What an interesting first quarter we have had in Sun Lakes in 2014. Following a hot seller’s market this past summer buyer demand weakened and continued downward as inventory rose and we returned to a buyer’s market. You will find some interesting information and statistics in the Sun Lakes Arizona Market Report for the first quarter of 2014.
The Cromford Index is a resource that we subscribe to and it measures real estate in various areas as to where we are as a buyers or sellers market. An index of 100 is neutral – neither buyer’s nor seller’s market. As you can see from this report the 369 index in the summer of 2013 indicated a very strong seller’s market. We were seeing homes fly off the market almost as soon as they were listed. We began 2014 lower than 2012 or 2013 and with buyer demand low and inventory higher we haven’t seen much change. The slightly optimistic sign is that we are above 100 again and inventory will begin to shrink as snowbirds return home for the summer. Whether or not buyer demand will increase this summer as it did last year is anyone’s guess. Our team has begun to see more showings on our listings in March with visitors and spring break traffic.
An encouraging factor is that median prices are strong – much stronger than 2012 and 2013. This report represents the annual MEDIAN price of all homes in Sun Lakes in comparison with 2011, 2012 and 2013. 2013 annual median price was just over $205,000 and the same time in 2014 it was $230,000 so the good news is that even though buyer demand has been weak, values have increased. If we can maintain that value into the fall of 2014 and the beginning of 2015 and buyer demand increases we should see Sun Lakes poised for good sales activity next season.
Let’s look at statistics in each of the communities for the 1st quarter 2014 vs same time period in 2013. All numbers are for the average range.
OAKWOOD Country Club
2014– Single Family Homes
Sold: 40 Sales Price: $322,867 Sale/List Price – .98 Sq Ft – 2,136 Sold PPSF – $151.89 Days on Market – 64
2013 – Single Family Homes
Sold: 42 Sales Price: $288,683 Sale/List Price – .98 Sq Ft – 2,105 Sold PPSF – 137.24 Days on Market – 86
2014 – Villas
Sold: 2 Sales Price: 281,500 Sale/List Price – .98, Sq Ft – 1,673 Sold PPSF – $167.55 Days on Market – 60
2013 – Villas
Sold: 9 Sales Price: 314,611 Sale/List Price – .97 Sq Ft – 1,656 Sold PPSF – $129.32 Days on Market – 58
IRONWOOD County Club
2014
Sold: 9 Sales Price: $297,675 Sale/List Price – .96 Sq Ft – 2,204 Sold PPSF – $133.97 Days on Market – 88
2013
Sold: 18 Sales Price: 300,502 Sale/List Price – .97 Sq Ft – 2,374 Sold PPSF – $126.94 Days on Market – 110
PALO VERDE Country Club
2014
Sold: 21 Sales Price: $264,329 Sale/List Price – .97 Sq Ft – 1,907 Sold PPSF – $139.52 Days on Market – 59
2013
Sold: 13 Sales Price: $272,546 Sale/List Price – .96 Sq Ft – 2,162 Sold PPSF – $127.24 Days on Market – 97
COTTONWOOD Country Club – Single Family
2014
Sold: 45 Sales Price: $202,227 Sale/List Price – .97 Sq Ft – 1,735 Sold PPSF – $117.12 Days on Market – 42
2013
Sold: 62 Sales Price: $170,802 Sale/List Price – .97 Sq Ft – 1,677 Sold PPSF – $102.53 Days on Market – 58
2014 Villas
Sold: 5 Sales Price: $176,680 Sale/List Price – .97 Sq Ft – 1,597 Sold PPSF – $111.00 Days on Market – 37
2013 Villas
Sold: 5 Sales Price: $139,980 Sale/List Price – .96 Sq Ft – 1,643 Sold PPSF – $85.56 Days on Market – 50
SUN LAKES Country Club – Single Family
2014
Sold: 13 Sales Price: $142,694 Sale/List Price – .98 Sq Ft – 1, 466 Sold PPSF – $98.65 Days on Market – 87
2013
Sold: 17 Sales Price: $140,029 Sale/List Price – .95 Sq Ft – 1,600 Sold PPSF – $89.02 Days on Market – 85
In Summary, prices in most areas were up first quarter 2014 over 2013 but notice the drop in number of sales. 166 sales in 2013 versus only 135 in 2014 – more than a 20% drop!
Stay tuned – the season isn’t over. April and May have been strong months for sales in Sun Lakes the past few years and last summer was nuts! For more information on home values in Sun Lakes Arizona contact us and we will be happy to answer any specific questions you have. Search for all homes for sale in Sun Lakes Arizona or see videos of our listings.