2016 saw a 25% increase in the number of single-family homes sold in the Pinetop Lakes subdivisions. The sales volume increased by 21%.
The overall Pinetop Lakes/Pinetop Country Club area saw an even larger increase, with an increase of 39% in the number of homes sold. There were 158 homes sold last year, compared to only 113 in 2015. The sales volume increased by 42%, from $33.1M to $47.1M.
One of the reasons for the difference in the sales numbers between Pinetop Lakes and the overall “Country Club” is there was about twice as many homes sold last year for over $500,00 and none of these were in a Pinetop Lakes subdivision.
Even with the increase in sales volume, the average price of the homes sold remained about the same as 2015. In 2016 the average price of the homes sold in the “Country Club” was $297,912 compared to $293,041 in 2015. The reason we didn’t see an increase in home values was supply still exceeded demand.
There was a total of 355 single-family homes listed for sale in the “Country Club” last year. This was up about 7% from 2015. Only 158 of the 355 homes listed for sale actually sold last year. Almost 55% of the homes listed didn’t sell.
Many homeowners have been wanting to sell their homes for several years but they’ve been waiting for home values to increase. This is like a “phantom” inventory of homes waiting to come on the market.
The number of homes currently for sale in the “Country Club” is about one-half of the number that were for sale last summer.
If you are considering selling your home this year, start the process soon while the inventory is low. Don’t wait until the market is flooded with new listings. Call us TODAY for a free, no obligation, market analysis of your home.