2022 Real Estate Update…Ride the Wave
2022 Real Estate Update. What a year 2022 has been so far. Even though, it is still a strong sellers market, we are seeing a small shift in the tide of home sales in Sun Lakes, AZ. After all, there were 438 homes that sold in the first six months of 2021. But in 2022 we saw a sale of 378 homes during this same time frame. Of course, continuing into the next six months 2022 we are still in a strong sellers market with less than 1% of Sun Lakes homes for sale. Sun Lakes, AZ is still enjoying an amazing appreciation in home values. This is over the same time period last year in 2021.
With this in mind, there are currently only 79 active homes for sale in all of the Sun Lakes, AZ communities. Last year at this same time there were only 45 active homes for sale. Therefore, let me remind you that there are only 9,967 homes in the 55+ community of Sun Lakes. With all of this in mind, we are starting to see more inventory come on the market. As well as, some price reductions and longer days on market.
Average Sales Price for the First 6 Months in Sun Lakes, AZ Sees an Appreciation of 24% Overall
How are we faring? 2022 home sales to date broken down by number of homes sold, average price and days on market for Sun Lakes as a whole. Also, we will break it down for you by each community. As a matter of fact, Sun Lakes as a whole so far this year saw the sale of 378 homes. The average sales price is $464,331. In addition, during this time period average days on market was 29.6. Interestingly, up one day from 28 average days on market in 2022 for this time period. Likewise, in 2021 438 homes closed during this time period with the average sales price of $374,223.
So, what does this mean? Well, homes are still going on the market with a very high, willing and able buyer pool. And, days on market are increasing slightly.
Home Values Increase in IronOaks by 22.4% in the First 6 Months of 2022
Notably, we saw a decrease in home sales in IronOaks during the first six months of this year. For instance, 147 homes went under contract with the average sales price of $584.570. Comparatively, in 2021 for this same time period 174 homes went under contract with the average sales price of $477,402. That is a 22.4% increase in home values over last year! Also, days on market were pretty much the same for both years. Therefore, we saw 26 average days on market in 2022 with 28 days in 2021.Another thing to note, the highest sales price for this time period in 2022 was $922,000.
Cottonwood and Palo Verde Home Values Increase by 27.6% in the First 6 Months of 2022
To demonstrate, in the first six months of 2022 we see home values rise in Cottonwood and Palo Verde. For instance, 153 homes sold so far this year with the average sales price of $489,330 Significantly, in 2021 152 homes went under contract, which is one less than 2022. But, average sales price was lower at $383,464. Interesting to note, that average days on market were 31 in 2021 and 30 in 2022. Thus, the highest home sale was for this time period in 2022 was $800,000.
Sun Lakes Country Club Sees a 21.8% Increase in Home Values in the First 6 Months of 2022
2022 Real Estate update shows a consistent 21.8% increase in home values in Phase 1. In Sun Lakes Country Club saw 78 closings in the first 6 months of 2022. Here, average sales price was $319,094 with 33 days on market. Whereas, there were 112 home sales in 2021 during this same time period. Interestingly enough, average days on market so far this year is 33. The highest sale for this time period was $585,000.
Quite frankly, it is still a seller’s market. But, the ready, willing and able buyer’s are out there and ready to do business. Thus, demand for homes continues to be very high. Right now, in this market every home is a treasure! If you are considering selling, now is the time to take advantage while the market remains as hot as the temperature outside. To get your FREE home valuation click here.
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