You’ve probably heard the stories about the hot real estate market in Phoenix, with homes getting multiple offers and selling for over the asking prices. Our local market is nothing like that, but there are signs that it might be stabilizing.
In the first half of 2012 there were 65 homes sold in the Pinetop Lakes / Pinetop Country Club area. This compares to only 52 sold in the first half of last year (25% increase). But, the most impressive thing was the average price of the homes sold increased from $196,444 in 2011 to $239,152. That’s an increase of almost 22%. This does not mean that your homes value increased by that amount because a large part of this increase was due to a larger number of expensive homes that were sold this year. But, this is the first positive news we’ve had in several years.
Most of the other local areas saw some improvement but not to this extent. Here’s how the other local areas did:
Pinetop (excl. Country Club)
No of Sales: +3%
Average Price: -7%
No of Sales: +4%
Average Price: -5%
No of Sales: +18%
Average Price: -1%
Total Local Area
No of Sales: +11%
Average Price: +4%
These numbers aren’t great, and it will take several more months before we know if home values have stopped their decline.
One reason for the improvement in property values is the decrease in foreclosed home sales. In the first half of 2011 there were 158 foreclosed homes sold in Pinetop-Lakeside and Show Low. This compares with only 105 this year.