This is the first time in years that we’ve been able to report good news for the local real estate market.
The number of single-family homes sold in the Pinetop Lakes/Pinetop Country Club area during 1st quarter of this year increased by 61% compared to the same period in 2016. The dollar volume increased by 92%.
There were 21 homes sold in the 1st quarter, compared to only 13 last year. The sales volume increased from $2.76M to $5.3M.
Other good news for homeowners is the average price of the homes sold in the 1st quarter increased by 18%. The average price of the homes sold in the Pinetop Country Club was $252,447 compared to $212,146 in 2015.
The inventory of homes for sale is also way down. The total number of Active listings was down 23% and the number of new listings was down 34%.
This is a very promising start for the real estate market in 2017. If demand continues to remain high throughout the year, we should continue to see an increase in property values.