It’s February 2013 and we are in the midst of our traditional buyer season in Sun Lakes, AZ. So, what is happening with our Sun Lakes AZ Real Estate Market?
As you’ve probably heard, the Phoenix Metro area has experienced dramatic property appreciation in the last 15 months, as high as 34% in some areas that were most affected by the real estate decline.
While Sun Lakes has not seen that type of appreciation, we are a little better than we were a year ago. The graph below will illustrate our median sales price trends over the last 10 years. In 2004 our median sales price was $170,000. (Remember that Robson was still building homes in Oakwood at that time and many of those sales were not included in the median.) As our inventory began to fall, our prices began to rise as you will see from the end of 2004 through 2007. Our highest median sales price was seen in February 2007 at $319,500. Since that time our prices have fallen. Our “bottom” for this decline was reached in December 2011 with a median sales price of $188,000.
We realized a gradual appreciation over 2012 of about 6%. Prices have remained pretty flat since December 20, 2012. We are now holding pretty steady right around $203,000, a median price equal to where we were in December 2004 as prices were on their way up and again in July 2011 as prices were on their way down.
The good news is, our inventory has continued to fall over the course of the last 6 years from an all time low of 26 homes for sale in all of Sun Lakes in May 2005 to a high of 353 homes for sale in January 2007. You’ll note that we always see our inventory of homes for sale rise in the Winter months and fall in the Summer. The good news is we currently have 190 homes for sale in Sun Lakes which is the lowest number we’ve had in February since 2005. If our inventory continues to decline…our prices should begin to rise.