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Days on Market substantially increase in Phoenix Retirement Communities

Phoenix Retirement Community Market Report April 2023

market report image April 2023 Days on Market substantially increase in Phoenix Retirement Communities
Days on Market substantially increase in Phoenix Retirement Communities 4

Not so long ago, Phoenix retirement community homes sold quickly for well above the asking price. A pandemic, low inventory, and record-low mortgage rates created the perfect storm for buyers. The steep competition created bidding wars; 7 or 8 buyers often tried to purchase the same home. About nine months ago, the market started to change as interest rates rose. We are now seeing inventory increase from the pandemic lows. With many buyers on the sidelines, our retirement communities’ number of days on the market has increased substantially.

So what makes up days on market (DOM)? It’s the marketing period of currently active listing on the MLS before they go under contract. Referring to the table below, DOM was up 159% from last year in March. In 2022, Sun City Festival had the highest DOM at 40 days and CantaMia the lowest at 21. In contrast, in March of 2023, the highest DOM was 90, with a three-way between Victory at Verrado, Arizona Traditions, and Corte Bella. The lowest was PebbleCreek at 60 days.

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Average Days on Market YTD (March 2023)

Average Days on Market YTD (March 2023)

Communities are ordered by the number of days on the market, high to low.

Retirement Communities
2023 Average Days on Market
2022 Average Days on Market
% Change YTD
Victory at Verrado**
90
28
221%
Arizona Traditions
90
29
210%
Corte Bella
90
33
173%
Trilogy at Vistancia
81
26
212%
CantaMia
78
21
271%
Sun City
74
33
124%
Sun City West
70
27
159%
Sun City Grand
67
25
158%
Sun City Festival
64
40
50%
PebbleCreek
60
23
161%
Average totals:
77
29
159%
Copy Right 2023
Sharon Rowlson
SharonRowlson Logo www small Days on Market substantially increase in Phoenix Retirement Communities

New Home update:

Exciting news many builders are returning to pre-covid build times of 8 to 9 months. During covid, many items like cabinets and appliances were hard to come by or back-ordered. This resulted in new homes taking well over a year to complete and, more often than not, delayed closings. I am also seeing some builder price drops and buyer incentives.

If you liked this market report, you might enjoy the last one I wrote in January. Phoenix retirement community home values Dip