Originally posted on Feb 28, 2014.
The number of single-family homes sold in the Pinetop Lakes/Pinetop Country Club area was down in 2013 compared to the previous year. There were 106 homes sold in Pinetop Lakes/Pinetop Country Club last year. This is 12% less than in 2012.
However, the average price of the homes sold was up slightly to $289,467, a 3% gain. This is the second year in a row that there has been a slight increase. The average price was at its lowest in recent years in 2011.
There were 7% more homes listed for sale in 2013 as there were in 2012, but only 45% of these homes sold in 2013, compared to 55% in 2012. This is still a big improvement over past years. In 2009 only 30% of the homes listed for sale sold in that year.
All indications are that the local real estate market has bottomed-out and we should continue to see an improvement in home values.
The current inventory of homes listed for sale in Pinetop Lakes/Pinetop Country Club is at its second lowest level in almost five years. If the inventory remains low it should help drive home values up.