There have been 24 condos and townhomes sold in Pinetop and Lakeside in 2010. This compares to 23 sales during the same period last year. The average price of the homes sold in 2010 was $172,775, compared to $203,180 in 2009. This is a drop of 15% since last year.
“Rate of Absorption” is the length of time it will take the real estate market to absorb, or sell all of the homes for sale, based on recent sales. For instance, there are currently 73 condos and townhomes for sale and 34 sold in the last 12 months, an average of 2.6 per month. At this rate, it would take about 26 months to sell all the homes currently for sale, assuming that there aren’t new listings.
Some of the neighborhoods with the highest Rate of Absorption are:
Sports Village 80 months
Stone Pine 72 months
Country Pines 60 months
Pine Lake Meadows 48 mos
Pinetop CC Village 48 mos