The third quarter real estate statistics for the Rim Country produced another uptick in units sold.
There was good news for the average sales price in Payson-Star Valley as home prices had a small, but encouraging increase.
Fall is usually a good time of year in our area for home sales.
Valley residents normally show renewed interest in a home in the high country after the excruciating hot summer days in the Valley.
Buyers continue to be bargain hunters, and a home priced appropriately for this market is the key to selling in a reasonable time period.
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.
Payson – Star Valley
For the third quarter 2010, Payson and Star Valley reported the sale of 98 homes.
The average selling price was $212,423 with an average of 178 days on the market.
This compares to the second quarter of 2010 when 90 homes sold at an average of $210,189.
Last quarter average days on the market were 181.
Total value of homes sold in the third quarter in 2010 was $20,817,453.
Second quarter 2010 saw transactions worth 17,548,387. In the third quarter, homes sold at an average of 6 percent below listed price versus 7.2 percent in the second quarter.
Payson – Star Valley currently has 433 homes on the market which is down from 489 at the end of the second quarter. The total value of homes on the market is $150,058,359.
Pine-Strawberry saw sales velocity also increase in the third quarter of 2010.
34 home sales were recorded in the third quarter of 2010 for a total value of $5,840,277.
This was up from 24 sales in the second quarter of 2010 with a total valuation of $5,057,200.
The average second quarter selling price was $171,733 compared to $210,717 in the second quarter of 2010.
Average days on the market increased to 230, considerably up from the 135 days registered in the second quarter stats.
Homes sold at an average of 6.2 percent below listed price vs. 6.7 percent in the second quarter.
Pine-Strawberry currently has 137 homes on the market which is down from 139 at the end of the second quarter. The total value of homes on the market in Pine-Strawberry is $35,168,899.
Based on recent activity, we would expect the fourth quarter to be comparable to the third quarter.
Many of us believe, based on the cyclical nature of our industry, that there are opportunities of a lifetime to purchase a primary residence or vacation home. Mortgage interest rates continue to be at all-time lows.
Ray Pugel is a designated broker with Coldwell Banker Bishop Realty, (928) 474-2216.