Originally posted on June 11, 2014.
Sales of Pinetop and Lakeside condominiums and townhomes in May were at the highest level since October 2012. This was about a 450% jump from April, and the same percentage increase compared to May 2013.
There were 10 homes sold in May compared to only 11 homes sold in the first four months of this year. The average price of the homes sold in May was up about 30% compared to April.
Early in the year the inventory of condos and townhomes for sale in Pinetop and Lakeside was at a very low level, but that has changed. The number of condos and townhomes listed for sale has more than doubled since January. At this time there are 71 homes listed for sale.
Unfortunately, the market has slowed significantly and the forecast for June is bleak. There haven’t been any homes sold so far this month, and there are only three homes in escrow that are scheduled to close this month. The average asking price of these three homes is only $115,633, so the average sales price will undoubtedly be even lower than that. So far, there are only two homes in escrow that are scheduled to close in July, so unless sales really pick up in the next few weeks July isn’t looking very promising either.
With a large inventory of homes on the market and slow sales, in Pinetop and Lakeside the condominium and townhome real estate market should continue to be a buyers market for several months.