2020 Sun Lakes Real Estate Market Trends in 2020 Continue in a Upward Climb
2020 Sun Lakes Real Estate market continues trending upward. After all, Sun Lakes, AZ is enjoying a 7.5% appreciation in home values over this same time last year. Therefore, this report is for the period of January 1, 2020 to June 30, 2020. Currently, as of this writing, there are only 38 homes actively on the market out of the nearly 10,000 homes in Sun Lakes, AZ. So, it is still very much a sellers market with rock bottom inventory! By the way, there is pent up demand from buyers so if you are thinking of selling your home, now is the time to do it.
Average Sales Price for all of Sun Lakes, AZ sees a 7.5% Appreciation
Comparatively, 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, as a whole 342 homes have closed in 2020 with the average sales price of $335,193. On the other hand, 387 homes sold in 2019 during this same time period with an average sales price of $311,759. Additionally, the average days on market for 2020 is 56 whereas in 2019 it was 57. The highest price home sold so far this year is $710,000 and in 2019 it was $688,000. Another thought, over the last 5 years 2015-2019, on average 700 homes are sold a year in all of Sun Lakes, AZ. With that being said, with currently 342 homes already closed for 2020 we are on target to continue this trend.
Home Sales Continue to Increase in IronOaks in 2020
In like manner, homes sales see an appreciation of 6.7% in IronOaks so far this year. For instance, 119 homes have sold with an average sales price of $405,155. Compare this with 150 homes sold in 2019 during this same time frame, with an average sales price of $379,739. Also, average days on market in 2020 is 60 as opposed to 69 in 2019. Fun fact, highest sale in IronOaks to date is $710,000 and in 2019 highest it was $688,000. Currently there are 15 homes for sale.
Cottonwood and Palo Verde Experience an Appreciation of 7.4%
Cottonwood and Palo Verde homes sold so far in 2020 is 157 comparing that with the number of homes sold during this time frame in 2019 is 153. In addition, the average price for 2020 is $331,080 with 59 average days on market. Comparatively, in 2019 average sales price was $308,051 with 51 days on market. Highest home price for 2020 is $550,000 whereas the highest sales price for 2019 was $515,000. Currently there are 18 homes for sale in Cottonwood and Palo Verde.
Sun Lakes Country Club See an Appreciation of 10.6%!
As a matter of fact, Sun Lakes Country Club residents see the highest appreciation of all of the Sun Lakes communities at 10.6%. In 2020 64 homes have sold with the averages sales price of $216,029. The highest sale being at $322,000. Again, in 2019 83 homes were sold with an average sales price $195,297, with the highest price ringing in at $297,900. Similarly, average days on market for 2020 is 43 and in 2019 average days on market is 49. Currently there are only 5 homes for sale.
Despite the Pandemic and Economic Situation Demand for Homes is High
Above all, the explanation for the number of homes sold being higher in 2019 is due to the extremely low inventory we are experiencing in 2020. Quite frankly, we can not recall the last time there were fewer than 50 homes on the market during the summer months. Despite the pandemic and economic situation demand for homes is high. Right now, any home in this market is a treasure! If you are considering selling, now is the time to take advantage while the market is hot. Therefore, we have the precautions in place to ensure both buyers and sellers experience a safe and healthy transaction.
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If you have questions The Kolb Team has answers! Contact us at email@example.com or 480-809-5759 for all of your buying and selling needs. The Kolb Team, Arizona’s active adult communities experts!
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