Originally posted on Aug 29, 2013.
In the first half of this year there were only 20 condos & townhomes sold in Pinetop-Lakeside. This is down from 28 sold in the first half of 2012, a 29% drop.
There were only $2.6M sold in the first half of 2013, compared to $3.4M sold in the first half of 2012. This is a drop in sales volume of 25%.
The good news is that the average price of the homes sold increased 5%, from $120,775 in 2012 to $126,798 this year.
One reason for the decrease in sales is the lack of inventory. At this time there are only 32 condos and townhomes on the market. The short supply should result in increasing property values.
Another reason for the decrease in sales is the relatively low price of single family homes. In most cases, condos and townhomes sell for significantly less than a comparable single family home.
The small number of foreclosures should also help property values. There were only five foreclosed condos and townhomes sold in the 1st half, and there is currently four for sale. These are the homes that were listed for sale on the MLS, and there might have been a couple more sold at the trustee auctions. When foreclosed homes are listed for sale now they are typically priced closer to the true market value than they used to be, so they don’t have as much of a negative impact on property values.
Our market isn’t taking off like it is in areas of Phoenix and Tucson, but signs indicate we’re seeing an improvement.