The good news: the second quarter of 2011 produced an uptick in units sold over the second quarter of 2010 and the first quarter of 2011 in both Payson-Star Valley and Pine-Strawberry.
The not so good news: the average sales price of homes continued to drop.
However, the trend lines seem to indicate that prices may have bottomed out.
A reason for the drop in average sale prices may be attributed to an increase in units of lower priced homes being purchased.
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 second quarter of 2011, Payson and Star Valley reported the sale of 115 homes. The average selling price was $190,000 with an average of 160 days on the market.
This compares to the first quarter of 2011 when 71 homes sold at an average of $212,500. Average days on the market were 160.
Total value of all homes sold in the second quarter in 2011 was $22 million.
First quarter 2011 saw transactions worth $15.1 million.
In the second quarter, homes sold at an average of 8.25 percent below listed price versus 6 percent in the first quarter.
Payson-Star Valley currently has 324 homes on the market, which is down from 328 at the end of the first quarter. The total value of homes on the market is $108.7 million.
Pine-Strawberry saw sales velocity also increase in the second quarter of 2011. Thirty-five home sales were recorded in the second quarter of 2011 for a total value of $5.3 million.
This was up from 18 sales in the first quarter of 2011.
The average second quarter selling price was $152,400 compared to $175,500 in the first quarter of 2011.
Average days on the market were 146, up from the 130 days registered in the first quarter stats.
Homes sold at an average of 8 percent below the listed price.
Pine-Strawberry currently has 157 homes on the market which is up from 107 at the end of the first quarter.
The total value of the homes on the market in Pine-Strawberry is $40 million.
There are 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 still below 5 percent.
Ray Pugel is a designated Realtor with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216