For more than two months now I’ve been cautiously touting signs an improving upper-end market. Nothing solid, nothing to bet the farm on, and some of it just a gut feel.
But now, after almost 4 months, there is some solid evidence that the upper is doing appreciably better this year than last year.
Jan 1 – April 29th
9 homes sold at $1,000,000 or more last year
15 sold at $1,000,000 or more this year
OK, hurrah, 66% more sales,
But there’s more,
the median sold price for the 9 sold was $1,200,000
in 2016 it’s $1,320,000
the median $$/sf sold price for the 9 sold was $212/sf
in 2016 it’s $268/sf
in 2015 the dollar volume (the total $$ value of the 9 sales) was $11,320,000
in 2016 it’s $20,841,330
that’s an 84% increase in dollar volume on a 66% increase in sales.
And perhaps most telling of all, they didn’t dawdle on the market this year like they did last year,
in 2015 the 9 sales were on the market a median of 189 days before going to contract
in 2016 that number is 70 days.
Not monumental, but nothing to sneeze at either.
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