The Catalina Foothills

The Changing Face of the Catalina Foothills Real Estate Market

 The numbers tell the story of the changing market

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
2024	640	207	32%	$810,000

Key points:

● Many fewer homes are selling below -$1m, while sales of homes at $1m+ have tripled in recent years. This shift has significantly changed the Foothills market, with luxe homes now accounting for 32% of the market while -$1m sales have shrunk from 90+% to 68% of the market. Blame it on the enduring effects of the frantic Covid market, Inflation, High interest rates, High home prices and Low inventory of homes to choose from.

● All that upper-end inflated $$$ growth has pushed the median sold price (MSP) to $810,000, a 94% increase from 2016

● Other details;
At $1m+ / 49% of sales were cash & they sold in 12 MDOM / financed sales weren't far behind at 14 MDOM
At -$1m / 37%  of sales were cash & they sold in 17 MDOM / financed sales took 28 MDOM

The Catalina Foothills is a desirable area with a limited supply of buildable land. This scarcity, combined with the area's natural beauty, easygoing lifestyle and established infrastructure, continues to fuel strong demand and high home prices.

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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 _____________________________________________________________________________________________________________________

When the Market Heats Up Spec Homes are Sure To Follow

They're going up here, there and everywhere. That was true in the short-lived hot market of 2004 - 2006, the market that came to a screeching halt in the throes of the Great Recession of 2007 - 2009 and took years, until 2018 or so to recover, depending on your definition of recover. In its wake it left dozens of vacant high-end spec homes sold for a fraction of their original asking prices and often fell to short sale or foreclosure with builders and banks left holding the bag. 

More recently, as the market began to heat up in 2020, and got hotter by the day, news of new spec homes to come kept pace with the booming market.

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** DOM begin to accrue the day a home is listed in the MLS and Spec homes are typically listed long before the home is completed, suggesting that DOM figures for spec homes should be taken with a large grain of salt.

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Today there are 10 high-end spec homes for sale listed from $1,452,415 to a cool  $10,000,000 / all built 2023 - 2024
MLP is $2,872,000 / 168 MDOM & counting

And, coincidentally,10 high-end spec homes Sold this year
MLP was $2,607,500 / MSP is $2,519,200 / 158 MDOM

They may not be flying off the shelf but aside from DOM, those numbers look good

And there is competition,
there are 50 resale homes listed from $1,400,000 - $12,500,000 / built 1963 - 2022.
MLP is $1,772,500 / 99 MDOM & counting

And 95 resale homes listed at $1,400,000 & UP built 1958 - 2022 Sold this year.
MLP  $1,750,000 / MSP  $1,695,000 / 9 MDOM (yes, Nine)

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The Catalina Foothills is a desirable area that is largely built-out with relatively few well located, buildable lots remaining. And while many of the current crop of new spec homes are located in desirable locations, unfortunately, the scarcity and cost of good buildable lots may have led some builders to ignore the first rule of real estate, 'location, location…’ and build high-end homes in less-than high-end locations - such as those adjacent to busy roads like 1st Ave, Craycroft, Swan, River, etc. And others, ignoring the common sense practice of not being the most expensive house on the block, are building high-end homes in neighborhoods surrounded by older, smaller, lower-priced homes. 

One of the risks for spec builders is the 2 - 3 year timeframe from hatching the idea for the house to completing its construction in what may be a very different market than it was when they started. 

There is no doubt that the frantic market of the covid years, when many of the ideas and plans for these homes were hatched, brought an ‘anything goes wildcatting approach’ to the building, pricing, selling and buying of homes. 

That was then, this is now and those days are gone. We're phasing into a more normal market, a market where buyers are becoming increasingly discerning, prioritizing location, quality, and value. The normal due diligence stuff.

 As always, the market will decide, yay or nay on what flies and what doesn't. Me, I’m a location hawk.

