The first quarter of 2017 ushered in a significantly improving housing market for the Heber-Overgaard area. Homes sales increased 33% in the first quarter compared with the first quarter of 2016: 2017 quarter one sales at 52 units compared with 39 units for the same period in 2016. If we apply the first quarter increase to our 2016 sales, we may find 2017 being a record setting year, with possibly as many at 369 homes selling this year! Of course, that extrapolation presumes that the housing market continues at its current pace for the remainder of the year – a presumption that may or may not hold true. However, given the continuing improvement in our economy and consumer confidence, as well as interest rates remaining at historic lows, the extrapolation may not be unrealistic. Only time will tell!
On the land side of the market, we’re seeing even better results! Land sales in the first quarter of 2017 doubled for the number of units sold during the same period in 2016: 2017 quarter one sales at 24 units compared with 12 units in quarter one of 2016. These numbers indicate that the improvement we started to see in this segment of the market last year is continuing (and increasing!) into 2017. And while the units sold are on the rise, the median price in the first quarter slipped 12.16% from the 2016 values: $32,500 thus far in 2017 compared with $37,000 in 2016. This is good news for buyers, as it shows that there are still great deals to be had in the land segment of our market. On the flip side, sellers are seeing some relief, as many have had their properties on the market for several years now with little movement. But given the 2017 first quarter numbers, coupled with last year’s improving land market, sellers should expect to see market times improving if the overall market continues its current trend.
Inventories in our local market remain low compared with the summer selling season, but I expect that will change with spring here and as sellers start considering listing their properties for the upcoming selling season. Also, at $142,500, the 2016 median price of a home in our local market remains well below the 2016 national median price of $228,900, creating an affordable market environment for our buyers.
If you’d like monthly market stats e-mailed to you or if you’d like to know what your property is worth in today’s market with no hassles and no obligation, 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. We at Dominion Group Properties are Your Rim Country Real Estate Professionals!
Source: White Mountain MLS, April 3, 2017