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 affects the senior population. This week all of Maricopa went under a mandatory mask order when outside the home. 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 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 |  |
Active listings and new listings 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 in May 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.
Take Away
Active and new listings are all over the board in May. Pending listings were mostly down in 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 are 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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