What a year 2016 turned out to be in our local real estate market! Values were up, as were sales (units sold), with the latter exceeding the units sold over the past five years (actually, since the market crash some seven years ago!). Here’s a chart showing how the housing side of the market faired last year.
You’ll notice that total housing units sold in 2016 was 277 units, a very significant increase of 17.9% over 2015 and the highest number of units sold since the market crash. In fact, Heber-Overgaard enjoyed the largest increase in Units Sold of all the White Mountain Communities (Pinedale, Linden, Show Low and Pinetop/Lakeside).
More good news in 2016, as we saw the median price of housing in Heber-Overgaard increase to $142,500, a 5.95% increase over 2015. As you can see in the chart above, median home prices have been steadily increasing in Heber-Overgaard since 2013, another sign that the market continues to improve.
On the land side of the market, we saw an even more impressive increase in the number of units sold in 2016, beating out the housing segment. As of the end of 2016, 63 land units sold in Heber-Overgaard—an 18.9% increase over 2015. And while the median price increased to $37,000 (up 5.71% over 2015), last year’s median price is down from the high in 2014 at $40,000. There are indications that both the land and housing segments of the market may continue to improve going forward:
- Interest Rates, while rising a bit, are still extremely low.
- The economy continues to improve, so buyers have more discretionary income to spend on luxury items, like second homes.
- Inventories continue to decline; however, that will likely change come spring when more people bring their properties (back) to market.
- We’re seeing more spec and custom building in our communities, which helps to drive land sales up.
I would expect we’ll continue to see improvement in our market into 2017 . . . barring any unforeseen blips in economic conditions that may impact the market.
For home and land buyer or seller assistance, please contact one of our Dominion Group Properties’ Real Estate Professionals at 928.468.3232 or visit us at our Bison Ranch office in Overgaard. Learn more about us at www.dgp-az.com or scan the QR Code to visit our website on your smartphone now. We at Dominion Group Properties are Your Rim Country Real Estate Professionals!
Source: WMAR MLS as of January 1, 2017