The Catalina Foothills

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 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, 8/26 - 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   
______________________________________________________________________________________________________________________________________________________________________________________________   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 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
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Catalina Foothills Estates 10
2023 >  5 Sold / $1,600,000 MSP / 49 DOM
2024 >  5 Sold / $1,687,282 MSP /   8 DOM
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Fairfield
2023 > 14 Sold / $662,500 MSP / 15 DOM
2024 > 15 Sold / $830,000 MSP / 34 DOM
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Pima Canyon
2023 >  8 Sold / $2,068,600 MSP / 30 DOM
2024 >  8 Sold / $2,112,500 MSP /   5 DOM
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Shadow Hills
2023 > 12 Sold / $889,500 MSP / 3.5 DOM
2024 >  8 Sold /  $845,000 MSP /11.5 DOM
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La Paloma
2023 > 21 Sold / $700,000 MSP / 12 DOM
2024 > 21 Sold / $736,000 MSP /  11 DOM
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Foothills Clusters
2023 >  6 Sold / $ 551,500 MSP /13 DOM
2024 >  8 Sold /  $ 584,750 MSP / 8 DOM
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Skyline Bel Air
2023 > 15 Sold / $825,000 MSP / 34 DOM
2024 > 11 Sold / $876,500 MSP /   4 DOM
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Coronado Foothills 
2023 > 11 Sold /  $695,000 MSP /  7 DOM
2024 > 12 Sold / $847,000 MSP /   8 DOM
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Skyline Country Club Estates
2023 >   6 Sold /     $917,500 MSP /   80 DOM
2024 > 12 Sold / $1,231,250 MSP / 43.5 DOM
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Alta Vista
2023 > 12 Sold / $1,512,500 MSP / 8.5 DOM
2024 >  7 Sold /  $1,495,175 MSP /  11 DOM
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Flecha Caida
2023 > 18 Sold / $817,500 MSP / 24 DOM
2024 > 15 Sold / $675,000 MSP / 33 DOM
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Cimarron
2023 >   8 Sold / $772,500 MSP / 20 DOM
2024 > 14 Sold / $876,705 MSP / 22 DOM
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Ventana Country Club
2023 > 22 Sold / $968,500 MSP / 23 DOM 
2024 > 28 Sold / $947,024 MSP /   4 DOM
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Sabino Mountain
2023 >   6 Sold / $1,310,000 MSP / 36 DOM 
2024 >   8 Sold / $1,075,000 MSP / 17 DOM
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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