Phoenix Retirement Community Home Values Up in 2020
It has been quite the year with the Covid-19 and a presidential election like no other. Many of the Phoenix retirement communities have had limited access to recreation centers, clubs, and activities. In some cases, recreation centers chose to close completely due to the pandemic. One bright spot for homeowners is that Phoenix retirement community home values are up in 2020. There is good news for buyers too. There is inventory and homes are selling.
In this market report, we will explore 2020 year-end housing numbers for the top 10 Phoenix retirement communities I work in.
Specifically, we will look at:
- Average Sale price
- Home values
- Average Days on Market
- Number of Sold Listings
PHX Retirement Community Year End Home Values 2020 (Table 1)
* Ranked in order of home value increase.** Data includes resale and spec homes, not new builds, so communities building new will have higher home value increases than shown.
*** Stats from AZ MLS. Info deemed reliable but not guaranteed.
| Retirement Communities | Average Sale Price 2020 | Home Value Change +/- |
|---|---|---|
| #1 Sun City | $227,562 | -12.10% |
| #2 Corte Bella | $446,133 | 11.29% |
| #3 Sun City West | $297,018 | 10.53% |
| #4 CantaMia** | $338,602 | 9.38% |
| #5 Arizona Traditions | $298,646 | 7.63% |
| #6 Trilogy at Vistancia** | $485731 | 6.56% |
| #7 Sun City Grand | $361,269 | 6.28% |
| #8 Sun City Festival** | $357,034 | 6.13% |
| #9 Victory at Verrado** | $428,316 | 5.29% |
| #10 PebbleCreek** | $410,311 | 4.85% |
| Copy Right 2020 Sharon Rowlson |  |
Sun City ranks the highest in-home value increase
In 2020, all communities saw an increase in home values. Sun City at just over 12% and Corte Bella coming in at 11.29% are ranked 1 and 2, respectively.
Average days on Market & Number of Sold Listings in 2020 (Table 2)
*This table is interactive, you can play with the drop-down arrows to reorganize.**Numbers do not include new builds, so number higher in those communities.
***Stats from AZ MLS. Info deemed reliable but not guaranteed.
| Retirement Communities | AVG Days on Mkt | Change +/- | # of Sold Listings | Change +/- |
|---|---|---|---|---|
| Arizona Traditions | 58 | -3% | 148 | 30% |
| CantaMia** | 117 | 10% | 49 | 14% |
| Corte Bella | 58 | -28% | 123 | 4% |
| PebbleCreek** | 70 | -7% | 290 | -1.4% |
| Sun City | 49 | -4% | 2,087 | -4% |
| Sun City Festival** | 52 | -28% | 223 | 5% |
| Sun City Grand | 57 | 12% | 634 | 1% |
| Sun City West | 46 | -6% | 1,314 | -7% |
| Trilogy at Vistancia** | 81 | -13% | 268 | 25% |
| Victory at Verrado** | 94 | -14% | 133 | 60% |
| Copy Right 2020 Sharon Rowlson | |
Homes sold quicker than 2019
The average number of days on market for the top 10 Phoenix retirement communities was 68 days in 2020. Sun City West came in lowest at 46 days and CantaMia the highest at 117 days on market. 8 out of the 10 communities saw a decrease. So, what does this mean? It tells us that homes are selling quicker than in 2019. Buyers do keep this in mind as homes are going under contract quickly.
7 out of 10 communities showed an increase in the number of homes sold in 2020 compared to 2019. Interesting to note, that when I wrote a similar market report halfway through the year, every community but one had a decrease in the number of homes sold. This tells us that more buyers came into the market after June and that homes are selling.
Here is a link to the market report written halfway through the year so you can compare the two articles.
