Pinal County Resale Housing Market Continues Growth in Third Quarter 2005
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 |