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Pinal County Resale Housing Market Continues Growth in Third Quarter 2005


January 16, 2006

MESA, AZ —During the third quarter 2005, there were 1,550 resale homes recorded sold in Pinal County while it stood at 1,790 for the second quarter 2005 and 1,010 sales in third quarter 2004. For all of 2004, there were 3,790 sales with 2,655 sales in the first three quarters of the year, while the current year-to-date total is 4,775 sales. In the resale market of Maricopa County, there were 30,715 sales in the third quarter of 2005 and 110,835 sales total for 2005.

The Pinal resale housing market has been increasingly popular for households seeking affordable housing, which is increasingly difficult to find in Maricopa County. For third quarter 2005, the median home price in Pinal County was $213,500 or 82 percent of the $259,700 for third quarter in Maricopa County. The average 30-year mortgage for third 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 was $1,030, while it would be $1,255 for a home in Maricopa County.

In 2004, the median resale price in Pinal County was $137,900, a 55 percent increase to the current $213,500. In Maricopa County, the median price increased 46 percent from $117,500 in third quarter 2004 to $259,700 in third quarter 2005. The median square footage for a resale home in Pinal County was 1,525 square feet while it was 1,640 square feet in Maricopa County.

GREATER PHOENIX REAL ESTATE MARKET

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
  Third Quarter 2004 Third Quarter 2005
  Resales Median Price ($) Resales Median Price ($)
Apache Junction 375 145,000 410 222,375
Arizona City 40 88,750 95 134,450
Casa Grande 170 115,900 310 165,900
Coolidge 25 74,900 45 83,200
Eloy 15 55,250 40 87,000
Florence 20 78,000 40 186,100
Maricopa 50 155,000 115 245,450
Queen Creek 190 141,000 385 235,000
San Manuel 15 67,000 15 75,355
Tucson (Saddlebrook) 70 279,000 55 364,900
Pinal County 1,010 137,900 1,550 213,500