Pinal County First and Second Quarter Resale Market Results

<p><i>Reporter’s Note:<br /> The Arizona Real Estate Center will now provide quarterly reports on resale home activity in Pinal County.</i></p><separator></separator><p>During the second quarter 2005, there were 1,790 resale homes recorded sold in Pinal County while it stood at 1,450 for the first quarter 2005 and 945 sales in second quarter 2004. For all of 2004, there were 3,790 sales with 1,345 sales in the first half of the year. In the resale market of Maricopa County, there were 27,325 sales in the first quarter of 2005 and 30,705 sales in the second quarter for a half year total of 58,030 sales, while it was 3,240 sales in Pinal County for the first half of 2005.</p><separator></separator><p>The Pinal resale housing market has been popular for households seeking affordable housing that is increasingly difficult to find in Maricopa County. For second quarter 2005, the median home price in Pinal County was $186,000 or 70 percent of the $235,500 in Maricopa County. The average 30-year mortgage for second quarter 2005 was 5.5 percent. Based on an 85 percent loan-to-value, the monthly mortgage payment for the median price home in Pinal County would be $900, while it would be $1,140 for a home in Maricopa County.</p><separator></separator><p>Last year, the median resale price in Pinal County was $134,000. It has increased 39 percent to the current $186,000. Maricopa County had the same percentage increase as the median home price moved from $170,000 to $235,000. The median square footage for a resale home in Pinal County was 1,520 square feet, while it was 1,655 square feet in Maricopa County. <br /></p><separator></separator><p align="center"><b>Quarterly Resale Home Sales and Median Prices<br /> Selected Cities in Pinal County</b></p><separator></separator><table width="100%" border="0" cellpadding="2" cellspacing="2"> <tbody><tr> <td> </td> <td colspan="2" bgcolor="#dddddd"><div align="center"><b>First Quarter 2004</b></div></td> <td colspan="2" bgcolor="#dddddd"><div align="center"><b>First Quarter 2005</b></div></td> </tr> <tr> <td> </td> <td bgcolor="#eeeeee"><div align="right">Resales</div></td> <td bgcolor="#eeeeee"><div align="right">Median Price </div></td> <td bgcolor="#eeeeee"><div align="right">Resales</div></td> <td bgcolor="#eeeeee"><div align="right">Median Price </div></td> </tr> <tr> <td>Apache Junction</td> <td><div align="right">285</div></td> <td><div align="right">$138,000</div></td> <td><div align="right">545</div></td> <td><div align="right">$169,900</div></td> </tr> <tr> <td>Arizona City</td> <td><div align="right">40</div></td> <td><div align="right">86,190</div></td> <td><div align="right">70</div></td> <td><div align="right">95,400</div></td> </tr> <tr> <td>Casa Grande</td> <td><div align="right">135</div></td> <td><div align="right">98,500</div></td> <td><div align="right">245</div></td> <td><div align="right">132,750</div></td> </tr> <tr> <td>Coolidge</td> <td><div align="right">25</div></td> <td><div align="right">69,000</div></td> <td><div align="right">30</div></td> <td><div align="right">65,000</div></td> </tr> <tr> <td>Eloy</td> <td><div align="right">15</div></td> <td><div align="right">73,000</div></td> <td><div align="right">15</div></td> <td><div align="right">72,500</div></td> </tr> <tr> <td>Florence</td> <td><div align="right">10</div></td> <td><div align="right">81,800</div></td> <td><div align="right">25</div></td> <td><div align="right">130,500 </div></td> </tr> <tr> <td>Maricopa</td> <td><div align="right">25</div></td> <td><div align="right">152,700</div></td> <td><div align="right">85</div></td> <td><div align="right">178,770</div></td> </tr> <tr> <td>Queen Creek</td> <td><div align="right">60</div></td> <td><div align="right">129,000</div></td> <td><div align="right">270</div></td> <td><div