Home prices in Pinal remain steady over last quarter

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FLORENCE, AZ – Home prices in Pinal County remained steady over the first two quarters of 2013. The average residential single family sale was $154,416 in the second quarter (Q2) of 2013 compared to $154,616 in the previous quarter. The quarterly sales volume rose to 1,827 homes from 1,568 during the previous three month period.

 The second quarter average sale price results represent a gain of 14% over the year ago results, although the sales volume slowed from 2,003 homes in Q2 of last year to 1,827 in Q2 of this year.

 County Assessor Douglas Wolf stated, “After the dramatic year-over-year price increases we saw in the first quarter results, it is encouraging to see those values hold up in the market place.”

 “With an average sale price of $263,799 in Maricopa County for June, 2013, housing in Pinal County is still competitively priced. If the regional economy continues to recover, we would anticipate further price appreciation going forward,” added Mr. Wolf.

 There were 447 residential sales in the City of Maricopa with an average price of $144,574 during the second quarter. Casa Grande had 175 sales with an average of $136,568. The average for Apache Junction was $118,961 with 100 sales. The Town of Florence only had 37 sales in first quarter but the average price was $143,452.

 The top sale for the period was a 3,800 square foot home in the Superstition Mountain neighborhood of Gold Canyon. It sold for $935,000 in early June.

 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 one quarter’s results are 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.

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