Pinal County Resale Housing Market Experiences Similar Decline as Maricopa County for Second Quarter 2006
During the second quarter of 2006, there were 1,180 resale homes recorded sold in Pinal County, while it stood at 1,110 for the first quarter 2006 and 1,785 sales for a year ago. For second quarter 2006, there were 18,310 sales recorded in Maricopa County.
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 2006, the median home price in Pinal County was $211,000, while it was $220,000 in the fourth quarter 2005 and $162,000 for a year ago.
For the second quarter, the median home price in Pinal County was 80 percent of the $265,000 in Maricopa County. The average 30-year mortgage for second quarter 2006 was 6.2 percent. Based on an 85 percent loan-to-value, the monthly mortgage payment for the median price home in Pinal County would be $1,100 ($900 for a year ago), while it would be $1,380 for a home in Maricopa County.
Although Pinal County has a limited job base and commercial real estate sector, people were willing to drive increasingly longer distances to find affordable housing. However, declining affordability, higher gasoline prices and more congested highways could begin to limit the housing market in Pinal County.
"Last year, investors were drawn to affordable housing in Pinal County, contributing to the drive up in housing prices," said Jay Q. Butler, director of the Arizona Real Estate Center at Arizona State University's Polytechnic campus. "But the higher prices are probably limiting the investor's role in the local hosing market today, thus, there are many reasons for the slowing market and issues that will have to be overcome for any future recovery."
The median square footage for a resale home in Pinal County was 1,475 square feet, while it was 1,630 square feet in Maricopa County.
GREATER PHOENIX REAL ESTATE MARKET
Quarterly Resale Home Sales and Median Prices
Selected Cities in Pinal County
| City | First Quarter 2005 | First Quarter 2006 | ||
|---|---|---|---|---|
| Resales | Median Price | Resales | Median Price | |
| Apache Junction | 545 | $169,900 | 295 | $229,500 |
| Arizona City | 70 | 95,400 | 60 | 143,500 |
| Casa Grande | 245 | 132,750 | 220 | 175,000 |
| Coolidge | 30 | 65,000 | 50 | 114,000 |
| Eloy | 15 | 72,500 | 30 | 119,900 |
| Florence | 30 | 130,500 | 30 | 195,950 |
| Maricopa | 85 | 178,770 | 95 | 250,000 |
| Queen Creek | 270 | 173,250 | 230 | 239,860 |
| San Manuel | 35 | 59,000 | 25 | 80,000 |
| Tucson (Saddlebrook) | 75 | 339,750 | 45 | 462,500 |
| Pinal County | 1,435 | $162,000 | 1,110 | $211,500 |
| City | Second Quarter 2005 | Second Quarter 2006 | ||
|---|---|---|---|---|
| Resales | Median Price | Resales | Median Price | |
| Apache Junction | 520 | $193,500 | 305 | $224,450 |
| Arizona City | 100 | 105,900 | 65 | 139,900 |
| Casa Grande | 295 | 152,000 | 215 | 179,000 |
| Coolidge | 45 | 81,500 | 45 | 123,000 |
| Eloy | 40 | 71,460 | 40 | 89,000 |
| Florence | 40 | 126,500 | 25 | 170,000 |
| Maricopa | 120 | 222,500 | 95 | 256,500 |
| Queen Creek | 425 | 205,840 | 250 | 235,000 |
| San Manuel | 30 | 80,420 | 30 | 104,000 |
| Tucson (Saddlebrook) | 105 | 353,500 | 50 | 370,000 |
| Pinal County | 1,790 | $186,000 | 1,180 | $211,000 |
| City | 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 |
| City | Fourth Quarter 2004 | Fourth Quarter 2005 | ||
|---|---|---|---|---|
| Resales | Median Price | Resales | Median Price | |
| Apache Junction | 420 | $157,365 | 360 | $220,000 |
| Arizona City | 85 | 87,540 | 95 | 145,000 |
| Casa Grande | 200 | 128,000 | 210 | 175,000 |
| Coolidge | 35 | 65,000 | 35 | 90,250 |
| Eloy | 20 | 78,500 | 30 | 80,000 |
| Florence | 10 | 77,500 | 40 | 165,000 |
| Maricopa | 55 | 165,000 | 90 | 252,500 |
| Queen Creek | 185 | 151,000 | 345 | 243,900 |
| San Manuel | 30 | 66,800 | 25 | 83,500 |
| Tucson (Saddlebrook) | 60 | 295,000 | 55 | 389,950 |
| Pinal County | 1,135 | $145,000 | 1340 | $220,000 |