Finally, some good news to report.
The second quarter of 2012 brought with it an upward trend in home values, that will hopefully continue.
The average selling price of homes in both Payson and Pine-Strawberry increased from the first quarter of 2012.
Pine-Strawberry showed the increase with home values up 61 percent.
Perhaps this is an indication that the higher end home buyer is returning to the Rim Country.
The statistics below were derived from information reported to the Central Arizona Board of Realtors and does not include unreported sales or “for sale by owner.”
For the second quarter of 2012, Payson and Star Valley reported the sale of 110 homes. The average selling price was $181,200 with an average of 193 days on the market.
This compares to the first quarter of 2012 when 76 homes sold for an average of $174,100 and were on the market for 160 days. First quarter 2012 had transactions totaling $13.2 million while second quarter brought in $20 million.
Payson-Star Valley currently has 295 homes on the market, up from 260. The total value of homes on the market is $92.7 million.
Pine-Strawberry saw sales velocity also increase in the second quarter of 2012, but more drastically than Payson with 37 home sales recorded in the second quarter of 2012 for a value of $8.2 million, up from from 19 sales in the first quarter of 2012.
The average sales price was $201,400, dramatically up from the first quarter average sales price of $125,100.
Homes sold at an average of 8.3 percent below list price.
P-S currently has 106 homes on the market, which is up from 76 at the end of the first quarter, with a value of $27 million.
The statistics are sending us signals that, like Phoenix, we may be seeing the start of the recovery. Interest rates are historically low with some lenders quoting rates below 3.75 percent for 30-year fixed-rate mortgages.
Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.