Sun Lakes Arizona – A Buyer’s Market
Sun Lakes AZ real estate remains a buyer’s market through November 24, 2014. The Cromford Report is a subscription resource we utilize and the Cromford Index is a tool that measures whether real estate is a buyer’s, seller’s or neutral market. Considering the report for the past three years, clearly we are showing weak buyer demand.
The Cromford Index indicates a neutral market when it is at 100. Above 100 it starts to become a sellers market as we saw in July/August 2013 when the high was at 369. Homes were flying off the market during that time of low inventory and high buyer demand. 2012 was still a seller’s market but with a high of only 260. Thus far in 2014 the highest index we have seen was in August at 196. In all three years the index has fallen as we enter in to the holiday season. The strongest selling season in this active adult community begins in January of each year and continues through April. Sales continue into the summer and fall but normally at a slower pace.
Sun Lakes Inventory
Sun Lakes five communities make up a total of 9,967 homes. Currently 224 homes are actively listed for sale. In the 2013 year when the index was 369 fewer than 100 homes were listed for sale. Clearly there are more sellers willing to sell right now than buyers are willing to purchase. The good news is that home values have risen over the past three years.
The annual median sales price for Sun Lakes Arizona real estate is currently $245,000. That is up from $215,000 in 2013 and $300,000 in 2012. Sellers know the market has risen and they aren’t much in the mood to accept low ball offers. Sellers must decide if the time is right for them to sell.
Thinking of selling a home in Sun Lakes AZ
It is wise to choose a REALTOR that knows the market. Anyone can run comparables to show where a home may sell based on previous sales and the current competition. But knowing what the buyers are looking for is equally important. Buyers in Sun Lakes want one of two things – either a home that is upgraded with granite, stainless, larger tile, bathroom remodels and move in ready or they want a fixer upper but at a bargain price. When a home has the upgrades it can be priced at the upper end of the range so long as there aren’t other detracting features such as backing to a major road or in the line of fire for golf balls. Where the lot is positioned, upgraded features and seller motivation are all factors that go into pricing a home accurately. While some sellers want to start at the high end of the range it just isn’t a wise decision if the home lacks upgrades and lot desirability. We have been successful at pushing the market in Sun Lakes. We sold a home this summer for $220 per square foot – the highest so far of any home sold by a Realtor in 2014. What contributed to that? The home was highly upgraded, very well maintained and sat on a premium golf course lot with water views and was west facing – a preference by many seeking a winter home. Those things coupled with our professional and aggressive marketing strategy obtained that happy seller the highest and best possible price for their home. The Kolb Team are Sun Lakes AZ residents and full time REALTORS who are active in the community. We have listed and/or sold over 30 homes in Sun Lakes thus far in 2014. We know the market and the real estate trends. Let us put our expertise to work for you!
Sun Lakes AZ – A buyers market. See homes for sale in Sun Lakes AZ.