As we enter 2022, inventory nationwide remains at an all-time low. There are only 294,000 available single family homes in the entire country, which is a 10% drop since January 1st and a 33% drop from this year’s peak in early September.
Here in the greater Phoenix area, there are currently fewer than 5,300 active listings, down over 40% in 18 months. The median sales price in December reached $425,000. Resale homes appreciated 28% in 2021 and a whopping 297% in ten years. With the 90,000 new jobs created in 2021, and the 120,000 expected in 2022, further growth is anticipated along with consistent demand.
As most of you know, The Kolb Team specializes in active adult communities. Let’s take a closer look at Sun Lakes, the 10,000 home active adult community where we live. The average days on market in Sun Lakes in 2021 was 28, down dramatically from 50 in 2020. The average list price was up 15.6% at $407,232, and the average sales price was up 18.2% over 2020 at $408,903. It’s pretty remarkable that the average sold price was higher than the average list price in 2021, as that means most homes sold at or above the asking price last year! There are currently around 40 active listings in Sun Lakes, almost exactly the amount of inventory we started with in 2021. The following graphic shows the total number of homes sold in Sun Lakes since 2015.
The average number of homes sold in Sun Lakes over the past 7 years is 701. There were 749 sales in 2021, a seven-year high in a low inventory market. Homes are still selling fast if priced right, because the demand remains strong. What has changed in this low inventory market over the past couple of years is when homes are selling. The following graph shows how the last two years have dramatically deviated from the normal seasonal sales pattern in Sun Lakes. People are buying and listing homes more year-round, not just during the traditional “high” season when all the snowbirds and renters are here.
Nationally, the consensus prediction is that home price appreciation will settle down in 2022 to a 5.2% growth rate, which is still historically high. With little to no new construction going on in active adult communities in the valley, demand in AZ active adult communities will remain high.
No matter what happens with the market, The Kolb Team is here and qualified to navigate it. We hope your 2022 is blessed and prosperous!
A realtor® is a real estate broker or associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors. Realtors® abide by a Code of Ethics which holds them to higher ethical standard. A professional Realtor® is your best resource when buying or selling a home.
As knowledgeable realtors, The Kolb Team…
- Can save you significant amounts of time and money, as well as frustrations.
- We know the market inside and out.
- We can help you with any home.
- We are an excellent source for general and specific information about the community and its services, shopping, and transportation.
- We offer a team of professionals specializing in in transaction management, marketing, and negotiations.
Not All Realtors® Are Created Equal!
When it comes to quality of service, The Kolb Team does more for you, because to us, you are more than a transaction.
Experience the difference!
Recipe of the Month
- ½ cup butter
- ½ cup flour
- 8 cups hot water
- 2 lbs ground sirloin
- 2 Tbsp beef bouillon granules
- 1 cup onion, chopped
- 1 cup carrot, diced
- 1 cup celery, sliced
- 2 cups frozen mixed vegetables
- 28 ounces canned tomatoes, diced
- 1 tsp pepper
- 1 Tbsp steak seasoning
- Melt butter in stock pot.
- Blend in flour to make a smooth paste (creating a rue).
- Gradually add hot water a little at a time, whisking as you go, and simmer until smooth.
- Sauté beef in a large skillet and drain off fat. Add bouillon, all vegetables, and seasonings to pan.
- Bring to a boil and simmer until vegetables are cooked.
Vendor of the Month: Clutter Sweepers Estate Sales
If you’re interested in organizing an estate sale, or even just shopping at one, Clutter Sweepers is where you want to be. With years of experience and hundreds of successful sales, plus their ability to get the job done quickly and with focus, they are rapidly becoming the trusted, go-to estate sale company in Arizona. Contact Pam Mulvaney at 480-363-4574, or email@example.com. You can find them online and also view current sales at http://www.cluttersweepers.com/.
- California buyer looking for a house on a corner lot with a pool and water views./span>
- Chandler buyers looking for a Sienna model on the golf course or with a nice backyard./span>
- Seattle buyers looking for 2 BR + den in Cottonwood, and would prefer it to be updated./span>
- Buyers looking in Cottonwood and Palo Verde for a home with a fireplace and a minimum of 2,000 sq. ft./span>
Have You Ever Been to a Carnival with Ostriches?
Well, maybe this year you can say you have been! After a few years away due to the COVID-19 pandemic, the Ostrich Festival is back, and it’s at Tumbleweed Park March 11th-13th and 17th-20th!
Born out of Chandler’s interesting early history of raising and ranching ostriches for their pricey and fashionable feathery plumes, the triumphant return in 2022 of the Ostrich Festival promises to have music, rides, food, vendors, and fun for all ages and members of the family. Past performers include The Beach Boys, The Commodores, Gin Blossoms, Spin Doctors, Eddie Money, Starship, and other chart-topping musical acts.
Visit the event’s website at https://ostrichfestival.com/ for tickets, more information on confirmed performers, all the rides that will be featured, and FAQs you’ll want to review about attending the festival. We are happy to see this Chandler staple return to the calendar, and now is the time to start reviewing the details so you can plan to be in Arizona if you want to attend. More information is being added regularly, so be sure to check the website for the latest updates and attractions announcements.
With all this fun planned, the question remains: Are there actually ostriches at the Ostrich Festival? And if there are, what do they do while they’re there? Well, there’s one way to find out for sure!
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Real Estate Update
Wondering about your Neighbor’s Home Sales Price? Find out here to see what sold last month. The report is broken down by HOA, address, and floor plan (if the agent listed the model in MLS).