Sun City Real Estate Market Update
So what’s happening in real estate … I have the stats for November of 2020.
In Sun City there were 273 active listings, 175 sold homes, and 102 pending homes.. meaning they were in the process of being sold.
Compare that with October, of 2020. There were 242 active listings, 212 homes sold and 202 homes pending.
So in comparing these months you can see that there are more homes on the market in November and fewer sales… also fewer pendings… that’s an indication things are a little slower in November from October.
Prices. In November the average list price was $250,000…. The average sold price was $235,000.
In October, the average list price was $247,000 and the sold price was $236,000… very similar numbers. But prices have gone up over the past year… last December the average sold price was $215,000….. 20 thousand dollars less than last month.
Absorption rate… this shows how many months of inventory we have and how quickly homes are selling. Typically anything less than 6 months is a sellers market. In November it was 1.62 months… October it was 1.48 months…. much less than six months… so this is a strong sellers market even though things have slowed a bit in November.
Since we are in the holiday season things will probably stay slower in December and pick up again after the first of the year. If you’re looking to sell.. this may be a good time to get things fixed on the property so it will be ready to go after the first of the year.
If you’re a buyer this is a great time because there’s less competition from other buyers, so it may be easier to get your offer accepted by a seller. Also the interest rate is great.. bankrate reports it’s 2.9% right now.
It’s still a great time to buy and sell a home in Sun City. If you have any questions or needs… please reach out.. I’m here to help.
This is Carla Young with Keller Williams Professional Partners, your neighbor in Sun City.