How is the Real Estate Market in Sun Lakes Arizona?
The Sun Lakes real estate market report and the hot Arizona temps are sizzling! Summer temps are upon us, and that usually means real estate slows, but that isn’t happening this year.
Sun Lakes, Arizona is an active adult retirement community located in the Phoenix Southeast Valley. Five communities are governed by three separate homeowner associations. This report will break down market statistics in those three associations.
Sun Lakes Country Club stands alone. Cottonwood and Palo Verde are under SLHOA2, and Ironwood and Oakwood are governed by SLHOA3. So, how is the Sun Lakes real estate market? This report covers 2018 from January 1 through May 31 and compares with same period last year.
Sun Lakes Real Estate Market by Community
Ironwood and Oakwood Country Clubs saw an increase of over 11% in home values in 2018 over 2017. A total of 128 homes in 2018 sold on average for $365,223 in an average of 62 days. Compare this to 2017 when 138 homes sold on average for $328,716 in an average of 85 days. The sale-to-list-price ratio remains unchanged at 98%. Currently, 34 homes are actively listed for sale representing very low inventory for the 4,019 homes in this community. IronOaks homeowners are quite happy with the Sun Lakes real estate market report and increase in values.
Cottonwood and Palo Verde
A 9% appreciation was gained in Cottonwood and Palo Verde in 2018 over 2017 through May 31. There were 124 homes that sold in 2018 for an average of $283,109 in an average of 58 days. In 2017, 136 homes sold on average for $258,931 in an average of 77 days. The sale-to-list-price ratio increased by 1% to 98% in 2018. Of notable interest, the highest priced home to sell in 2018 in Cottonwood Palo Verde was sold for $500,000.
Sun Lakes Country Club
The biggest appreciation so far has been a whopping 30% in Sun Lakes Country Club, the oldest of the Sun Lakes communities. So far in 2018, 81 homes sold with an average sales price of $184,802 and an average-days-on-market of 42. Compare this to 2017 when 73 homes sold on average for $141,877 in an average of 48 days. The sale-to-list-price ratio improved 1% in 2018 to 98%.
Buying or Selling? Don’t wait!
Clearly, the Sun Lakes real estate market report indicates rising appreciation. And, while we do not have a crystal ball, experts are signaling a possible slowing of the economy in late 2019 or 2020.
Inventory remains extremely low, and our summer selling season has been sizzling hot!
Let us help you sell or buy your next Sun Lakes, Arizona home!
Sandy Applegate says
Becky, Very informational. Thank you for keeping us aware of what’s happening in Sun Lakes. For sure when we get ready to sell you will hear from us. Again great job.
PS: We won’t be planning a move in the forseeable future.