The Rim Country real estate market in 2012 gave us cause for optimism as the market bottomed out.
The number of homes sold in Payson-Star Valley was about equal to 2011 levels, however, Pine-Strawberry saw an uptick.
The Rim Country real estate market has been trailing the Phoenix market by a year and if the pattern continues, we may see some encouraging statistics this year.
The information below was derived from information reported to the Central Arizona Board of Realtors and excludes unreported or for sale by owner transactions.
For Payson-Star Valley in 2012, home sales were on par with 2011. Sales were only three homes less in Payson-Star Valley in 2012 than the year prior. The average selling price in 2012 for the 417 homes sold was $187,000 vs. $189,00 in 2011. As you can see, the average sales price was flat, which reflects a near bottoming out in price levels. The average days on the market for a home to sell was 196 days in 2012 vs. 182 in 2011.
Pine-Strawberry showed a vast improvement over 2011. The number of home sales increased by almost 19 percent from 2011. In 2012, 145 homes were sold vs. 122 in 2011. The average selling price in 2012 was $182,500 vs. $155,700 in 2011, which is an average sales price increase of 17 percent. Average days on the market in 2012 were 196 compared to 157 in 2011.
The number of land sales in Payson-Star Valley were flat in 2012, however, there was a significant increase in average sales price. According to statistics, Payson-Star Valley recorded 67 land sales in 2012 vs. 63 in 2011. The average selling price in 2012 was $74,080 vs. $48,225 in 2011. Average days on the market in 2012 increased to 313 vs. 272 in 2011.
Pine-Strawberry again showed an increase. There were 29 land transactions in 2012 vs. 20 in 2011. However, the average sales price remained flat. Average sales price in 2012 was $34,718 vs. $33,000 in 2011. Days on the market increased from 166 in 2011 to 458 in 2012.
Payson-Star Valley currently has 302 homes on the market. At this time last year, there were 251 homes on the market. Pine-Strawberry has a greatly reduced number of homes on the market. Currently there are 67 homes for sale compared to 88 at the end of 2011.
Experts are predicting that home prices will continue to rise in Arizona in 2013. Interest rates remain at all-time lows and contrary to some reports, lenders are lending to qualified buyers. Loans are available with as little as 3.5 percent down and VA 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.