May Sold listings down 45 percent in Phoenix retirement communities

Phoenix Retirement Community Market Report, June 2020

May Sold listings down 45 percent in Phoenix retirement communities-Everyone I talk to wants to know how the real estate market is being affected by Colvid 19 in the area’s Phoenix retirement communities. Let’s explore May’s numbers compared to last year at this time. Do keep in mind that stay at home orders were in place for almost 2 months so very few showings happened during that time period. Arizona has now opened up and Covid cases have increased due to lack of testing prior and people, not social distancing. I haven’t witnessed problems with people not wearing masks in our retirement communities. However what others do outside of this effects the senior population. This week all of Maricopa county went under a mandatory mask order when outside the home. Retirement recreation centers are open for residents in most communities. Some of the communities are requiring reservations for the pool or gym. No visitors are allowed in the rec centers and everyone must wear a mask.

Please refer to the four tables below with May stats to see how your favorite retirement 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 MAY 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
22
+29%
7
+17%
CantaMia
20
33%
0
-110%
Corte Bella
24
-4%
9
-18%
PebbleCreek
65
-24%
17
-45%
Sun City
314
+6%
140
-22%
Sun City Festival
35
-5%
12
+20%
Sun City Grand
115
-5%
60
+25%
Sun City West
187
-2%
87
-37%
Trilogy at Vistancia
52
-25%
17
+42%
Victory at Verrado
36
+13%
11
+450%
Copy Right 2020
Sharon Rowlson

Phoenix Retirement Community Market Report

Active listings and new listing were all over the place in May compared to last year. Trilogy at Vistancia and PebbleCreek saw the most decreases with -25% and -24% respectively. CantaMia had the biggest increase with +33% more listings in May.

Pending & Sold Listings Stats MAY 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
0%
6
-63%
CantaMia
4
+33%
4
+33%
Corte Bella
8
-27%
9
-31%
PebbleCreek
22
-21%
13
-71%
Sun City
112
-48%
117
-49%
Sun City Festival
11
-48%
8
-69%
Sun City Grand
39
-22%
34
-55%
Sun City West
86
-33%
80
-46%
Trilogy at Vistancia
12
-48%
16
-20%
Victory at Verrado
6
-40%
7
-36%
Copy Right 2020
Sharon Rowlson

Pending and sold listings were mostly down in May compared to last year. Cantamia was the exception for both. On average, May sold listings were down 45% for the area’s retirement communities. 4 communities were down more than 50%. PebbleCreek led the way with -71% fewer home sales in May versus last year.

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

Retirement Communities
Average Days
Last Year +/-
Absorption Rate
Last Year +/-
Arizona Traditions
86
-8%
2.08 Mo
-3%
CantaMia
132
-8%
6.86 Mo
+64%
Corte Bella
61
-18%
2.55 Mo
+11%
PebbleCreek
65
-26%
2.66 Mo
-33%
Sun City
58
+4%
1.74 Mo
+1%
Sun City Festival
51
-276%
1.81 Mo
-26%
Sun City Grand
63
+24%
2.23Mo
-6%
Sun City West
61
+7%
1.66 Mo
-1%
Trilogy at Vistancia
100
+27%
2.94Mo
-30%
Victory at Verrado
51
-40%
5.20Mo
-36%
Copy Right 2020 Sharon Rowlson

6 of the 10 retirement communities saw a decrease in average days on market in May compared to last year. The communities that saw an increase were Sun City, Sun City West, Sun City Grand, and Trilogy at Vistancia. The absorption rate (months of inventory) was mostly down. Those that had a higher absorption rate than last year were CantaMia, Corte Bella, and Sun City.

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

Retirement Communities
Avg Sold Price
Last Year +/-
Sold to List ratio
Arizona Traditions
$303,000
0%
98.9%
CantaMia
$368,000
+16%
99.1%
Corte Bella
$379,000
-5%
96.4%
PebbleCreek
$365,000
-6%
97.4%
Sun City
$220,000
+8%
98%
Sun City Festival
$381,000
+15%
99.3%
Sun City Grand
360,000
+8%
97.6%
Sun City West
$270,000
+7%
98.2%
Trilogy at Vistancia
$472,000
+2%
98.6%
Victory at Verrado
$489,000
+32%
96.4%
Copy Right 2020 Sharon Rowlson

Average home prices in May were mostly positive with Victory at Verrado leading the way at +32%. The range for sold to list ratio was a low of 96.2% to a high of 99.3%. Both Victory at Verrado and Corte Bella came in at the low. Sun City Festival came in at the high.

May sold listings down 45 percent in Phoenix retirement communities

May sold listings down 45 percent in Phoenix retirement communities

Take Away

Active and new listings are all over the board in May. Pending listings were mostly down due to stay at home orders. Homes did sell in May, but sales were significantly down for many retirement communities. Average home prices held steady with a couple of exceptions. Now that stay at home orders have been lifted will more sellers come into the market or with increasing cases of Colvid 19, will they wait for next year?

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    *Note, info deemed reliable but not guaranteed.

    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