1st Quarter Real Estate Market Update for Sun Lakes AZ Continues Upward Trend in 2020
1st Quarter Real Estate Market Update continues trending upward with Sun Lakes AZ enjoying a 7% appreciation in home values over this same time period in 2019. With this in mind, there are currently only 87 homes actively on the market in all of the Sun Lakes, AZ communities. However, this is still less than 1% of the homes and is a shortage of inventory. So, as you can imagine it is still a sellers market. Although this may be true, sales have slowed down a bit in the last few weeks. Of course, once we come out of the Coronavirus crisis, we do expect sales to take off once again. And in fact, analysts are predicting a market stronger than it was when the crisis began.
Average Sales Price for Sun Lakes AZ Sees a 7% Appreciation
Correspondingly, here is the break down of the number of homes sold, average price and days on market for Sun Lakes as a whole and broken down by each community. For instance, in Sun Lakes as a whole 189 homes were sold during the first quarter with the average sales price of $338,991. On the other hand, 164 homes sold in 2019 with the average sales price of $316,752. At the same time, the average days on market in 2020 is 59 compared to 52 in 2019.
Home Sales Increase in IronOaks in 2020
In reality, home sales see an increase for IronOaks in the first quarter of 2020 with 78 homes sold with an average price of $404,542. Comparatively, in 2019 164 home sales were completed with the average price of $386,658. Additionally, days on market for both years were quite similar. For instance, 2020’s average days on market was 61 with 2019 being 62.
Cottonwood and Palo Verde See an Increase in Home Sales for 2020
In this first quarter of 2020 we see home sales up in Cottonwood and Palo Verde. Given that there were 80 homes sold with the average sales price of $325,740. Therefore, in 2019 we saw 68 home sales with the average sales price of $312,396. Interestingly, days on market for 2020 averages 65. Whereas, days on market for 2019 were 48.
Sun Lakes Country Club Home Sales Remain Fairly Even From Last Year
Sun Lakes Country Club homes sold so far in 2020 are 30 with the average sales price being $206,427. Similarly, in 2019 we saw 32 home sales with the average price of $186,194. Uniquely, average days on market for both years are the same at 41.
We are With You Every Step of the Way
Rest assured we are taking every precaution necessary to keep you safe. Therefore, we have the systems and tools in place to walk you through your transaction virtually. As well as, the knowledge to navigate this ever changing market. If you would like a free home valuation click here. If you have questions about buying or selling a home contact us at firstname.lastname@example.org or call 480-809-5759 to schedule a time to visit with one of our team members. The Kolb Team – Your Arizona’s Active Adult Communities Experts.