Just how distressed is the Chandler & Sun Lakes Real Estate Market?

Homes are selling briskly in Chandler, Arizona and the surrounding East Valley and the demand for homes is outweighing the home supply in many areas.  This is creating a buyer's market reminiscent of the housing boom.  For some reason, however, our prices simply aren't reflecting that supply/demand issue.

You would think that a low supply and a high demand would equal climbing real estate values, but we're not seeing much of that in most areas.  Slight appreciation is being noted in some communities, but nothing that's significant.

Frenzy appreciation is never a good thing and it usually relates to a nice big balloon that eventually pops.  But it would be nice to see more appreciation than we're seeing.

Part of the problem is there are still a number of distressed properties that are bringing values down.  Add to that the appraisers' reluctance to give any significant value to a home that is NOT a distressed sale and there you have it...the perfect recipe for flat home values.

So just how many distressed (short sales and bank owned) properties make up the homes for sale in Chandler and Sun Lakes?

Here's a snapshot~

In the 85248 zip code which includes the Active Adult Communities of Sun Lakes and Sun Bird (which have a very small percentage of distressed properties on the market), only 13% of all homes for sale are distressed. 

Here are the other Chandler Zip Codes and the percentage of distressed homes that make of the active homes for sale~

• 85249 ~ 155 homes for sale 48% distressed
• 85286 ~ 96 homes for sale 64% distressed
• 85225 ~ 172 homes for sale 72% distressed
• 85224 ~ 90 homes for sale 68% distressed
• 85226 ~ 83 homes for sale 72% distressed

These numbers look alarmingly high ...and they ARE high.  But the reason for that is the number of traditional resale home has plummeted due to extremely active buying activity.

The moral to this story?  If you've been waiting for a great time to sell, have some equity in your home and want to sell quickly... NOW is the time!  We have buyers ready BUY and your home will look like the super hero of homes if it's not a short sale!