Year-to-date condominium and townhome sales have remained fairly strong in the Pinetop-Lakeside area. This year the number of condo and townhomes sold in Pinetop-Lakeside increased by 61% compared to the same period in 2016. The actual dollar volume increased by 48%.
29 condos and townhomes have sold this year, compared to only 18 last year at this time. The sales volume increased from $3.05M to $4.50M.
The average price of the condo and townhomes sold in 2017 decreased slightly, by 8%. The average price of the condo and townhomes sold in Pinetop-Lakeside was $155,328 compared to $169,606 last year.
The total number of single family homes and condos and townhomes for sale remains fairly low compared to past years. The total number of Active listings is down 10% from last year.
As the inventory of homes for sale declines it should help to increase home values, and as the prices of single-family homes increase it will make condos and townhomes more appealing for second-home buyers.
There are other signs that the local real estate market is improving:
The construction of new homes is increasing
The sales of vacant lots is starting to rebound.
Overall buyers are starting to gain confidence in buying real estate.
All of these are positive signs for property owners, who have waited years for increases in property values. Over the last several years there have been so many homes on the market that only about one-half of the homes listed for sale actually sell. This has resulted in a very stagnant market. The remainder of the year will tell whether this is finally the start of a turn-around in the local real estate market.