Phoenix Retirement Community Home Value Update July 2018
Wondering how much Phoenix retirement communities home values have changed in the last 12 months? You’re not alone as I’m asked this question on a daily basis. Both buyers and sellers what to know how the local real estate market is doing in order to make good home buying and selling decisions.
We are halfway through 2018 and so a good time to see where the top 10 West Valley Phoenix retirement communities stand regarding home values. The numbers are based on the median home value for June 2018 compared to same time last year June 2017. Note these numbers are for resale homes and spec homes listed on the Arizona MLS. It does not include new build home sales other than spec homes.
Phoenix Retirement Community 12 Month Home Value UpdateCommunities are ranked in order of home value increase over the last 12 months (June 2017-Jun 2018).
|Retirement Communities||Home Value Change|
|#1 Corte Bella||10.97%|
|#2 Sun City West||10.58%|
|#3 Sun City||10.10%|
|#4 Sun City Festival||8.53%|
|#5 Trilogy at Vistancia||3.83%|
|#6 Arizona Traditions||3.52%|
|#8 Sun City Grand||2.88%|
|#10 Victory at Verrado||(9.84%)|
The top four retirement communities to see the most home value increase above 8% are Corte Bella, Sun City West, Sun City and Sun City Festival. The last time we looked at home value increase by retirement community was at the end of 2016 (see article). There is a slight shake-up in order of communities but Del Webb still rules with the most communities with home value increases. In 2016, communities to see above 8% home value increases were Corte Bella, Sun City, Sun City West and Sun City Grand. They are ranked in order.
Now let’s separate out the communities who are still building new homes, they include Sun City Festival, Trilogy at Vistancia, CantaMia, PebbleCreek and Victory at Verrado. They are all over the board for home value increase ranging from 8. 5% increase for Sun City festival to a -9.84% decrease for Victory at Verrado. The take away here is that new build home sales are not included in this data which skewers the results. So if you want to buy or sell a home in a community that is still building new, and want accurate numbers, what do you do? If you are at subdivision level which is what a retirement community is categorized as, focus on similar floor plans, features and year built. Your agent should be able to help you find the best comps.
If you are interested in following the real estate market in the top 3 retirement communities I work in checkout: