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Pinal County Resale Housing Market Slows During First Quarter 2006


May 30, 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