Originally posted on July 11, 2014.
Most of the real estate statistics for the Pinetop Lakes/Pinetop Country Club area are up in the first half of 2014. Sales for homes in the Pinetop Lakes HOA were at their highest level for this time period since 2007.
The total sale volume in the Pinetop Lakes/Pinetop Country Club area in the first half of 2014 was $14M. The total sale volume in Pinetop Lakes was $7.9M.
Here are some of the statistics for the first six months for single-family homes in the Pinetop Lakes/Pinetop Country Club area (not just Pinetop Lakes):
Volume Sold +12%
Number Sold +26%
No. Under Contract +28%
Avg. Sale Price -10%
Total Active Listings +15%
New Listings +19%
The average sale price is not always a good indicator of what home values are doing. This is especially true of the Pinetop Lakes/Pinetop Country Club area, because of wide range of home values. For example, one reason the average sale price is lower this year is that last year one home sold for $1M and another sold for $785K. This year the most expensive home sold for $600K.
One thing to watch is the inventory of homes for sale. Early in the year the inventory was at its lowest level in almost five years. Now the inventory is 15% higher than last year and the number of new listings is up 19% over last year. An increasing inventory could have a negative impact on home values.