What Happened in 2022? Market in Review
What happened in 2022? Wow! The real estate market came roaring in like a lion at the beginning of 2022 and became a kitten by the end of the year. In the first place, 599 homes were sold in Sun Lakes, AZ in 2022. Thus, this compares with 749 homes that closed in the year 2021. As a matter of fact, we are heading into 2023 with a balance in the market. Meaning, the market is not favoring buyers or sellers at this time. To put it differently, A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically, this is indicated by a sales-to-active listings ratio.
Average Sales Price for 2022 Sees an Appreciation of 18%
What happened in 2022? We will break down the 2022 sales by the number of homes that made it to the closing table, average price and days on market for Sun Lakes, AZ as a whole. Also, we will break it down for you by each community. In fact, Sun Lakes saw the sale of 599 homes. The average sales price was $484,917. In addition, average days on market for 2022 was 36. Likewise, in 2021 749 homes closed with the average sales price of $408,856 with average days on market falling at 28. Interesting to note, the average price per square foot in 2022 was $259.09. Whereas, 2021 the average price per square foot was $432.34!
Home Values Increase in IronOaks by 15% in 2022
Notably, we saw a decrease in home sales in Ironoaks by 22%. In particular, 226 homes went under contract in 2022 compared to 290 homes in 2021. For instance, the average sales price in 2022 was $585,945 with 34 average days on market. Similarly, in 2021 the average sales price was $507,335 with 25 average days on market. To point out, the most expensive home purchase in IronOaks in 2022 was $922,000.
Cottonwood and Palo Verde Home Values Increase by 8% in 2022
There were 19 fewer homes sold in Cottonwood/ Palo Verde in 2022. Regardless, the average sales price was $482,830 with 35 average days on market. Comparatively, in 2021 the average home price $406,399 with 30 days on market. Nevertheless, the highest home sale for 2022 was $800,000.
Sun Lakes Country Club Sees 17.6% Increase in Home Values in 2022
What happened in 2022? Sun Lakes country club saw 67 less closings in 2022 in comparison with 2021. Be that as it may, the average home price was $316,554 with 38 average days on market in 2022. 2021 saw the average home price at $269,039 with 3o average days on market. Interesting to note, that average price per square foot was almost doubled in 2021($432.34) in comparison with 2022. ($218.94). The most expensive home purchase in 2022 was $585,000 in Sun Lakes Country Club.
So, where does this leave us heading into 2023? In the first place, the experts are saying not to expect inventory to grow significantly. Of course, homes will still be listed for sale for the usual reasons of career changes, death and divorce. But the experts say the 2023 market will not have the normal turnover in housing that we have seen in recent years. In addition, no buyer’s market, but more of a balance. Therefore, with supply levels expecting to remain below normal, it’s unlikely that we will see a buyer’s market in 2023. To put it another way, A buyer’s market is usually defined as having more than six months of available inventory, and the last time we reached that level was in 2012.
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