The third quarter real estate statistics for the Rim Country produced another uptick in units sold over the previous quarter.
There was good news for the average sales price as it appears selling prices have stabilized. Inventories of homes for sale have fallen drastically from this same period in 2010 which may indicate that prices will start to rise in the future. 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.
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 2011, Payson and Star Valley reported the sale of 119 homes.
The average selling price was $189,499 with an average of 196 days on the market. This compares to the second quarter of 2011 when 115 homes sold at an average of $190,429. Last quarter average days on the market were 160. Total value of homes sold in the third quarter in 2010 was $22,549,801. Second quarter 2011 saw transactions worth 21,889,300. In the third quarter, homes sold at an average of 6 percent below listed price versus 8.25 percent in the second quarter.
Payson – Star Valley currently has 303 homes on the market which is down from 324 at the end of the second quarter. The total value of homes on the market is $99,705,582. Also of note, inventories are down by 25 percent from the third quarter of 2010 when there were 433 homes on the market.
Pine-Strawberry saw sales marginally increase in the third quarter of 2011. There were 38 home sales recorded in the third quarter of 2011 for a total value of $5,687,150. This was up from 35 sales in the second quarter of 2011 with a total valuation of $5,333,125. The average second quarter selling price was $149,662 compared to $152,375 in the second quarter of 2011. Average days on the market increased to 153, slightly up from the 146 days registered in the second quarter stats. Homes sold at an average of 8.9 percent below listed price vs. 8 percent in the second quarter.
Pine-Strawberry currently has 126 homes on the market which is down considerably from the 157 that were on the market at the end of the second quarter. The total value of homes on the market in Pine-Strawberry is $34,101,503.
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.