PRO-Formance Realty Concepts

LEWEK’S OCTOBER 2022 SUN CITY WEST SALES ACTIVITY UPDATE
This Buyer’s Market is primarily due to high inventory and interest rates. As of October 31, 2022 Sun City West had 241 Active homes listed (vs. 65 a year earlier and 206 last month); 209 were Single Family-Detached (SFD vs. 55 last year), 17 were Gemini homes (vs. 3 last year), and 15 were Patio/Apartment Style homes (vs. 7 a year ago). List prices ranged from $209k for an apartment style to a high of $875k for a SFD home. There were 72 units in some form of Pending (vs. 123 last year) and a total of 966 units that closed year-to-date (vs. 1,114 last year at this time). There were 56 Closed transactions in October with the average Sold price of $403k or $244.15 per s.f. (vs. 113 Closed transactions last October with the average Sold price of $385.5k or $219.49 per s.f.). It is interesting to watch the market now, with new listings coming on daily while many existing listings are reducing their prices and homes are coming “Back on the Market”. The highest priced home that has Closed in Sun City West this year continues to be the one that closed for $935k with a pool and on a golf course lot mentioned in a prior Newsletter.

After peaking in prices for closed transactions in March 2006 when the prices reach an average of $154.42 per s.f., prices had dropped to a low of $84.70 in January 2012. We have seen substantial increases since the average of $87.18 in 2012. As of the end of October, this average price per s.f. year-to-date was $237.96 with October sales indicating $244.15 per s.f. while Days on the Market went from 28 YTD to 44 in October (indicating it is taking much longer to convert Active Listings to some form of Pending). As a reminder, it typically takes another 21 – 45 days for the actual funding to take place.

During the month of October the 56 closings consisted of 5 patio/apartment style homes with the least expensive being $196k, 7 Gemini homes with the least expensive closing at $299k, and 44 SFD homes closing at prices from $269k to the most expensive being $675k. A year ago there were 113 closings consisting of 9 patio/apartment style homes with the least expensive $110,500 ($142.21 per s.f.), 8 Gemini homes with the least expensive closing at $246.7k, and 78 SFD homes closing at prices from $276k to $675k.

MY FEATURED HOME OF THE MONTH: 12519 W. Bonanza Drive, Sun City West, AZ 85375

2.299 s.f unfurnished 2 bedroom, 1 ¾ bath, 2 car garage, Single Family Detached home listed at $434,900, reduced from the original listed price of $459k.
Whether buying or selling, if you want to compare similar properties to get a more accurate analysis of where the home should be priced, I would be happy to assist you in this process. I specialize in this community and am available to give you my analysis at no charge. Since I closed my web site and do not answer calls from unknown phone numbers, please don't hesitate to call and leave a message or text me at (623) 396 9157 if you ever have any questions.
Please stay safe, healthy, and have a blessed Thanksgiving.

Kathleen Lewek's Recap of Sun City West Real Estate Transactions Through 6/30/22
We have concluded another month of increased Active listings in our wonderful Sun City West community. Located in the Phoenix West Valley area approximately 30 miles west of Phoenix/Scottsdale, SCW continues to be a nationally recognized premier Active Senior Golf Community which requires one person living in any unit here to be at least 55 years young and offers tennis, handball, racquetball, paddleball, whisper ball, pickleball, platform tennis, golf, bowling, workout facilities, swimming, 100 clubs, and much more. SCW is a 7,100 acre community with approximately 29,000 owners of 17,791 homes primarily developed between 1978 and 1998 with 4 recreation centers, 4 regulation golf courses, 3 executive courses, 1 private and 1 public golf course, shopping centers, churches, banks, medical buildings, etc., located areas. Living here provides opportunities to enjoy a multitude of free and/or low cost events within our community. Check out the Recreation Centers News at www.rcscw.com and learn more about what’s going on.
My data is obtained using the Arizona Multiple Listing System and adjusted to only reflect homes with access to the Sun City West Recreation Centers. There may be occasional distortions if an item has been input incorrectly. Although in the Sun City West zip code, Corte Bella is its own gated community and does not have access to the Sun City West Recreation Centers but does have a lower age restriction of 45. Additionally, not included are other communities in the 85375 zip code that have newer homes without age restrictions east of El Mirage Road and also do not have access to the SCW Rec Centers.
The Active listing volume as of 6/30/22 increased to 118 and changes almost daily due to new listings and homes going into some form of Pending. The least expensive listing was $234k for a 944 s.f. apartment style unit to an average listing price of $457.7k and high listing price of $899k for a 3,045 s.f. SFD home with a pool, 4 bedrooms, 3.5 bathrooms, 3 car garage home in the Fitzpatrick Ranch area which was originally listed on 5/20/22 for $413k. This is indicative of the numerous price reductions I have observed in the Active Listings (i.e. 12 of the 24 least expensive units had reduced prices).
The 712 “Closed” transactions year-to-date is less than the 757 last year at this time. The YTD Closed for a patio/apartment style home ranged from $187k - $468.5k, vs. Gemini homes having a range of $190k to $455k. SFD home average Closed was $436.1k while SFD without a pool or golf lot average was $404.5k ($487.2 if it had a pool) vs. a golf lot SFD home average of $566.7k or $683.3 if it also had a pool.
Of the 100 total Closed transactions in June, 76 were SFD with prices ranging from $199k for a home with extensive fire damage to $680k (or $202.88 per s.f.). The greater volume of sold homes vs. the fewer homes on the market is caused by homes selling quickly. The Closed price in June for a patio/apartment style home ranged from $195k - $330k, vs. Gemini homes having a range of $289k to $388.9k. SFD home average Closed was $453.4k while SFD without a pool or golf lot average was $416.3k vs. a golf lot SFD home (which is typically a larger home) average of $603.4k.
I hope you find this information of interest. If you are curious about your homes’ potential sales value, I am available to give you my analysis at no charge. If you ever have any questions, please don't hesitate to text me or leave a message at (623) 396-9157 (since I do not answer unknown phone numbers). I would be happy to assist you in any future Arizona real estate needs!

Arizona Golf Retirement Community in Sun City West. Best Active Adult Retirement Community AZ Arizona Golf Retirement Community in Sun City West an Active Adult Retirement Community in AZ, Best golf retirement community in Sun City West AZ. 55+ senior living community.