One of the questions most asked when it comes to Real Estate in Sun Lakes, AZ is when are we going to see our home values start to increase again? Home appreciation..it's one of the best things about owning a home.
The chart below shows the median sales prices for homes in Sun Lakes as a whole.
You'll see that our highest values were obtained in January of 2007 with a high median sales price of $320,000. It was right after this point that our values began to decline. At the end of February of 2007 we were at a median sales price of $310,000.
We've seen a steady decline since then. Last year at the end of February we were at a median sales price of $222,500. This year at the same period we were at $192,000 which is just slightly above where we were in February 2004 at $170,000.
So, when will our prices start appreciating again? If I only had a crystal ball. The good news is, the Phoenix market in general is seeing a tremendous surge in home prices with low inventory of homes for sale...and that's the key. The luxury home market along with Active Adult communities are not seeing the inventory lows so our prices are not rebounding...yet. Stay tuned!
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