices this year are UP 9.6% over last year -
and have held fairly steady all year long with just a teeny drop (-0.34) in the last few months.
Repeating what I said last month - As we look at sales in the months ahead we are very likely to see some weakness in our market as a result of the recent and continued volatility in the stock market. The two go together like PB & J, particularly at the upper-end, though the results are not always as sweet.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
The following charts track single family home sales and sold prices in the Catalina Foothills for the period of January - November of each year from 2004 - 2018. (hover over the data points to see the exact sales figure for each year)
First up, the number of Homes Sold up to $999,999 -
While home sales this year are DOWN almost 9% from last year
they are higher this year (though in some cases just barely) than every other year since 2005.
Next up, Catalina Foothills home sales at $1,000,000 & UP
With 58 sales thru November more $1,000,000+ homes have sold this year than in every other year since 2007.
All well and good, but high-end sales are still miles away (-51%) from where they were in 2006 and, at this point, are still not even a threat to 2007's sales numbers.
Sold prices (the brightest spot in the market) this year they are UP almost 10% over last year - and are UP 24% since hitting bottom in 2012 - though, they too still have a ways to go - as they are still DOWN 15% from their 2006 peak.
As we look at sales in the months ahead we are very likely to see some weakness in our market as a result of the recent and continued volatility in the stock market. The two go together like PB & J, particularly at the upper-end, though the results are not always as sweet.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
This is an updated version of a post I did in 2016.
A reader of this blog wondered if the lukewarm recovery of the $1,000,000+ home market in the Catalina Foothills was perhaps due to an increasing number of high-end buyers choosing Oro Valley/Northwest over the Foothills.
Hmmm, being a dedicated Foothills aficionado it was hard for me to imagine buyers choosing OV/NW over the Catalina Foothills. But anything is possible, so to clear the air I pulled the sales numbers for the Foothills and OV/NW and here is what I found;
Well, as you can see, at first glance, it does not appear to be the case that large numbers of buyers are choosing OV/NW over the Foothills. What did happen is that after exploding briefly during the boom years the Catalina Foothills market nose-dive-crashed and has bumped along the bottom ever since. And during that same time the OV/NW market rose, but rose gradually and very gently. And likewise when the OV/NW market fell it was more of a gentle easing of sales rather than an actual fall.
And because the Foothills market fell so dramatically, and has yet to get back on its pre-2008 feet, while sales in OV/NW slipped very gently, the effect has been that since Foothills sales tumbled a higher percentage of $1,000,000+ homes have been selling in OV/NW.
As follows;
In 2004 OV/Marana captured just 20% of all sales at $1,000,000 and UP
In 2006 OV/Marana captured just 17% of all sales at $1,000,000 and UP.
In 2008 OV/Marana's share jumped to 39% of sales.
In 2010 OV/M captured 36% of sales
In 2012 OV/M captured 27% of sales
In 2014 OV/M captured 35% of sales
In 2016 OV/M captured 33% of sales
and so far in 2018 it is 23%
And if buyers are choosing OV/Marana over the Catalina Foothills they are doing so for at least one reason, the abundance of newer homes available up there v. here in the Foothills.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
The following chart track single family home sales and sold prices in the Catalina Foothills for January - June of each year from 2004 - 2018.
First up, the number of Homes Sold up to $999,999
2018 sales are down a tad from last year at this time, but are higher than every other year since 2005 - though still 23% below 2005. Tidbit; in 2005 homes that sold were on the market 64 median days - this year they're on just 34 median days before selling.
The upper-end market is doing better this year, but not all that much better. With 32 sales thru June, 2018 is, so far, the best year for $1.0m+ sales since 2008. The problem is, 2008 was nothing to brag about. And this years sales are still a shocking 58% below their peak in 2006. (a previous typo stated 94% below 2006- my clumsy error)
Thru June median sold prices are up more than 10% over Jan - June 2017 - and they're up 31% since hitting bottom in 2012 - yet, still 13% below their 2006 peak.
All in all a positive report along with my optimistic hope for even more improvement to come for the Catalina Foothills single family home market - because we still have a ways to go.
see TheFoothillsToday.com
to find your very own Catalina Foothills Home
More buyers want newer homes but there are still plenty of buyers who want the character, charm and unique features that are only found on older homes, most of which are in the old foothills area.
Here are a few from the 1930's that sold this year;
on La Lomita this 1930 Joesler sold for $1,275,000
on Camino Real this 1938 Joesler (with major updating) sold for $875,000
and on an unnamed street in the old foothills this home built by John Murphey in 1934 sold for $958,215
Currently, there are only two Joesler's for sale in the foothills, one built in 1943 is asking $1,995,000 and the other built in 1938 is asking $959,000.
Want to know more about Josias Joesler, try a couple of blog posts I wrote some years ago that I think still hold up.
+
Josias Joesler: An Architectural Eclectic
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to find your very own Catalina Foothills Home
The Catalina Foothills is essentially divided into two zip codes, 85718 and 85750, with Craycroft Rd. the dividing line between the two.
Many of the buyers I work with have a preference for one or the other. And aside from the homes that are for sale in each zip their preference is often based on the look, feel and geographic and convenience features of the two areas - which are fairly distinct.
85718 is more developed, with more plazas, restaurants, bars, boutiques, shopping and, dare I say, more pizzazz. 718 is closer to downtown and to the University of Arizona. And if you’re looking for an older adobe home or a Joesler, you are, with few exceptions, talking about 718. Because 718 is where John Murphey and Josias Joseler first established the Catalina Foothills Estates, the very first development in the foothills in the 1930’s. 85750 came much later. And though not to everyone’s taste, 718 also has many more gated communities than 750.
But 85750 also has its charms. With its main shopping, restaurant and retail plaza at one location, at Kolb & Sunrise, it’s less developed, less busy with fewer cars on the road and overall a more subdued atmosphere than 718. It also has the fantastic Sabino Canyon in its backyard. And if you’re so inclined and have the means there’s nothing like the dramatic terrain and eagles nest views of the Mountain Estates at Ventana.
Beyond that there are also price differences between the two zips, with more higher priced homes in 85718. And, in general, you probably get a bit more home for your money in 85750.
Below is 85718, with 157 homes for sale – bordered on the north by the Coronado National Forest, Craycroft Rd on the east - River Rd on the south and 1st Ave on the west.
And 85750, with 138 homes for sale – also bordered on the north by the Coronado National Forest then on the east by Sabino Canyon and Sabino Creek, River Rd on the south and Craycroft Rd on the west.
And for you number crunchers, let's look at 85718 vs. 85750 by the numbers.
The number of homes sold from January 1st thru May 31st, along with median sold prices, days on market, etc.
85718
193 homes sold
$533,000 - median sold price
$192 - median $/sf sold price
43 days - median days on market
$117,798,862 - $ Value of homes sold
2,871 sf - median sq footage of homes sold
85750
176 homes sold
$432,750 - median sold price
$176 - median $/sf sold price
30 days - median days on market
$94,915,730 - $ Value of homes sold
2,593 sf - median sq footage of homes sold
With about a 4 month supply of homes in 718 & 750 homes are selling well in both areas. Though, as you can see, more higher priced homes are selling in 85718 than 85750 - 85718 median sold prices are 23% higher than 85750.
85718 or 85750, they’re both in the Catalina Foothills, but they look, feel and are different. If you’re new to town and looking to buy a home be sure to check out both areas.
click over to TheFoothillsToday.com
to find your very own Catalina Foothills Home
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