Tarra Christensen
DPR Realty LLC
tarra@tarrasellsaz.com
602-380-8300

Below is a summary of recent sales in the Queen Creek area.    I have a taken the recent sales in three different areas of Queen Creek in three different categories–short sales, bank owned homes and traditional sales (no bank involved). While I am amazed at the low prices of homes I am even more amazed at the difference in the prices between short sales and traditional sales.  The difference is over $20 per square foot in some areas.  In the south east area of Queen Creek in subdivisions like Pecan Creek, Circle Cross Ranch, Skyline Ranch, San Tan Heights, Johnson Ranch etc, the average sale price per square foot is $47.36  for a short sale and $72.26 per square foot for a traditional sale (no bank involved).  So a 2000 square foot home that is a short sale would go somewhere around $94,720 and the same home that is a traditional sale could look to sell somewhere around $144,520.   This is a difference of over $48,000 FOR THE SAME HOME.  So you can see where many investors are making money by buying short sales or foreclosures and turning around and selling them in just a few short months.  I just recently sold a home in this southeast area where the buyer paid $85,000 for a foreclosure and just sold it for $119,900.   Let’s take a look at the Queen Creek market.

     We will start with the southeast area of Queen Creek.  I have provided a map below of the subdivisions I used to compile my information.  The first area includes subdivisions such as Pecan Creek, Johnson Ranch, San Tan Heights, Circle Cross Ranch and a few more.

South East Queen Creek

Keep in mind the data I compiled only included homes in track home subdivisions on city lots.  This did not include custom homes on acreage.

Short Sales in Souteast Queen Creek 

The average asking price per home in this area is $101,942

The average sold price per home in this area is $98,019

The average square foot of a home in this area is 2087

The average asking price per square foot in this area is $49.13

The average sold price per square foot in this area is $47.36

Lender owned homes in Souteast Queen Creek

The average asking price per home in this area is $100,084

The average sold price per home in this area is $105,357

The average square foot of a home in this area is 2131

The average asking price per square foot in this area is $48.28

The average sold price per square foot in this area is $51.02

If you notice, lender owned properties tend to go more then what the asking price is.  One of the major factors for this is that lenders tend to price it very competitively and end up getting multiple offers and end up in a bidding war.  It is a great strategy, though it is not the only factor.  Sometimes lenders are willing to pay buyer’s closing cost but roll it into the sales price.

Traditional Sales in Southeast Queen Creek

The average asking price per home in this area is $135,803

The average sold price per home in this area is $133,965

The average square foot of a home in this area is 1910

The average asking price per square foot in this area is $73.14

The average sold price per square foot in this area is $72.26

Central Queen Creek

This area includes the Villages, Indigo Trails and Queenland Manor subdivisions.

Short sales in Central Queen Creek 

The average asking price per home in this area is $126,088

The average sold price per home in this area is $125,965

The average square foot of a home in this area is 1809

The average asking price per square foot in this area is $70.30

The average sold price per square foot in this area is $70.27

Lender (bank) owned homes in Central Queen Creek

The average asking price per home in this area is $153,591

The average sold price per home in this area is $155,681

The average square foot of a home in this area is 2245

The average asking price per square foot in this area is $69.64

The average sold price per square foot in this area is $70.71

 

Traditional Sales in Central Queen Creek

The average asking price per home in this area is $192,552

The average sold price per home in this area is $184,674

The average square foot of a home in this area is 2190

The average asking price per square foot in this area is $89.33

The average sold price per square foot in this area is $86.19

West Queen Creek

This area includes subdivisions like Sossaman Estates & Cortina

Short Sales in West Queen Creek

The average asking price per home in this area is $200,890

The average sold price per home in this area is $199,650

The average square foot of a home in this area is 2416

The average asking price per square foot in this area is $84.00

The average sold price per square foot in this area is $83.96

Lender (bank) owned homes in West Queen Creek

The average asking price per home in this area is $182,244

The average sold price per home in this area is $188,395

The average square foot of a home in this area is 2563

The average asking price per square foot in this area is $74.21

The average sold price per square foot in this area is $76.28

West Queen Creek Traditional Sales

The average asking price per home in this area is $213,262

The average sold price per home in this area is $211,823

The average square foot of a home in this area is 2481

The average asking price per square foot in this area is $86.88

The average sold price per square foot in this area is $86.26

I am sure as you noticed that the homes definitely get more expensive as we went further west.  We all know the saying location, location, location.    The hugest jump in price was from the Southeast area to the Central, which in some parts is just a couple of miles a part.  Also did you notice that the West area of Queen Creek was the only area where the lender owned homes sold for less then the short sales?  I believe that this is because many investors who buy foreclosures are not willing to buy at more then $120,000.  The $150,000 and under market is really hot right now due to many first time home buyers and all the great loan options being offered right now.  Once you get over that price range, things really start to taper off.  So in areas where most homes are over $150,000 you have a lot of homes that don’t get bought at the foreclosure sale and go back to the lender.  Which means the bank’s last option is to sell it in an area that already most likely has many bank owned homes on the market, so they have to price it very very competitively. 

Well I hope this has been very helpful and please let me know if you have any questions or if there is an area you would like a market summary of.  And as always if you would like a market summary on your neighborhood I would love to be of service.  Please check back soon for a market summary of Southeast Gilbert.

Tarra Christensen

Realtor at DPR Realty

www.tarrasellsaz.com

602-380-8300

 

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