Sales of condo and townhomes in Pinetop-Lakeside were up slightly in 2016. In 2016 the number of condos and townhomes sold was almost unchanged with 68 homes sold compared to 66 in 2015.
The total volume of sales increased by 12%, from $10.1M to $11.3M. The average price of the condos and townhomes sold last year was up 8%, from $153,136 to $165,781.
There were 151 condos and townhomes listed for sale in Pinetop-Lakeside last year, but only 68 of these homes sold, which is only 45%.
Home values are driven by supply and demand and in our market the supply far exceeds the demand. If all of the unsold homes are listed for sale again this year, that alone would exceed the total number of homes sold last year, even if there aren’t any new listings. In 2016 there were 109 new listings. If this trend continues it might be awhile before we see any improvement in home values.
Many homeowners have been wanting to sell their homes for several years but they’ve been waiting for home values to increase. This is like a “phantom” inventory of homes waiting to come on the market and will continue to keep the supply of homes for sale high.
Currently the number of homes for sale is less than one-half of the number that were for sale last summer.