curtesy of Jeremy Eaton, Sales and Marketing, Security Title Agency
(520) 208-0148 jeremy.eaton@securitytitle.com
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For more information on the real estate opportunities in Casa Grande, Arizona
visit Neal Buckner's website: http://nealbuckner.com/
Neal Buckner, Realtor, Advantage Home Team Real Estate
Keller Williams Legacy One Realty
(520) 280-2766 neal@advhometeam.com
| Good news, bad news- Pinal County home sales climb, but prices slide | |||||||
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| Sales of existing and new homes showed signs of life during the second quarter of this year, but prices continued to erode. |
| Foreclosures also increased in the second quarter, according to figures from the Realty Studies Department at Arizona State University that were released this week. Perhaps the most disturbing news was that foreclosure sales accounted for slightly more than 40 percent of the existing home sales in Pinal County, though that was down from nearly 47 percent in the first quarter. In terms of raw numbers, foreclosure sales in Pinal rose from 785 in the first quarter of 2008 to 845 in the second quarter. Foreclosures accounted for 41.6 percent of the sales of existing homes in Casa Grande in the second quarter (50 of 120 total sales), 44 percent in Florence (60 of 135) and 46.6 percent in Maricopa (140 of 300). Foreclosures accounted for fully half the sales in the smaller markets of Coolidge (35 of 70) and Eloy (10 of 20). Sales of existing homes rose from 1,680 to 2,100 from the first quarter to the second for all of Pinal County, according to the study. Coolidge and Florence posted gains, but the overall numbers were about the same in Maricopa and Eloy and actually shrank in Casa Grande. Sales of existing homes in Casa Grande fell from 170 in the first quarter to 120 in the second. All but Casa Grande and Maricopa showed an increase in foreclosure sales during the second quarter. Foreclosure sales slipped from 70 in the first quarter to 50 in the second in Casa Grande, and from 175 to 140 in Maricopa. New home sales rose in the county and in each municipality with the exception of Maricopa, where they fell from 570 in the first quarter to 530 in the second. Casa Grande sales of new homes increased from 295 in the first quarter to 370 in the second. For all of Pinal County, new home sales rose from 1,865 to 1,925. Prices for new homes continued to slide with the exception of Florence, which showed a slight price gain during the second quarter. Florence new homes showed a median price of $179,990 in the first quarter, but climbed to $185,000 in the second. Casa Grande new home prices slipped from a median of $176,945 in the first quarter to $169,365 in the second. Pinal County new home prices slipped from $174,000 to $167,690. Otherwise, the prices of both new and existing homes were lower everywhere, and the decline held true both for traditional resales of existing homes and for foreclosure sales. Casa Grande's resale price medians slipped to $149,000 for traditional transactions and $132,310 for foreclosures in the second quarter of 2008. Those numbers were $150,900 for traditional resales and $167,900 for foreclosures in Maricopa. The median sales price for all resales in Pinal has fallen from $220,000 in the fourth quarter of 2005 to $143,000 for the second quarter of 2008. The median price of traditional resales of existing homes was $145,000 for the most recent quarter, compared to a median of $141,000 for foreclosure sales. Arizona ranked second nationally in pre-foreclosures during July, according to Foreclosures.com, with 54.9 filings per 1,000 households. Nevada topped the list with 59.1 filings per 1,000 households. Not all affected properties are foreclosed since pre-foreclosure filings are an initial notice. Nationwide, foreclosure filings grew by more than 50 percent in July compared to the same month a year earlier, according to RealtyTrac Inc. The California-based company monitors default notices, auction sales notices and bank repossessions. It said more than 77,000 properties were repossessed by lenders in July, and that foreclosure filings increased in all but eight states compared to July 2007. More than 272,000 homes nationwide received at least one foreclosure-related notice in July, RealtyTrac said, or one in every 464 U.S. households. Foreclosure is the only option available to many financially strapped homeowners who either can't find buyers or owe more than their home is worth and can't refinance into an affordable loan. Lenders facing a pileup of foreclosed properties on their books are cutting prices dramatically. RealtyTrack said it had more than 750,000 foreclosed homes in its national database of properties for sale, about 17 percent of the 4.5 million U.S. homes up for sale. Information from The Associated Press was used to supplement this story.
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| ©Casa Grande Valley Newspapers Inc. 2008 |
(520) 280-2766 or email: neal@advhometeam.com
Casa Grande Vacation Rental
Brought to you by:
Neal Buckner, Realtor
Advantage Home Team Real Estate
Keller Williams Legacy One Realty
2028 N. Trekell Rd., Ste. 102
Casa Grande, AZ 85222
(520) 280-2766
