With only 11 condos and townhomes sold in the 1st quarter, the statistical numbers don’t mean that much, but they’re not bad.
The number sold in the 1st quarter was up from the 9 sold last year. The dollar volume increased by 26% to $1.7M. The average price of the homes sold was virtually unchanged at $155,800.
Currently there are 7 homes in escrow, which isn’t bad for this time of the year, as there were only 12 homes sold in the entire 2nd quarter last year.
Also of interest, sales of single-family homes in the Pinetop Country Club area had a very strong 1st quarter. The number of homes sold was up 61%; the dollar volume was up 92%; the average price was up 18%: and the number of listings was down 23%.
As single-family homes increase in cost and with less homes available, it will make the purchase of condos and townhomes more appealing.
This is a promising start for the real estate market in 2017. If demand continues to remain high throughout the year, we should start to see an increase in property values.