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

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

Tucson gets its 15 minutes of Fame

 

36 Hours in Tucson

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

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

In TheFoothillsToday.com / Nov 22, 2024

There are:
● 180 Homes for Sale > $995,000 MLP / 70 MDOM & counting
● 72   Homes in Contract > $825,000 MLP / 45 MDOM
●  61  Homes Sold > $750,000 MSP for 97.5% of OMLP in (get this) 13 MDOM    (Sold last 30 days/Links Expire 12/22/24)

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** MLP = Median List Price // OMLP = Original Median List Price //            MSP = Median Sold Price // MDOM = Median Days on Market

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The market is now speaking loudly, advising all who will listen - "well priced desirable homes are selling quickly and for close to list price, the others are not "

Unlike back then, 2021 - 2022, when almost everything sold for list $$ or over list in the bat of an eye - when, in fact, all 1,667 homes sold in 21 - 22 sold for 100% of their Original Median List Price in 6 MDOM.
Yes, OMLP for all 1,667 homes was $725,000 and the MSP was also $725,000. That's about as tidy as it gets. 

But this is not then, this is now and in this market buyers are more discerning.

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

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

In Contract Week of 11/11 - 11/17/2024

From November 11 - November 17, 18 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 12/21/2024)

2 listed at $500,000 & $575,000
7 from $630,000 - $880,000
9 from $1,170,000 - $3,495,000

they went to contract in 44.5 MDOM

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

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

In Contract the Week of 11/04 - 11/10/ 2024

From Monday November 4 - Sunday November 10, 14 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 12/17/2024)

3 listed from $485,000 to $599,000
7 from $625,000 to $959,000
4 from $1,015,000 to $1,565,000

they 14 went to contract in 47.5 MDOM

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

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

Looks like $2million is the New Black

So far this year 21 Foothills homes have sold from $2,005,000 to $2,975,000 + 12 more from $3,200,000 to $7,480,000

Where did they sell?

The Canyons / 1 SOLD

Catalina Foothills Estates NO. 2 / 1

Catalina Foothills Estates / 4

Colonia Del Sol / 2

Esperero Canyon Estates / 1

Finisterra / 1 

Foothills (The) / 1

Foothills ll / 1

La Puerta On Hacienda Del Sol / 2

Un Subdivided / 1

Canyon Ranch Estates Resub /1 

Pima Canyon / 6

Regal Manor / 1

Skyline Country Club / 5

Summit / 1

Ventana Canyon Mountain Estates / 2

Ventana Overlook / 1
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Details, Details
Jan 1 - Nov 12

33 homes sold from $2,005,000 to $7,480,000 
for 95.83% of Original List Price
in 30 MDOM
MSP is $2,800,000

For comparison here's a peek at the action at $2mil in previous years (skipping over the irrational, abnormal covid years)

2019 / 6 Sold

2018 / 4

2017 / 1

2016 / 3

2015 / 2

Skimpy sales and most only happened after the homes had been on the market for many months (sometimes years) and suffered big price cuts. 
For example, the 2 sold in 2015 were both in the Canyons (arguably the poshest of posh subdivisions in the Foothills) 
 N Secret Canyon Drive was listed in Oct 2008, OOOPS! for $6,450,000 and sold for $2,037,500 in Nov 2015
 E Secret Canyon Place was listed in Feb 2010 for $4,200,000 and sold for $2,400,000 in June 2015 - 2015, a breakout year for the Canyons.
Whereas the current group of 33 sales did not suffer any of those indignities - they sold in 30 MDOM for 95.83% of original list price, and 18 were cash sales. Notably, a home in the Canyons sold this March for $4,250,275 cash in just 10 days.

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                          Catalina Foothills Homes
                    With 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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In Contract Last Week, 10/28 - 11/3/2024

From Monday October 28 - Sunday November 3, 16 single family homes went to contract in the Catalina Foothills of Tucson, AZ       85718 / 85750 (link expires 12/06/24)

3 listed from $465,000 - $550,000
11 from $630,000 - $998,000
 2 at $1,400,000 & $2,495,000

the 16 homes went to contract in 27.5 MDOM

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                          Catalina Foothills Homes
                    With 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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The Changing Face of the Catalina Foothills Real Estate Market / November 2024

  A look at where the Foothills market was and where it is now

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
>10/31/24	520	177	34%	$825,000

> so far this year

   Key take aways:
● with just 520 homes sold so far this year 2024 is poised to rival 2023 for the dubious honor of 'year with fewest home sales'

● While the overall housing market has slowed, the luxury market ($1m+) continues to flourish. Sales at $1m+ have more than tripled in the past eight years and have grown in market share from 6.4% to 34% of all single-family homes sold.

