Real Estate Market Update 2016 in Review

    Regardless of your political affiliation, I think we can all agree the end of 2016 and beginning of the new year in 2017 was a whirlwind. The election cycle came to a surprising finale, and the President has wasted no time implementing the policies he ran on in his first 100 days in office. In an article published in last March’s issue of the Sun City Insider “Real Estate in an Election Year”, it was indicated that although past elections haven’t affected Sun City homes sales directly, we believed the election year would have some impact when coupled with the decreased value of the Canadian dollar and the volatility in the stock market and global financial markets. Turns out the year ended stronger than anticipated.


    Photo Credit: Caleb Smith; Office of the Speaker of the House - https://twitter.com/SpeakerRyan/status/796828886646587394
    Paul Ryan meets with Donald Trump on Capitol Hill after the election.

    Sun City Palm Desert Sales:

    The median sales price in Sun City Palm Desert for 2016 ($318K) decreased a bit (approx. $1K) and the days on market decreased 11 days (to approx. 98) from 2015. While the number of units closed in 2016 increased (34 units) to 366.

    The first two months of 2017 have been strong as well. Although median prices have fallen (approx. $5K) to $320K and the days on market have increased a bit (22 days) to 99 days, the number of units sold has increased (approx. 12 units) to 57 from the first two months of 2016. The current inventory (120 units) also points to a healthy outlook for 2017.
    This month we have broken down sales data by model to give you a better idea what your particular model sold for from 10/16/16 to 2/28/17.

    As you probably know there are a number of models that have several different configurations. In these cases we have tried to group the different configurations by square footage (listed in parentheses next to the model name) when applicable. As you might expect the St. Croix was by far the most popular model, followed by the Emerald, Lanai, Monaco and Baccarat.

    All Average Sales Numbers can be seen in the article “Sun City Palm Desert Model Home Sales Prices” table – Here >


    Sun City Shadow Hills Home Sales:

    Although the median sale price in Sun City Shadow Hills for 2016 ($311K) decreased significantly (approx. $23K) and the days on market increased 2 days (to approx. 116) from 2015, the overall number of units closed in 2016 increased (28 units) to 234.

    The first two months of 2017 have been strong as well. Median prices have stayed essentially static (increased approx. $1K) to $320K, the days on market have decreased significantly (30 days) to 93 days, while the number of units sold decreased by 3 (23 units) from the first two months of 2016. The current inventory (124 units) also points to a healthy outlook for 2017.

    This month we have broken down sales data by model to give you a better idea what your particular model sold for from 10/16/16 to 2/28/17.
    As you might expect the Avalino was by far the most popular model, followed by the Canterra, Serrente, San Benito and San Rafael.

    All Average Sales Numbers can be seen in the article “Sun City Shadow Hills Model Home Sales Prices” table – Here >


    Keep in mind, these average sales prices are meant to give you a general understanding of the value of each model. Of course, these averages can be significantly affected negatively by a distressed sale or positively by a home with significant upgrades or unique features. We always recommend having a Realtor provide a comprehensive CMA (Comparative Market Analysis) to give you a more concrete sale price based off of current market conditions before selling.

    We also have a quick home evaluation tool on our website that you can use to get a general idea of your home’s value.
    Please visit: www.jelmbergteam.com/home-valuation/

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