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Pinal County Resale Housing Market for Fourth Quarter 2005


April 18, 2006

MESA, AZ — During the fourth quarter 2005, there were 1,280 resale homes recorded sold in Pinal County while it stood at 1,550 for the third quarter 2005 and 1,135 sales in fourth quarter 2004. For 2004, there were 3,790 sales, while there were 6,050 sales in 2005. In the resale market of Maricopa County, there were 110,835 sales for 2005 and 102,115 sales for 2004.

The Pinal resale housing market has been increasingly popular for households seeking affordable housing that is increasingly difficult to find in Maricopa County. For fourth quarter 2005, the median home price in Pinal County was $216,500, while it was $213,500 in the third quarter and $145,000 for a year ago. For the fourth quarter, the median home price in Pinal County was 83 percent of the $260,000 for fourth quarter in Maricopa County. The average 30-year mortgage for fourth quarter 2005 was 5.9 percent. Based on an 85 percent loan-to-value, the monthly mortgage payment for the median price home in Pinal County would be $1,090, while it would be $1,310 for a home in Maricopa County.

In 2004, the median resale price in Pinal County was $137,500 and increased 38 percent to $189,000 in 2005. In Maricopa County, the median price also increased 38 percent from $174,815 in 2004 to $240,500 in 2005. The median square footage for a resale home in Pinal County was 1,510 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

City 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
City 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
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 35 161,000
Maricopa 55 165,000 80 252,500
Queen Creek 185 151,000 310 243,000
San Manuel 30 66,800 25 83,500
Tucson (Saddlebrook) 60 295,000 55 389,950
Pinal County 1,135 $145,000 1,280 $216,000