● All that upper-end growth has pushed the median sold price (MSP) to $825,000, a 97% increase from 2016

● And,
At $1m+ / 49% of sales were cash & they sold in 10 MDOM while financed sales weren't far behind at 13.5 MDOM
At -$1m / 37%  of sales were cash & they sold in 16 MDOM while financed sales took 27 MDOM.

The Catalina Foothills is a desirable area that is mostly built-out, with very little buildable land remaining. This scarcity of buildable land has contributed to it's strong demand and high home prices and will likely continue to do so.

With its stunning desert landscapes, mountain views, mild climate, and easygoing lifestyle, it's no wonder that the Catalina Foothills  continues to attract discerning homebuyers.

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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, 10/21 - 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
 ____________________________________________________________________________________________________________________

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

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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 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!

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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, 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.

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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 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

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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, 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.

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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, 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

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                       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.

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                      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 

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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.

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

Modesty?

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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. 

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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.

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               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

In Contract the Last 2 Weeks, 8/12 - 8/25/2024

From Monday August 12 thru Sunday August 25, 18 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 9/30/2024)

 2 were listed at $410,000 & $550,000
12 from $645,000 to $775,000
4 from $1,100,000 to $2,450,000

August, traditionally the sleepiest month for contracts, is surprising us with a surge of activity in the narrow price band of $645,000 to $775,000 - what's up with that?

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                          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

Last Summer V this Summer, Catalina Foothills / Updated 9/02/2024

A quick comparison of Single Family Home Sales last summer V this summer / June 1 - August 31

Criteria	2023	2024	+/-%
#Sold to $999k	121	87	-28%
DOM	12	23	+91%
MSP	$695,000	$685,000	-0.14%
#Sold at $1m+	53	45	-15%
DOM	12	21	+75%
MSP	$1,290,000	$1,475,000	+14%
Overall MSP	$820,000	$807,402	-1.5%

> A sizeable drop in sales up to $999k 
> and an unexpected 15% drop at $1m+
> nonetheless, $1m+ sold for appreciably more $$ this summer than last
> meanwhile ... everything that is moving is moving slower
> updated to include sales data to August 31, previous version stopped at Aug 23

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                      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

In TheFoothillsToday, 8/19/2024

144 Homes For Sale @ $899,450 MLP / 70 MDOM

  46 in Contract  @ $757,500 MLP / 33 MDOM

  38 Sold last 30 days @  $1,075,000 MSP / 49 MDOM
(links will expire 9/18/2024)

Just Listed last 7 days

Be sure to checkout the Market Snapshot to see what's happening in your price range

Just a heads up, with 17 new listings and 11 homes so far reported in contract last week, the 2nd week under the new NAR rules, it appears that the Foothills market continues to move forward and do well. I will report more details on last weeks' activity in a day or two.

UPDATE / Aug 21
11 homes did go to contract last week but 1 fell out, so 10 homes to contract
 7 priced from $695,000 to $850,000
 3 from $1,100,000 to $2,450,000

+ to confirm, 17 new listings priced from $625,000 to $2,600,000 entered the market last week

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                     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

In Contract Last Week, 8/5 - 8/11/2024

Worth noting, this was the very first week of the NAR rule changes going live here in Tucson.

From Monday August 5 thru Sunday August 11, 10 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 9/13/2024)

3 were listed from $399,900 to $599,000
5 from $625,000 to $785,000
2 at $1,250,000 & $1,399,000

The market's resilience is impressive. Despite the new NAR Rules implemented on Monday August 5th, 10 homes went to contract and 16 new listings came on the market that week. Clearly, the NAR changes haven't put much of a dent, if any, in the momentum of the Foothills market. Stay tuned!

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                         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

Here it comes, the new NAR Real Estate Rules

Below are a few links to information from the NAR and the Multiple Listing Service of Southern Arizona (MLSSAZ)  to help you learn about the changes that are occurring right now in the real estate industry here in Tucson and all across the USA.

These are changes that will effect all of us, Home Buyers, Home Sellers, Realtors®, Lenders, Escrow and Title companies .... and more

What the NAR Settlement Means for Home Buyers and Sellers

NAR Settlement FAQs

MLSSAZ 

I will continue to provide updates on the changes as new information becomes available. As you might imagine there is a wide range of opinions regarding this matter, and I encourage you to contribute your thoughts and opinions.
Click Comments down below

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                            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

In TheFoothillsToday, 8/09/2024

141 Single Family Homes For Sale

 45 Single Family Homes Currently in Contract

42 Homes Sold in the last 30 days at   $917,497 MSP / in 25 MDOM
(links will expire 9/08/2024)

Just Listed last 7 days

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

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Market Share

Sales of homes priced $1m+ continue to gain market share while lesser priced homes, those priced up to $999k, continue to lose share.

