Last year there were 41 condos and townhomes sold in Pinetop-Lakeside, for a total of $5.29M. This compares to 45 sold in 2010 for a total of $7.35M. Sales prices were down 28% in 2011 compared to 2010.
Property values also declined sharply in 2011. The median price of the condos and townhomes sold in 2011 was down 22.58% from the previous year.
Following is a breakdown, by neighborhood, of how the median price of homes sold in 2011 compared to 2010:
Country Pines -16%
Mountain Pine Est -18%
Pinetop CC Village +2%
Pinetop Crossing -15%
Sports Village 1&2 -28%
Sports Village 3 -33%
Sports Village 4 -21%
Starlight Ridge 1 -30%
The Village -11%
This only includes neighborhoods that had sales in both 2010 and 2011. Keep in mind that prices were already down significantly in 2010 from previous years.
This does not mean that your home’s value necessarily decreased by the amount indicated, because these numbers don’t take into account things like location, upgrades, square footage, etc. This is especially true for neighborhoods that have various models of homes.
There are indications that the number of foreclosed homes on the market is starting to decline and this should help to stabilize prices. As prices continue to decline more and more homeowners are underwater and many will let their homes go back to the bank. This will drive home values down further.