Sun City Real Estate Market Looking Grim

Ted Wegener, a real estate appraiser specializing in Sun City, posted an update on his website about the current market conditions in the Sun City "Core"...

http://www.suncityappraiser.com/ currentmarketconditions.htm

Here's one of his paragraphs...

The spring/summer home buying season has failed to materialize here. The buyers that are out there are the bargain hunters according to the agents. If June continues on the same way, it will be a miserable season. July and August are extremely hot months here (weather wise) and that itself is a damper on the market. A lot of people prefer not to look for houses when the heat peaks up. Agents are worried. 31% of the active listing have had price reductions.

Ted goes on to provide a graph showing May sales data for the past six years, depicting average sales price, contrasted with the average number of days on the market. Needless to say, prices have dropped by about 20% according to his numbers, and the average days on the market have shot up to almost 4 months.