Jan - July 2019
543 homes sold
sales up to $999k were 93.7% market share
while sales at $1m+ were just 6.3% 

     fast forward to now

Jan  - July 2024
398 homes sold 
and sales up to $999k have shrunk to 64% market share
while sales at $1m+ have grown to 36% 

From the great recession market crash of 2008-2009 and up to 2019 buying a $1m+ home in the Catalina Foothills was the exception, with just 30 - 50 $1m+ homes sold each year, avg. 3 or 4 sold each month. 

Since then,
2021 - 183 sold at $1m+ , avg.15 sold each month
2022 - 196 sold at $1m+ 
2023 - 176 sold at $1m+
and so far this year, at $1m+, we're at 149 and counting

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                      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

Contact John Today! | [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

In Contract the Last 2 Weeks, 7/22 - 8/4/2024

From Monday July 22 thru Sunday August 4,  18 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 9/5/2024)

 5 were listed from $485,000 to $599,000
10 from $670,000 to $899,000
  3 from $1,465,000 to $3,250,000

Dead of summer and still plenty of action!

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                         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

Contact John Today! | [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

Heads up on Catalina Foothills Home Sales January - July

     Jan - July / 2019 - 2024 
*(MSP - Median Sold Price // MDOM - Median Days on Market // YOY - year over year)

2019- 496 sold/ $495k MSP/ 32 MDOM 

2020- 479 sold/ $550k MSP, up 11% YOY / 25 MDOM 

2021- 529 sold/ $700k MSP, up 27% YOY / 5 MDOM

2022- 409 sold/ $785k MSP, up 12% YOY / 5 MDOM

2023- 349 sold/ $799k MSP, up 1.8% YOY / 13 MDOM

2024- 398 sold/ $842.5k MSP, up 5.4%  YOY  / 17 MDOM

At $842,500 the 2024 MSP is up a whopping +70% from $495k in 2019

Updated 8/2/2024

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                        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

Contact John Today! | [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

In Contract Last Week, 7/15 - 7/21/2024

From Monday July 15 thru Sunday July 21, 11 single family homes went to contract in the Catalina Foothills -Tucson, AZ / 85718 / 85750 (links expire 8/24/24)

3 were listed from $549,900 to $580,000
5 from $635,000 to $899,995
3 from $1,050,000 to $2,850,000

11 homes to contract in a pretty quick 19 MDOM = more homes to contract and quicker than the previous week

In TheFoothillsToday
140 homes for sale @ $895,000 MLP / 66 MDOM
 45 in contract @ $950,000 MLP / 43 MDOM
 53 sold last 30 days @ $750,000 MSP / 20 MDOM

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                       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

Contact John Today! | [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

In Contract Last Week, 7/8 - 7/14/2024

From Monday July 8 thru Sunday July 14, 6 single family homes went to contract in the Catalina Foothills -Tucson, AZ / 85718 / 85750 (link expires 8/19/24)

1 listed at $559,000
3 listed $785,000 to $950,000
2 listed at $1,655,000 & $1,995,000

We're experiencing a typical dead of summer slowdown with fewer contracts and longish DOM, 56 MDOM for this group

Today, 143 homes for sale at $874,000 MLP // sitting it out for 67 MDOM and counting

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                    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

Contact John Today! | [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

In TheFoothillsToday, 7/17/2024

140 Single Family Homes For Sale

 46 Single Family Homes are Currently in Contract

55 Homes Sold in the last 30 days at $780,000 MSP / in 17 MDOM
(links will expire 8/16/2024)

Just Listed last 7 days

                  Location, Location, Is It Still What It's All About

During the early 2000s Catalina Foothills real estate boom, some builders constructed high-end spec homes on cheap, undesirable lots alongside busy roads. They figured, heck!, everything is selling, these will too. That strategy proved disastrous when the market crashed in 2008, leading to plummeting sales and numerous foreclosures all thru the foothills but it was especially punishing for homes in undesirable locations. - a flaw that could never be fixed or made to go away. I blogged often about this trend of building & buying alongside busy roads and because it had many spec homes alongside it I nick-named Hacienda del Sol Rd, the street of broken dreams. 

