The first 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.
Pine-Strawberry had similar results with an increased number of units sold, but also a drop in average sales price.
We are seeing increased buyer foot traffic and the number of Internet searches is increasing.
The statistics presented below were derived from information reported to the Central Arizona Board of Realtors and does not include unreported sales or “for sale by owner” transactions.
For the first quarter of 2011, Payson and Star Valley reported the sale of 71 homes.
The average selling price was $213,000 with an average of 195 days on the market.
This compares to the first quarter of 2010 when 62 sold at an average of $227,00.
Average days on the market were 154.
Total value of all homes sold in the first quarter in 2011 was $15 million.
First quarter 2010 saw transactions worth $13.2 million.
In the first quarter, homes sold at an average of 6 percent below their listed price.
Payson-Star Valley currently has 328 homes on the market. This is significantly less than the first quarter of 2010 when there were 422 homes on the market.
If the law of supply/demand works as it has in the past, this would indicate we may start to see home prices rise barring a release of the alleged shadow inventory. (Shadow inventory are homes that lenders may be holding off the market.)
Pine-Strawberry also saw sold units increase over the first quarter of 2010 — 18 homes were sold in the first quarter of this year compared to 15 in last year’s first quarter.
The total amount of sales was $3.2 million.
The average sales price was $175,500 compared to $233,300 in first quarter 2010.
Average days on the market were 130 and homes sold at an average of 6.4 percent below their listed price.
Pine-Strawberry currently has 107 homes on the market. The total value of homes on the market is $27.3 million.
Many experts are publishing reports that the bottom is here.
Some are predicting a slow steady rise in pricing, while others are predicting the increase in home prices will be much faster than expected.
Time will tell.
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.