Local
real estate market stabilizing as 2007 marches on
by Brian DiTullio
NORTH
VALLEY – Despite some fourth-quarter drops, the local housing
market is showing positive signs as 2007 moves into its third
month, according to some local Realtors.
Realtor
Susan Roberts said last week that she has had an increase in
“showing” activity and that homes coming on the market seemed
to be priced better than in the recent past.
“Agents
are educating the customers on where they need to be,” explained
Roberts, adding homeowners are becoming more aware that the
sky-high prices fetched in 2005 no longer are realistic.
Realtor
Vickie Jonovich said she is pleased about the current market
as well, noting the latest Arizona Regional Multiple Listing
Service figures are up.
The
average selling price of a home in Maricopa County in the fourth
quarter of 2006 was $342,300, up more than $5,000 from the average
selling price during the third quarter of 2006, $337,100.
In
Carefree, the average selling price of a home in the fourth
quarter of 2006 was $805,800, down more than eight percent from
the third quarter. The MLS states 15 homes were sold in the
Carefree Zip Code area, a 31 percent decrease from the third
quarter.
Cave
Creek’s average selling price was $531,400, according to MLS.
This represents a decrease of more than 11 percent with 143
homes sold, a decrease of more than 18 percent.
Realtor
Katie Curtis said one of the factors that caused the market
to cool was sellers pricing themselves out of the market.
“Corralling
(the buyers) and getting the sellers to price well is a trick,”
said Curtis. “Closing that gap is hard right now.”
Despite
the differences between buyer and seller expectations, Roberts
feels things are “bound to pick up this year. Homes are priced
better; they are coming on the market at logical sales prices
that the public can bear.”
David
Lereah, listed as a chief economist with the MLS, states in
a commentary in the report that 2007 should be “a year of stability.
Cheers to the New Year. Home buyers have a more favorable backdrop
for buying today. It is now a buyers market.”
With
that in mind, prices should hold steady throughout the year,
according to Roberts. “It’ll take a while before we see another
year like 2005.”