Despite this history, the recent record-breaking high-end market has seen a resurgence of this trend, with a few high-end spec homes once again being built along busy roads. Builders are once again gambling on the appeal of new construction, even if it means sacrificing location. A few  of these homes have gone to contract quickly, but whether this is a sustainable strategy or a repeat of the past remains to be seen. Will buyers prioritize location once again when the market inevitably cools, or has the allure of a new home become too strong to resist, even with the trade-offs?

In my opinion, there's no contest. For discerning buyers, the mantra "location, location, location" should remain paramount. While the allure of a new home can be tempting, the long-term value, liveability and desirability of a property are intrinsically linked to its location. 

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

● Buy or Sell with Confidence I About Me
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In Contract the Last 2 Weeks, 6/24 - 7/7/2024

From Monday June 24 thru Sunday July 7,  19 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 8/8/24)

 9 were listed from $620,000 to $950,000
10 from $1,150,000 to $3,200,000

Despite a healthy 19 homes going to contract in the typically slower summer season, the median days on market (MDOM) has reached 67 days. This marks the third and fourth consecutive weeks of rising and now the highest MDOM so far, a trend that began about a month ago. 

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                  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

Contact John Today! | [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

In TheFoothillsToday, 7/6/2024

139 Single Family Homes For Sale

54 Single Family Homes are Currently in Contract

47 Homes Sold in the last 30 days
at $800,000 MSP / in 13 MDOM
(links will expire 8/25/24)

Checkout the Market Snapshot to see what's happening in your price range.

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Market Share
Sales of homes at $1m+ continue to gain market share while lesser priced homes, those priced up to $999k, continue to lose market share

Jan - June 2019
453 homes sold
sales up to $999k were 93% of the market
sales at $1m+ were just 7% of the market

            V

Jan  - June 2024
349 homes sold 
sales up to $999k have shrunk to 64% market share
while sales at $1m+ have grown to 36% market share

The following charts help visualize those changes while showing how quickly they have occurred

● first up sales up to $999k

● next, the rise in sales at $1m+ 

All these million $$$$ homes did not just sprout up from the desert. A lot of the growth in the $1m+ market is due to homes that were previously priced under -$1m, some well under, and thru the forces of supply & demand got inflated into the +$1m side of the market. And while prices won't continue to rise forever, at this time they show no meaningful signs of stopping.

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

● Buy or Sell with Confidence I About Me
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

Catalina Foothills Home Market / January - June 2024

Check out the following 4 charts showing sales activity in the Catalina Foothills Single Family Home Market from Jan 1 - June 30 / 2019 - 2024

   Including:
: # Homes Sold up to $999,999
: # Homes Sold at $1m+
: Median Sold Prices
: Median Days on Market

The # of homes sold up to $999k this year is -47% from 2019 & -7.8% from Jan - June 2023

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while sales at $1m+ are +316% from 2019 & +33% from 2023

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with all those high-end homes selling the MSP is +69% from 2019 & +8% from 2023

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DOM are -50% from 2019 & +15% from last year

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The inventory of homes for sale is still very low, 137 for sale today which I imagine will continue to keep prices very high.

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

● Buy or Sell with Confidence I About Me
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In Contract Last Week, 6/17 - 6/23/2024

From Monday June 17 thru Sunday June 23,  9 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires (7/27/2024)

3 were listed from $480,000 to $599,900
4 from $649,900 to $850,000
2 at $1,100,000 & $1,225,000

they went to contract in 20 MDOM

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                  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

Contact John Today! | [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

In TheFoothillsToday, 6/24/2024

149 Single Family Homes For Sale 

61 Single Family Homes are Currently in Contract
        +
48 Homes Sold in the last 30 days
at $822,500 MSP / in 10 MDOM
(links will expire 7/24/2024)
(MSP - Median Sold Price / MDOM - Median Days on Market)

Checkout the Market Snapshot to see what's happening in your price range.

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In Contract Last Week, 6/10 - 6/16/2024

From Monday June 10 thru Sunday June 16,  16 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 7/18/24)

2 were listed at $560,000 & $595,000
7 from $610,000 to $999,997
7 from $1,060,000 to $2,395,000

MDOM for this group is 41 days, making it the 2nd week in a row with longer DOM than we've been accustomed to. Nevertheless,16 contracts in the middle of a hot week in June across a wide range of foothills price points speaks loudly of continuing strong buyer demand. 

