Pinal County Resale Housing Market Slows During First Quarter 2006
MESA, AZ — During the first quarter 2006, there were 1,110 resale homes recorded sold in Pinal County while it stood at 1,340 for the fourth quarter 2005 and 1,435 sales for a year ago. For first quarter 2006, there were 17,980 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 first quarter 2006, the median home price in Pinal County was $211,500, while it was $220,000 in the fourth quarter and $162,000 for a year ago. For the first quarter, the median home price in Pinal County was 81 percent of the $260,115 in Maricopa County. The average 30-year mortgage for first quarter 2006 was 5.8 percent. Based on an 85 percent loan-to-value, the monthly mortgage payment for the median price home in Pinal County would be $1,055, while it would be $1,300 for a home in Maricopa County.
Although Pinal County has a limited job base (45,075 jobs in April 2005 to 46,375 jobs in April 2006) 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. Because investors were also drawn to affordable housing in Pinal County, higher prices also could be limiting their role in the local hosing market. 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 1,470 square feet, while it was 1,620 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 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 | 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 |