The second quarter statistics for the Rim Country real estate picture produced an uptick in units sold, however, the average sales price dropped in Payson-Star Valley from the first quarter of 2010.
This lower average sales price does not necessarily reflect lowering in values, but may be caused by increased absorption of lower priced properties.
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, however, buyers continue to be bargain hunters. 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 second quarter 2010, Payson and Star Valley reported the sale of 90 homes.
The average selling price was $210,189 with an average of 181 days on the market.
This compares to the first quarter of 2010 when 62 homes sold at an average of $226,987. Average days on the market were 154. Total value of all homes sold in the second quarter in 2010 was $17,548,387.
First quarter 2010 saw transactions worth $13,888,185. In the second quarter, homes sold at an average of 7.2 percent below listed price versus 10 percent in the first quarter.
Payson-Star Valley currently has 489 homes on the market which is up from 422 at the end of the first quarter. The total value of homes on the market is $185,108,670.
Pine-Strawberry saw sales velocity also increase in the second quarter of 2010. Twenty-four home sales were recorded in the second quarter of 2010 for a total value of $5,057,200. This was up from 15 sales in the first quarter of 2010 with a total valuation of $3,566,850. The average second quarter selling price was $210,717 compared to $237,290 in the first quarter of 2010.
Average days on the market were 135, considerably down from the 222 days registered in the first quarter stats. Homes sold at an average of 6.7 percent below the listed price.
Pine-Strawberry currently has 139 homes on the market which is up from 111 at the end of the first quarter. The total value of the homes on the market in Pine-Strawberry is $38,292,899.
We would expect third quarter statistics to show improvement over the second quarter and the trend for 2010 to outpace the dismal 2009 results. There is mixed signals from economists as to where the market is headed, however, it appears that buyers still have an unbelievable opportunity to purchase a home below replacement cost value at interest rates that are below 5 percent.