Low home prices fueled sales in 2012. Last year existing home sales were up 28% in the Pinetop Lakes/Pinetop Country Club area, but the average price of the homes sold was only up 2%.
Sales volume in the Country Club area increased from $29.4M in 2011 to $37.6M in 2012, and the number of homes sold went from 133 to 167. The average price of the homes sold last year was $225,085.
Here’s how neighboring areas did in 2012:
Pinetop (excluding the Country Club)
Total Sales: +10%
Avg. Home Price: -2%
Total Sales: +21%
Avg. Home Price: +13%
Total Sales: +8%
Avg. Home Price: +5%
Total Local Area
Total Sales: +16%
Avg. Home Price: +6%
The number of foreclosed homes sold is continuing to decline, which is helping to stabilize home values. There were 283 foreclosed homes sold in 2011, and only 190 in 2012. This trend continued through 2012, as 105 were sold in the first six months and only 85 in the last six months. These numbers do not include homes sold at the trustee auctions.