2013 was a good year for real estate in Sun Lakes Arizona. With low inventory throughout most of the year and buyer demand remaining strong we experienced a slight lull in the summer months but not as dramatically as in years past.
Sun Lakes Arizona
Sun Lakes is a Robson developed active adult community in the East Valley of the Phoenix area bordering Chandler Arizona. Sun Lakes is comprised of just under 10,000 homes in five separate communities, three of which are gated. Sun Lakes remains a top choice for active adult communities because of it’s convenient location (just a half hour from both Sky Harbor and Mesa Gateway Airports, shopping and all major freeways) but also because of the amenities, clubs, service organizations and social opportunities. HOA (homeowner association fees) are affordable when compared to other active adult communities who often lack the amenities Sun Lakes has to offer.
Market Report – 2013
IronOaks is the homeowner association for both Ironwood and Oakwood Country Clubs – the two newest gated communities in Sun Lakes. Together, 4,019 homes are in IronOaks. Currently 83 homes are actively listed for sale in these two areas with five of those being villas (townhomes with one common wall) and 78 being single family homes. The Cromford Report is a real estate measuring and statistical research company that is a resource to The Kolb Team. The Cromford Index is an indicator of whether an area is in a buyer’s or seller’s market. At 100 the market is balanced – neither a buyer’s or seller’s market. Above 100 is a seller’s market and the higher the number above 100 the “hotter” the market. Below 100 is a buyer’s market. The Cromford Index for Sun Lakes is at 130.5 indicating a seller’s market although it is substantially down from over 300 this past August. Part of that is increased inventory and another observation is less buyer demand in recent months.
For single family homes in IronOaks 214 homes were sold compared to 197 in 2012. Average sales price in 2013 was $299,838.00 up just under 7% over 2012. Average price per square foot was $137.95 compared to $124.39 in 2012 – a 10% increase. Average sales to list price ratio was up slightly to 0.97. The lowest price home sold in 2013 was $160,000 and the highest price home sold was $550,000. Average days on market was down in 2013 to 86 from 2012’s average of 115.
For villas in IronOaks we saw a much bigger jump. Inventory was very low and villa living was a hot market. Many love the “lock and go” feature a villa offers where a separate HOA fee covers all the exterior maintenance, roof, exterior painting, landscaping, water and garbage collection. 29 villas were sold in 2013 compared to 46 in 2012 simply because so few were on the market and available for sale. Average sales price was up 23% in 2013 to $226,916 and price per square foot increased from $112.91 in 2012 to $137.31 in 2013 – a 22% jump! The lowest price villa sold in 2013 was $162,500 compared to $128,500 in 2012. Note that there are two sections of villas in Oakwood Country Club – a newer and and older section. Some villas in the newer section are situated on golf course lots and overall the newer section of villas do bring a higher sales price.
So where are we for 2014? In Sun Lakes we are poised for our strongest selling season as we enter January – April. With the influx of winter visitors, many of whom are renting homes for one to three months, we expect showings to increase as they typically do. Whether these “lookers” will turn into buyers remains to be seen. With the unknown tax situation, rising interest rates and an overall slowing in the Phoenix area market we remain hopeful and will be keeping a close watch on the market, evaluating comparables and continue our strong marketing plan.
It is important to choose a real estate listing agent who knows the market and understands the pricing and the trends in a particular area. The KOLB Team are specialists in active adult communities and in the Sun Lakes market. We have an aggressive marketing plan that includes quality photography, aerial photos and videography. Buyers are looking online first to start their search and it is important that they find your home. Call us at 480-809-5759 and we will tell you how our marketing differs from the competition.