Currently we have 28 active listings in the community. We do not count the builder’s designer homes as active resale. So far this year, 63 homes have been sold or are pending sale. A total of 8 closed did not require a single price reduction and sold in 17 days on avg. For the active listings 17 of the 28 have experienced a price reduction. We’ve also had 33 homes that cancelled or expired and 25 of the 33 reduced the asking price. For every 2 homes that sold this year, 1 did not based on 63 closed/pending and 33 cancelled/expired. The largest price reductions have been $103,000 for actives, $179,000 for closed/pending, and $300,000 for cancelled/expired. The number of homes on the market for more than 100 days is 39 and more than 200 days is 7. Although it’s a factor, price per Sq. Ft. is something we personally at Shea Preferred choose not use to establish market conditions. We have such a variety of series, floorplans, lots, and a design center where buyers will spend plus or minus 40% either way on options for the same exact plan.
One of the most confusing parts of real estate is the mixed signals the consumer gets from various sources. For example, all major title companies and lenders use a boilerplate copy and paste report that agents post non-stop. These are generic reports and have absolutely nothing to do with our Encanterra market. These reports include every builder, every series, communities and builders with great reputations and others not so great. The fact is, Encanterra is a different community and so many factors contribute to our market shifts.
The market has shifted a bit and in most cases a buyer’s market in Encanterra. Total number of sales from the same time 2022 is down 30%. What is selling? WOW factor is selling. In fact, we’ve seen recent sales where buyers have overpaid from actual value. If you have a great lot, open space, deep lot, no lot concerns at all, your home is newer, modern, well designed, and furniture looks like a model, your home will sell rather quickly and for a great price, but you must know what that price should be. If you’re from the Midwest a home that is 25 years old is considered new. An Arizona home that is 10 years old is considered old. Thanks to the property brothers and HGTV buyer’s expectations are off the charts. Although bright and white is not on everyone’s wish list, it’s super popular. If you ever get a chance, go towards Gilbert, and walk some models. The design features and floorplans are spectacular. Years ago, I always said spend $25,000 to make $50,000 more. In today’s market, it’s spend $25,000 to get it sold and not reduce $75,000 more.
Lastly, we encourage you to support the onsite Realtors who focus specifically on the Encanterra community. They possess the expertise and knowledge required to navigate this distinct market successfully.
For more detailed information and personalized guidance, feel free to reach out to our team of professionals. We are dedicated to helping you make informed decisions in the ever-changing real estate landscape of Encanterra.
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