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In TheFoothillsToday, June 13, 2024 / 11:45am

142 Single Family Homes For Sale 

61 Single Family Homes are Currently in Contract
        &
69 Homes Sold in the last 30 days
at $810,000 MSP
in 10 MDOM
(the links will expire 7/13/2024)
(MSP - Median Sold Price / MDOM - Median Days on Market)

For the very latest Market Activity numbers checkout the Market Snapshot

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In Contract Last Week / 6/03 - 6/09/2024

From Monday June 3 thru Sunday June 9,  15 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 7/11/2024)

4 were listed from $475,000 to $569,900
5 from $610,000 to $949,900
6 from $1,065,000 to $3,495,000

MDOM for this group was 40 days, quite a bit longer than other recent weeks.

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In Contract Last Week l 5/27 - 6/02/2024

From Monday May 27 thru Sunday June 2,  11 single family homes went to contract in the Catalina Foothills of Tucson, AZ / 85718 / 85750 (link expires 7/5/2024)

4 were listed from $410,000 to $550,000
2 from $615,000 to $860,000
5 from $1,290,000 to $1,695,000

No summer break for this group, they reached contract in a quick 14 MDOM 

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [email protected] | 520-271-4164
                                TheFoothillsToday.com   
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Catalina Foothills Home Market / Jan - May

Check out the following snapshot of the Catalina Foothills Single Family Home Market as featured in 4 charts spanning the period of Jan 1 - May 31 from 2019 - 2024

  Including, 
: # Homes Sold up to $999,999
: # Homes Sold at $1m+
: Median Sold Prices
: Median Days on Market

The Catalina Foothills single-family home market, where the once-thriving segment of homes were priced under $1 million, is experiencing a dramatic shift, with sales of homes under $1 million plummeting 41% since 2020. Meanwhile, demand for luxury homes ($1 million and above) has skyrocketed, with sales surging 354%. This stark divergence, coupled with a 57% jump in median sold prices since 2020 and way too high mortgage rates, is reshaping the landscape of homeownership in the Foothills, making it increasingly challenging for many buyers to enter the market.
As Ralph McLaughlin, senior economist at Realtor.com, said in a Bloomberg article “You can have high prices or you can have high mortgage rates, but you can’t have both.”

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [email protected] | 520-271-4164
                                TheFoothillsToday.com   

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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

In TheFoothillsToday

May is here and the seasonal residents, the snowbirds, have departed!
Wirh fewer buyers in the market this could be a prime time for serious Foothills home buyers. And right now, there is also a wider selection of homes available (154) than at any point since 2020. 
May 2019 - 319 for sale / May 2020 - 211 / May 2021 - 83 / May 2022 - 71 / May 2023 - 98 / May 2024 - 154

154 single family homes listed for sale from $389,000 to $12,950,000 (link expires 6/29/2024)
83 are listed $389,000 to $999,999 / 71 are listed $1,000,000 to $12,950,000

Let's find your home!

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [email protected] | 520-271-4164
                                TheFoothillsToday.com   

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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

In Contract Last Week, 5/20 - 5/26/2024

From Monday May 20 thru Sunday May 26,  13 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 6/28/2024)

1 is listed at $575,000
6 listed from $695,000 to $998,000
6 listed from $1,039,000 to $3,495,000

Who said the market's slowing down for summer!
this group went to contract in a speedy 12 MDOM

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [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

In Contract Last Week, 5/13 - 5/19/2024

From Monday May 13 thru Sunday May 19,  11 single family homes went to contract in the Catalina Foothills of Tucson, AZ 85718 / 85750 (link expires 6/20/2024)

2 were listed at $435,000 & $595,000
7 listed from $619,000 to $959,000
2 listed at $1,100,000 & $1,975,000

A flip-flop week for contacts from the week of 5/6 - 5/12 when there were just 3 contracts under $1m causing me to wonder if the market was slowing down for our usually slower summer season.  But I jumped the gun, 9 homes under $1m going to contract last week does not look like a summer slowdown.

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

● Buy or Sell with Confidence
● Expert market knowledge
● Personalized service
●  No Bull

Contact John Today! | [email protected] | 520-271-4164
                                TheFoothillsToday.com   

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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