Sun Lakes Arizona Real Estate Market Trends – January 2016
Sun Lakes Arizona Real Estate
Sun Lakes Arizona real estate market trends may be a little confusing to some. Home prices are all over the board and The Cromford Report (Arizona’s leading source for tracking real estate valley wide) recently reported what some perceived as bad news.
The report included the following statement: “Sun Lakes is a buyer’s market with strong inventory of active listings and is currently the weakest market of the southeast valley.”
Sun Lakes AZ Historical Trend
The strongest selling season in Sun Lakes is January through April. In recent years we have had activity every single month of the year, however, sales are the strongest during these four months. It is not uncommon for January to start out slower as it did this year. People have just finished with holidays and travel or have had company. Those renting for the season are just arriving and getting settled. Our experience has been that sales begin to pick up mid January and continue through the end of the season. That is exactly what we are seeing this year.
Sun Lakes Inventory
The Cromford Index reflects a balanced market (not favoring buyers or sellers) at 100. The further below 100 is the strength of the buyers market and the higher above 100 shows the strength of a sellers market.
As evidenced by The Cromford Index in January 2016 an index of 79 is up slightly over 2015 at 71.3 indicating a buyers market. 2013 was the strongest index of the last five years at 145 when it was clearly a sellers market. We had very few homes on the market in January of that year and strong buyer demand.
We have fewer homes listed for sale at the end of January 2016 than this time last year. 244 homes were for sale in 2015 and 220 are actively listed this year,
Sun Lakes AZ Market Report – So what’s the bottom line?
The bottom line is we have had 6 of our listings go under contract in the last ten days. Sales were off to a slow start in early January and that is common. Homes that are selling are priced competitively. Some people incorrectly believe that is code for “giving away the home”. Unless you have people lined up outside your door waiting to write an offer, you are not giving away the home. Priced competitively simply means it is within the range of sold comparables of homes similar to yours.
If the homes are priced competitively and do not have negative circumstances such as backing to a busy road, they will sell.
If you are considering buying or selling a home in Sun Lakes, Arizona, call us. We know the Sun Lakes real estate market and will be happy to provide you with all of the necessary information to make an informed and good decision.
See Sun Lakes AZ Realtor Reviews of The Kolb Team.
Contact us today!
[gravityform id=”3″ title=”true” description=”true”]