A Year in Review – Real Estate Market in Review for 2023
A year in review. The real estate market entered the market in 2023 purring like a kitten and never really turned into a big cat during 2023. In the first place, 518 homes were sold in Sun Lakes, AZ in 2023. Thus, this compares with 599 homes that closed in the year 2022. As a matter of fact, while we spent most of the year in a sellers market we are slowly heading into 2024 with a balance in the market. Meaning, the market is not favoring buyers or sellers at this time. To put it differently, A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically, this is indicated by a sales-to-active listings ratio. Also, it is predicted that mortgage rate will lower helping spur buyers into action.
Average Sales Price for 2023 Sees a Deppreciation of 9%
A year in reveiw. We will break down the 2023 sales by the number of homes that made it to the closing table, average price and days on market for Sun Lakes, AZ as a whole. Also, we will break it down for you by each community. In fact, Sun Lakes saw the sale of 518 homes. The average sales price was $439,654. In addition, average days on market for 2023 was 61. Likewise, in 2022 599 homes closed with the average sales price of $484,917 with average days on market falling at 36. Interesting to note, the average price per square foot in 2023 was $241.32 Whereas, 2022 the average price per square foot was $259.09.
Home Values Saw a Slight Decrease in IronOaks by 3% in 2023
Notably, we saw a decrease in home sales in Ironoaks by 14%. In particular, 193 homes went under contract in 2023 compared to 226 homes in 2022. For instance, the average sales price in 2023 was $564,446 with 59 average days on market. Similarly, in 2022 the average sales price was $585,945 with 34 average days on market. To point out, the most expensive home purchase in IronOaks in 2023 was $930,000.
Cottonwood and Palo Verde Home Values Decrease by 6% in 2023
There were 35 fewer homes sold in Cottonwood/ Palo Verde in 2023. Regardless, the average sales price was $450,182 with 65 average days on market. Comparatively, in 2022 the average home price $482,830 with 35 days on market. Nevertheless, the highest home sale for 2023 was $755,000.
Sun Lakes Country Club Sees 3% Decrease in Home Values in 2023
A year in review. Sun Lakes country club saw only 8 less closings in 2023 in comparison with 2022. Be that as it may, the average home price was $303,815 with 63 average days on market in 2023. 2022 saw the average home price at $316,102 with 38 average days on market. Interesting to note, that average price per square foot in 2023 was ($207.60) in comparison with 2022. ($218.63). The most expensive home purchase in 2023 was $587,450 in Sun Lakes Country Club.
So, where does this leave us heading into 2024? In the first place, the experts are saying not to expect inventory to grow significantly. Of course, homes will still be listed for sale for the usual reasons of career changes, death and divorce. But the experts say the 2024 market will not have the normal turnover in housing that we have seen in recent years. In addition, no buyer’s market, but more of a balance. Therefore, with supply levels expecting to remain below normal, it’s unlikely that we will see a buyer’s market in 2024. To put it another way, A buyer’s market is usually defined as having more than six months of available inventory, and the last time we reached that level was in 2012. Interesting to note, that Sun Lakes has the most active homes for sale that we have seen in 3 years.
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