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Pinal County First and Second Quarter Resale Market Results


August 31, 2005

Reporter’s Note:
The Arizona Real Estate Center will now provide quarterly reports on resale home activity in Pinal County.

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.

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.

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.

Quarterly Resale Home Sales and Median Prices
Selected Cities in Pinal County

 
First Quarter 2004
First Quarter 2005
 
Resales
Median Price
Resales
Median Price
Apache Junction
285
$138,000
545
$169,900
Arizona City
40
86,190
70
95,400
Casa Grande
135
98,500
245
132,750
Coolidge
25
69,000
30
65,000
Eloy
15
73,000
15
72,500
Florence
10
81,800
25
130,500
Maricopa
25
152,700
85
178,770
Queen Creek
60
129,000
270
173,250
San Manuel
20
48,450
35
59,000
Tucson (Saddlebrook)
60
272,500
75
339,750
         
Pinal County
700
$128,700
1,435
$162,000

 
Second Quarter 2004
Second Quarter 2005
 
Resales
Median Price
Resales
Median Price
Apache Junction
400
$140,000
520
$193,500
Arizona City
50
85,250
100
105,900
Casa Grande
145
104,750
295
152,000
Coolidge
25
71,000
45
81,500
Eloy
20
55,700
40
71,460
Florence
10
79,000
40
126,500
Maricopa
25
151,950
120
222,500
Queen Creek
105
139,950
425
205,840
San Manuel
15
62,900
30
80,420
Tucson (Saddlebrook)
105
258,000
105
353,500
         
Pinal County
945
$134,000
1,790
$186,000

The Arizona Real Estate Center is associated with School of Applied Arts & 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.