The Rim Country real estate market in 2008 was not exempt from the slowdown that is being experienced nationwide. Following are statistics for 2008. The statistics were derived from information reported to the Central Arizona Board of Realtors and do not include unreported or for sale by owner transactions.
In 2008, there was a 30-percent decrease in homes sold compared to 2007. A total of 263 homes sold in Payson-Star Valley compared to 376 in 2007. The average selling price in 2008 was $313,028 versus $334,883 in 2007. The average sales price decreased by 7 percent. The average days on the market for a home to sell were 192 days in 2008 versus 147 in 2007.
The statistics for the Pine-Strawberry market were as follows: home sales decreased by 23 percent from 2007. A total of 99 homes were sold in 2008 versus 129 in 2007. The average selling price in 2008 was $251,045 versus 315,186 in 2007. The average sales price decreased by 20 percent. This number is somewhat skewed, however, because buyers apparently had their eyes on less luxurious homes. In 2007, 28 homes sold with a price tag over $400,000 versus only 8 in 2008. The average days on the market for a home to sell were 159 in 2008 versus 141 in 2007.
Land sales also slowed considerably in 2008. According to MLS statistics, Payson-Star Valley recorded 45 land sales in 2008 versus 76 in 2007. The average selling price in 2008 was $157,971 versus $229,124 in 2007. Average days on the market in 2008 were 193 versus 166 in 2007.
Pine-Strawberry also showed a slowdown in land sales in 2008, but surprisingly held their average sales price better than the Payson market. There were 20 land transactions in 2008 versus 52 in 2007. The average sales price in 2008 was $115,125 versus $122,249 in 2007. This was a decrease of only 5.8 percent. However, days on the market increased from 134 in 2007 to 170 in 2008.
There is some good news as far as the number of homes on the market.
Payson-Star Valley currently has 459 homes on the market which is down from the 549 homes that were on the market on Sept. 30, 2008. Pine-Strawberry has also showed a reduction in the number of homes on the market. Currently there are 129 homes for sale compared to 147 on Sept. 30, 2008.