Winter residents have returned to their summer homes and the rest of us brave souls are year rounders in Sun Lakes AZ. So how was the winter selling season in 2013?
Currently 134 homes remain actively listed with 44 of those in Sun Lakes Country Club, 33 in Cottonwood, 13 in Palo Verde, 13 in Ironwood Country Club and 29 in Oakwood Country Club. Historically few homes are listed in May and through the summer but that is not the case this year. With buyer demand strong and inventory remaining low homes are being listed and they are selling quickly. For example, a new listing in Oakwood Country Club – a Montera Model – was listed at $389,000. Having interested buyers we clamored to show the home and by end of day someone had an offer and the listing was under contract. Here is a snapshot of the current market in Sun Lakes.
The chart above illustrates the annual median sales price in all of Sun Lakes for the period 2010 and thus far in 2013. The annual median price ended 2012 at $205,500. That price dropped to $202,900 in January 2013 and is currently at $210,000 – up about 3.5% and significantly ahead of 2012 prices.
The chart above illustrates the long term (10 year) historical annual median sales price. We are currently even with prices in January 2005. Again we see a steady consistent increase for 2013 and expect that trend to continue with inventory shortage and strong buyer demand.
What has sold in Sun Lakes thus far in 2013 and is it too late to list?
The numbers below are for the period January 1, 2013 through May 10, 2013.
Sun Lakes Country Club
76 homes sold with an average sales price of $104,469. The highest priced home that sold was $230,000 at $117.77 per sq ft.
Cottonwood Country Club
92 homes sold with an average sales price of $175,776. The highest priced home that sold was $315,000 at $156.17 per sq ft.
Palo Verde Country Club
26 homes sold with an average sales price of $255,385. The highest priced home that sold was $340,000 at $201.81 per sq ft.
Ironwood Country Club
25 homes sold with an average sales price of $292,377. The highest priced home that sold was $545,000 at $189.37 per sq ft.
Oakwood Country Club
79 homes sold with an average sales price of $285,000. The highest priced home that sold was $550,000 at $186.01 per sq ft.
Buyer demand is strong. Inventory is low. Prices are rising. It is true that sales fall off during the summer months however the market is telling us that buyers are looking and with new homes coming on the market each week and selling remaining strong we are not discouraging listings. Email us at email@example.com if you would like to receive regular market updates via email.