March Pending listings down 56 percent in Phoenix retirement communities

Phoenix Retirement Community Market Report, April 2020

March Pending listings down 56 percent in Phoenix retirement communities – There is no question Covid-19 has had an effect on the housing market in Phoenix retirement communities. In March, pending listings were down 56 percent compared to last year. With recreation centers closed in all area retirement communities and Sun City West shutting down its golf courses, as of April 14th, many residents are taking the virus very seriously and staying home. Snowbirds have flocked back home and those with plans to be here, on buying trips, have canceled with me and are sheltering in place.  I did have 2 listings close in March which means home sales are happening. Please refer to the four tables below with March stats to see how your favorite community faired compared to the others. The focus is on the top 10 west valley phoenix retirement communities I work in.

Active and New Listings Stats March 2020 (Table 1)

*This table is interactive, you can play with the drop-down arrows to reorganize.
**Stats from AZ MLS. Info deemed reliable but not guaranteed.
Retirement Communities
Active Listings
Last Year +/-
New Listings
Last Year +/-
Arizona Traditions
35
-3%
17
-6%
CantaMia
20
33%
9
13%
Corte Bella
22
-41%
7
-46%
PebbleCreek
80
-17%
28
-28%
Sun City
307
-19%
215
-14%
Sun City Festival
31
-46%
27
4%
Sun City Grand
120
-18%
59
-36%
Sun City West
186
-30%
140
-10%
Trilogy at Vistancia
61
-30%
38
58%
Victory at Verrado
26
-38%
7
-53%
Copy Right 2020
Sharon Rowlson

Phoenix Retirement Community Market Report

The number of homes for sale, active listings, were mostly down. CantaMia and Arizona Traditions were the exceptions. CantaMia with 33% more listing than last March and Arizona Traditions virtually the same. The other 8 communities were down within a range of -17% to – 46%. Sun City Festival and Corte Bella were down the most.

Are new listings coming on the market? New listings were mostly down in March  Of note, Sun City West was down 100%, Trilogy at Vistancia down 58% and Victory at Verrado down 53%. Those that saw more new listing were CantMia, Sun City Festival and Trilogy at Vistancia.

Pending & Sold Listings Stats March 2020 (Table 2)

*This table is interactive, you can play with the drop-down arrows to reorganize.
**Stats from AZ MLS. Info deemed reliable but not guaranteed.
Retirement Communities
Pending Listings
Last Year +/-
Sold Listings
Last Year +/-
Arizona Traditions
8
-27%
18
64%
CantaMia
2
-71%
4
-33%
Corte Bella
2
-83%
10
-23%
PebbleCreek
15
-55%
41
58%
Sun City
122
-43%
215
21%
Sun City Festival
12
-50%
32
78%
Sun City Grand
32
-54%
72
31%
Sun City West
79
-54%
144
-50%
Trilogy at Vistancia
13
-46%
25
14%
Victory at Verrado
3
-75%
12
50%
Copy Right 2020
Sharon Rowlson

Are homes going under contract in March? Yes, but pending listings were down more than 50%. On average, Phoenix retirement communities experienced a 56% decrease in pending listings in March. Corte Bella led the way with an 83% decrease and Arizona Traditions had the least decrease at -27%.

Are homes selling? The answer is yes, but some communities more than others. Sold listing in March were all over the board. CantaMia had 35% fewer sales than last year which explains why there were more listings in March on the market. PebbleCreek and Sun City Festival rocked with high sales in March, up 58% and +78%  respectively.

Average Days & Absorption Rate Stats March 2020 (Table 3)

Retirement Communities
Average Days
Last Year +/-
Absorption Rate
Last Year +/-
Arizona Traditions
74
72%
3.72 Mo
-7%
CantaMia
160
99%
5.71 Mo
8%
Corte Bella
43
-58%
2.15 Mo
-30%
PebbleCreek
76
-11%
3.29 Mo
-26%
Sun City
55
-4%
1.68 Mo
-20%
Sun City Festival
55
-36%
1.62 Mo
-56%
Sun City Grand
55
0%
2.29 Mo
-19%
Sun City West
40
-29%
1.56 Mo
-32%
Trilogy at Vistancia
102
24%
3.4 Mo
-35%
Victory at Verrado
89
39%
3.55 Mo
-75%
Copy Right 2020 Sharon Rowlson

March pending listings down 56 percent in Phoenix retirement communitiesAverage days on market in March saw several communities with decreases as buyers scooped up properties. Corte Bella led the way with Sun City Festival and Sun City West not too far behind. Those with the most increases included CantaMia and Arizona Traditions.

The absorption rate was down for all communities except one. Some were down significantly. Victory at Verrado saw a 75% decrease with 3.55 months absorption rate.

Average Sold Price & Sold to List Ratio Stats March 2020 (Table 4)

Retirement Communities
Avg Sold Price
Last Year +/-
Sold to List ratio
Arizona Traditions
$303,117
25%
97.9%
CantaMia
$326,750
6%
98.7%
Corte Bella
$460,440
7%
98.2%
PebbleCreek
$399,571
9%
97.7%
Sun City
$221,155
12%
98.6%
Sun City Festival
$342,653
4%
99.1%
Sun City Grand
363,146
5%
98.5%
Sun City West
$285,185
7%
98.8%
Trilogy at Vistancia
$481,600
9%
99%
Victory at Verrado
$426,397
.25%
99.2%
Copy Right 2020 Sharon Rowlson

Are home prices dropping? The answer is no, across the board. The average sold price of homes, which is your equity, went up for every community in March compared to last year. So we did not see any price decreases. Arizona Traditions was the winner with a 25% increase. Sun City came in at 12%, while Trilogy at Vistancia and PebbleCreek tied with a 9% increase in home value.

Sold price to list price ratio ranged from 97.7% to 99%. The absorption rate was down for all communities except one. Some were down significantly. Victory at Verrado saw a 75% decrease with 3.55 months absorption rate.

Take Away

Homes did sell in March with pending listings down significantly and new listings mostly down. Home prices did not fall compared to last year in March. It will be interesting to see how the numbers change in April especially the sold data. It’s reasonable to think that most communities will see a drop in sales with pending listings and new listing down. As there will be a shortage of homes, will prices drop? Will buyers still be out there? Stay tuned.

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Sharon
Sharon

Sharon Rowlson is a Realtor specializing in Retirement Communities in Phoenix Arizona. Her real estate focus is Active Adult Communities in the West Valley of Phoenix. The 55 plus communities she works in include popular Phoenix Arizona Retirement Communities like Sun City, Sun City West, Sun City Grand, Sun City Festival, PebbleCreek, Corte Bella Country Club, Arizona Traditions, CantaMia, Trilogy at Vistancia and Victory at Verrado. Contact Sharon anytime.

Sharon Rowlson, REALTOR®

Specializing in Phoenix Arizona Active Adult Retirement Communities
HomeSmart International Elite Group
P: (623) 552-0228
sharon@retireaz-resortstyle.com