Douglas and Melanie Sedam
As of Dec. 31, there were:
* 25 active listings, ranging from $384,900 to $865,000.
* 3 active contingents i.e., in escrow but have not removed their inspection and/or loan contingencies yet, ranging from $389,000 to $576,900.
* 3 pendings i.e., soon to close escrow, ranging from $379,900 to $845,000.
* 67 closed sales for an average of just about 5.6 sales per month. This low number is primarily due to the COVID-19 pandemic. Word is that new sales were four-times that, if not more.
* Inventory was equal to 4.46 months, which is very low in regard to industry standards.
* Days on market varied widely. There were homes on the market at the end of the year that had been on the “market” over 200+ days!
Reasons for the 2020 Market:
The COVID-19 pandemic certainly stymied the resale market as many buyers decided to purchase a new home and therefore did not need to take immediate possession of that home for several months.
There was a preponderance of sellers putting their homes on the market higher than true market value and higher than what a new home sale would be. This is especially true in the $700,000+ re-sales where there is a glut of homes on the market as they are simply “not moving” because of being overpriced.
What we do have is a great inventory of homes on the market, except in the $500,000 to $600,000 dollar range, and that is what I feel is an ideal price point for someone right now trying to sell a home!
Final thought: It was a slow year for home re-sales but with the COVID-19 vaccine being distributed and the state of Arizona almost completely “open” I think in the next one to two months we will see a great influx of home buyers descend upon the Ranch and start buying homes at a pace greater than what we had in the first two-months of 2020.
And we already have evidence of that as the sales have been very brisk these first few weeks of 2021.
Douglas and Melanie Sedam are SaddleBrooke Ranch residents and Brokers/Owners of SBRanchRealty, The Home Loan Pros, and ReverseMortgage62AZ and have offices in both California and Arizona. They can be reached at 520-829-5219.