The third quarter real estate statistics showed better sales results than the first and second quarter of this year.
Based on observation and the following numbers, we are seeing buying activity increasing as predicted by real estate economists.
They expect a slow, steady rise in prices and sales through the year 2014.
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.
In the third quarter, Payson and Star Valley reported 90 home sales, up from 66 homes in the second quarter.
The average selling price was $245,281 with an average of 188 days on the market.
The average price in the second quarter was $256,360 with a much longer 213 average days on the market.
The total value of residential transactions was $22 million.
The market became more competitive as homes sold at an average of 7.25 percent below listed price compared to 8.3 percent in the first quarter.
Payson-Star Valley currently has 529 homes on the market which was approximately the same as the second quarter.
The total value of homes on the market is $22 million.
The number of homes sold in Pine-Strawberry nearly doubled the amount sold in the second quarter.
There were 32 sales compared to 17 in the second quarter.
Total value of home sales was $7 million.
The average third quarter selling price was $218,731 which showed a nice increase over the second quarter figure of $204,705.
Average days on the market were down to 183 versus 196 in the second quarter of this year.
Pine-Strawberry currently has 147 homes on the market.
At the end of the second quarter there were 162 homes on the market. The total value of homes on the market is $21.2 million.
It would appear that the Rim Country real estate market has stabilized and if predictions are true, we should see a slow but steady rise in sales.
Other factors that will help our real estate market are the assurance of a water supply in Payson and Pine-Strawberry.
When the Arizona State University campus becomes a reality, it may cause prices and sales activity to rise faster than the national average assuring a faster recovery in our locale.
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.