Sales Up - Prices Down in 2010
So far, in 2010 there have been 179 homes sold in the Pinetop, Lakeside and Show Low areas with a median sales price of 164,500. During the same period last year there were only 117 homes sold and the median sales price was $164,500. This is a 14.8% decline in the median price of the homes sold.
In the Pinetop Country Club/Pinetop Lakes Country Club area the number of homes sold during this period increased from 16 last year to 33 this year, and the median price of the homes sold only dropped from $231,500 to $214,500..
I do not think Zillow’s estimates of property values are very accurate, but according to Zillow.com the median home value in Pinetop was $200,200 in March. This is down 19.3% from one year ago, and it is down 35.4% from the peak in July 2006.
With foreclosures and short sales still increasing this trend will probably continue through the end of the year, or longer.