align="right">173,250</div></td> </tr> <tr> <td>San Manuel</td> <td><div align="right">20</div></td> <td><div align="right">48,450</div></td> <td><div align="right">35</div></td> <td><div align="right">59,000</div></td> </tr> <tr> <td>Tucson (Saddlebrook)</td> <td><div align="right">60</div></td> <td><div align="right">272,500</div></td> <td><div align="right">75</div></td> <td><div align="right">339,750 </div></td> </tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td>Pinal County</td> <td><div align="right">700</div></td> <td><div align="right">$128,700</div></td> <td><div align="right">1,435</div></td> <td><div align="right">$162,000</div></td> </tr> </tbody></table> <br /><table width="100%" border="0" cellpadding="2" cellspacing="2"> <tbody><tr> <td> </td> <td colspan="2" bgcolor="#dddddd"><div align="center"><b>Second Quarter 2004</b></div></td> <td colspan="2" bgcolor="#dddddd"><div align="center"><b>Second Quarter 2005</b></div></td> </tr> <tr> <td> </td> <td bgcolor="#eeeeee"><div align="right">Resales</div></td> <td bgcolor="#eeeeee"><div align="right">Median Price </div></td> <td bgcolor="#eeeeee"><div align="right">Resales</div></td> <td bgcolor="#eeeeee"><div align="right">Median Price </div></td> </tr> <tr> <td>Apache Junction</td> <td><div align="right">400</div></td> <td><div align="right">$140,000</div></td> <td><div align="right">520</div></td> <td><div align="right">$193,500</div></td> </tr> <tr> <td>Arizona City</td> <td><div align="right">50</div></td> <td><div align="right">85,250</div></td> <td><div align="right">100</div></td> <td><div align="right">105,900</div></td> </tr> <tr> <td>Casa Grande</td> <td><div align="right">145</div></td> <td><div align="right">104,750</div></td> <td><div align="right">295</div></td> <td><div align="right">152,000</div></td> </tr> <tr> <td>Coolidge</td> <td><div align="right">25</div></td> <td><div align="right">71,000</div></td> <td><div align="right">45</div></td> <td><div align="right">81,500</div></td> </tr> <tr> <td>Eloy</td> <td><div align="right">20</div></td> <td><div align="right">55,700</div></td> <td><div align="right">40</div></td> <td><div align="right">71,460</div></td> </tr> <tr> <td>Florence</td> <td><div align="right">10</div></td> <td><div align="right">79,000</div></td> <td><div align="right">40</div></td> <td><div align="right">126,500</div></td> </tr> <tr> <td>Maricopa</td> <td><div align="right">25</div></td> <td><div align="right">151,950</div></td> <td><div align="right">120</div></td> <td><div align="right">222,500</div></td> </tr> <tr> <td>Queen Creek</td> <td><div align="right">105</div></td> <td><div align="right">139,950</div></td> <td><div align="right">425</div></td> <td><div align="right">205,840</div></td> </tr> <tr> <td>San Manuel</td> <td><div align="right">15</div></td> <td><div align="right">62,900</div></td> <td><div align="right">30</div></td> <td><div align="right">80,420</div></td> </tr> <tr> <td>Tucson (Saddlebrook)</td> <td><div align="right">105</div></td> <td><div align="right">258,000</div></td> <td><div align="right">105</div></td> <td><div align="right">353,500</div></td> </tr> <tr> <td> </td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td>Pinal County</td> <td><div align="right">945</div></td> <td><div align="right">$134,000</div></td> <td><div align="right">1,790</div></td> <td><div align="right">$186,000</div></td> </tr> </tbody></table> <hr /> <i>The Arizona Real Estate Center is associated with School of Applied Arts &amp; Sciences at Arizona State University’s Polytechnic campus. The center collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. The center is a comprehensive and objective source of real estate information for private, public and governmental agencies. Its director, Dr. Jay Q. Butler, may be reached at (480) 727-1300 or e-mail him at Jay.Butler@asu.edu.</i></p>