Phoenix Retirement Community Market Report April 2023
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.
.
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 |  |
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
