Year-end real estate statistics
The Rim Country real estate market in 2009 was statistically a mixed bag that most of us are glad to see end.
The new year brings some renewed optimism; however, we still have a hill to climb.
Following are real estate statistics for 2009.
The statistics reflect that there may be some fantastic buying opportunities in our area for those with the fortitude to buy and hold.
Five years from now, we may be saying, “I could have bought that property for….”
The information was derived from information reported to the Central Arizona Board of Realtors and does not include unreported or for sale by owner transactions.
For the Payson and Star Valley area in 2009, there was a 6-percent increase in homes sold compared to 2008, with 281 homes sold in Payson-Star Valley compared to 263 in 2008.
The average selling price in 2009 was $243,256 vs. $313,028 in 2008.
The average sales price decreased by 22 percent.
The average days on the market for a home to sell was 189 days in 2009 vs. 192 in 2008.
It is important to note that the average sales price does not necessarily reflect the change in individual values, as the higher-end market experienced a lower rate of sales than in previous years, thus skewing the average sales price.
The statistics for the Pine-Strawberry market were as follows: home sales decreased by 13 percent from 2008.
86 homes were sold in 2009 vs. 99 in 2008.
The average selling price in 2009 was $218,540 vs. $251,045 in 2008.
The average sales price decreased by 13 percent.
Again, the average sales price may be skewed because higher-end buyers have not returned to the market in significant numbers.
Land sales also slowed in 2009.
According to other MLS statistics, Payson-Star Valley recorded 37 land sales in 2009 vs. 45 in 2008.
The average selling price in 2009 was $109,546 vs. $157,971 in 2008.
Average days on the market in 2009 increased to 260 vs. 193 in 2008.
Pine-Strawberry also showed a slowdown in land sales in 2009.
There were 15 land transactions vs. 20 in 2008.
The average sales price in 2009 was $78,613 vs. $115,125 in 2008. This was a decrease of 31 percent.
Days on the market increased from 170 in 2008 to 226 in 2009.
A great source of optimism is the number of homes on the market.
The supply has shrunk dramatically from last year, indicating that prices may be on the rebound and signaling the return to a more stable real estate market.
Payson-Star Valley currently has 381 homes on the market.
At this time last year, there were 459 homes on the market. A decrease of 17 percent!
Pine-Strawberry has also showed a reduction in the number of homes on the market.
Currently, there are 99 homes for sale compared to 129 at the end of 2008, which is a reduction of 23 percent.
According to economists, we should start to see improvement in the housing market in 2010.
Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.