These insights will provide you with an understanding of Encanterra’s Real Estate landscape for August 1 2023 to date. The statistics are from the Arizona Multiple Listing Service (ARMLS).

The graphic is for August 1, 2023 to August 16, 2023. The next newsletter will have a more in depth look at the market year over year.

• Active Listings

The current Encanterra market, has 21 active listings with 6 new this month.

• Pending/Sold Listings

There have been 8 pending & sold listings for the same timeframe.

• Average Days on Market

With an Average Days on Market of 74 days. It’s important to remember that individual properties may sway from this average, influenced by factors like price, location, and unique design center options. We occasionally see homes selling in 21 days and under.

• Average List and Sales Figures

Average List price stands at $683,000,  but with golf lots and a wide range of plans and square footage to choose from, this number changes significantly based on these factors.  The Average Sales price $713,500. 

For a professional home buying or selling experience, enlist the expertise of Shea Preferred Realty Group. Our dedicated team possesses an intricate understanding of Encanterra’s market nuances, allowing us to provide insights that helps your decision-making. Whether you’re navigating as a buyer or a seller, reach out to us today for a personalized consultation. As your trusted Real Estate partner, let us guide you on the journey to achieve your Encanterra Real Estate goals and dreams.

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The Encanterra real estate market has seen some notable shifts over the past year. While active listings have risen, indicating growing inventory for buyers, new listings have declined suggesting less seller activity lately. However, the number of sold listings has remained steady, pointing to consistent buyer demand in the area.

In July 2022 there were 8 properties sold in Encanterra, while in July 2023 this number increased to 10, a 25% increase. This uptick in sold listings shows strengthening buyer activity even with fewer new property listings coming on the market.

The average sales price in July 2022 was $617,613, compared to $650,000 in July 2023, representing a 5.2% increase. This continued price growth makes pricing strategy and negotiation important for both buyers and sellers.

The sale-to-list price ratio decreased from 99% in July 2022 to 95% in July 2023. This means sellers are getting slightly less than their asking price on average, signaling a shift towards a more buyer-friendly market.

Active listings did rise significantly from 23 in July 2022 to 35 in July 2023. While this expanding inventory grants buyers more options, the downward trends in new listings and sale-to-list ratios indicate sellers may need to adjust expectations.

Overall, Encanterra shows signs of still being a balanced market, with steady buyer interest and sufficient inventory. However, sellers should analyze competition and pricing carefully, as buyers may have more negotiation power. Stay tuned next month as we continue monitoring the market changes in Encanterra.

See the market report details in the slides below. All data directly from the MLS.

 

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.

Support our local experts and discover the possibilities that await you in Encanterra!