The average sale price for a residential property in Pinal County rose 22.5 percent in the first quarter of 2013 compared to the same period last year.
While there were only 1,568 homes sold in the first three months of this year versus 2,104 in the first quarter of 2012, the average sale price went from $126,170 one year ago to $154,616 for the most recent three month period ending March 31st.
The average square footage remained relatively similar at 1,945 for 2013 and 1,970 in 2012.
There were 317 residential sales in the city of Maricopa with an average price of $146,163 during the first quarter. Casa Grande had 135 sales with an average of $132,240. The average for Apache Junction was $123,372 with 106 sales, the county assessor’s office reported. The Town of Florence only had 36 sales in first quarter but the average price was $162,670.
“This dramatic recovery in prices is a welcome relief to homeowners who have been more used to seeing a decline in values,” County Assessor Douglas Wolf said.
“While it is difficult to make predictions too far into the future, our region appears to be experiencing a recovery in the housing market and a pickup in the pace of new construction,” Wolf added.
The top sale for the period was a 4,200 square foot home backing to the golf course in Gold Canyon. It sold for $1,100,000 in early March.
Assessed values are based on past trends so the latest sales data will not be reflected in home valuations until the 2015 notices are mailed out early next year. Valuations are based on sales history over an 18-month period so the dramatic rise in prices in the last quarter is not an exact predictor of what will happen on next year’s Notice of Values.
Sales information is based upon data obtained by the Assessor's Office via recorded Affidavits of Property Value (ARS § 11-1133, Form 82162). Only residential sales validated by the Arizona Department of Revenue were included in this quarterly report.