Year-to-date single-family home sales have remained strong in the Pinetop Lakes/Pinetop Country Club area.
This year the number of single-family homes sold in the Pinetop Lakes/Pinetop Country Club area increased by 25% compared to the same period in 2016. The dollar volume increased by 29%.
44 homes have sold this year, compared to only 35 last year at this time. The sales volume increased from $9.32M to $12.113M.
The average price of the homes sold in 2017 increased slightly, by 3%. The average price of the homes sold in the “Country Club” was $275,197 compared to $266,393 last year.
The number of homes for sale remains low compared to past years. The total number of Active listings is down 12% from last year and the number of new listings is down 11%. The largest decline is homes priced between $150,000 to $200,000, but even the number of homes for sale that are priced between $200,000 to $300,000 is down.
There are other signs that the local real estate market is improving. The construction of new homes is increasing and the sales of vacant lots is starting to rebound.
There have been 11 vacant lots sold in the “Country Club” area this year, which may not sound like many, but there were only 7 sold at this time last year. So far this year the volume of vacant lot sales is $657,000, which is almost double what it was in 2016.
The average price of the lots sold increased from $47,000 to $59,736.
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 the start of a turn-around in the local real estate market.