The first quarter statistics for the Rim Country real estate picture did not produce the uptick we were hoping for, although there is continued optimism that we will see a steady increase in the number of homes being sold.
Real estate offices are seeing increased foot traffic as buyers are gathering information on available properties and the number of people searching the Internet is increasing.
The statistics presented below were derived from information reported to the Central Arizona Board of Realtors and does not include unreported or for sale by owner transactions.
For the first quarter of 2009, Payson and Star Valley reported the sale of 42 homes.
The average selling price was $265,273 with an average of 197 days on the market.
This compares to the first quarter of 2008 when 57 homes sold at an average of $356,887.
Average days on the market were 184.
Total value of all homes sold in the first quarter in 2009 was $11 million.
First quarter 2008 saw transactions worth $20 million.
In the first quarter, homes sold at an average of 11.1 percent below listed price.
Payson and Star Valley currently have 524 homes on the market.
This is up from the 459 homes we had listed at the end of the year.
The total value of homes on the market is $258 million.
No surprise that the purchase of vacation homes has suffered even more than the primary market.
Pine-Strawberry saw seven home sales in the first quarter of 2009 for a total value of $1.6 million.
This was down from 21 sales in the comparable period in 2008 with a total valuation of $6 million.
The average first quarter selling price was $223,214 compared to $282,342 in 2008.
Average days on the market were 176 and homes sold at an average of 8.6 percent below the listed price.
Pine and Strawberry currently have 125 homes on the market, which is down from the 129 homes on the market at year end.
The total value of the homes on the market in Pine-Strawberry is $40 million.
Barring some unforeseen circumstance, we would expect second quarter statistics to show improvement over the first quarter, however, without a crystal ball, we will have to wait and see if the government incentives stimulate the housing market.
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.