Rim Country Real Estate Market Ends Year On An Uptick

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The Rim Country real estate market in 2011 gave realtors cause for optimism and concern.

The number of homes sold increased, however, prices continued to drop from 2010 levels.

The same pattern held true in the Phoenix metropolitan market, indicating some positive trends.

The information that follows was derived from information reported to the Central Arizona Board of Realtors and does not include unreported or for sale by owner transactions.

HOMES

For Payson and Star Valley, there was a 13-percent increase in homes sold compared to 2010 with 420 homes sold in the area compared to 371 in 2010.

The average selling price in 2011 was $189,412 vs. $201,454 in 2010.

The average sales price decreased by 6 percent, which reflects a near bottoming out in price levels.

The average days a home was on the market before it sold was 182 days in 2011 vs. 167 in 2010.

In Pine-Strawberry, the number of home sales increased by 13 percent from 2010.

In 2011, 122 homes were sold vs. 108 in 2010.

The average selling price in 2011 was $155,683 vs. $194,430 in 2010 and the average sales price decreased by 20 percent. Average days on the market in 2011 were 157 compared to 204 in 2010.

LAND

Land sales in Payson and Star Valley were flat in 2011.

According to Multiple Listing Service (MLS) statistics, Payson-Star Valley recorded 63 land sales in 2011 vs. 61 in 2010.

The average selling price was $48,225 vs. $51,270 in 2010.

Average days on the market increased to 272 vs. 262 in 2010.

Pine-Strawberry, like Payson-Star Valley had sale numbers similar to 2010, however, the average price showed a substantial decrease.

There were 20 land transactions in 2011 vs. 19 in 2010.

The average sales price in 2011 was $33,300 vs. $56,254. Days on the market decreased from 241 in 2010 to 166 in 2011.

A spot of hope is the number of homes on the market.

The supply has shrunk dramatically from last year, indicating that prices may be on the rebound and signaling the return to a more stable real estate market.

Payson-Star Valley currently has 251 homes on the market.

At this time last year, there were 300 homes on the market.

Pine-Strawberry has a reduced number of homes on the market as well.

Currently, there are 88 homes for sale compared to 110 at the end of 2010.

According to the “experts,” we should see prices begin a slow upward trend in 2012 in Arizona.

Interest rates remain at all-time lows and, contrary to the media reports, banks are lending to qualified buyers.

Loans are available with as little as 3.5 percent down and Veterans Affairs loans are available with a zero down payment.

Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.

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