What a year 2016 is turning out to be in our local real estate market! Values are up, as are sales, with the latter poised to exceed the units sold over the past five years (actually, since the market crash some eight years ago!).
Included with this article are two tables, one presenting the monthly units sold for homes and land in the Heber-Overgaard area over the past five years and the other presenting a breakdown by sales price for both segments of the market. On the housing side, you’ll notice that total housing units sold through the end of the third quarter hit 206 units. If we extrapolate this number for the entire year, we should end up around 275 units sold for 2016. That number would represent a very significant 17% increase in units sold this year over last! In addition, at the end of the third quarter, we’ve seen a 10.45% increase in the median price of housing in our local market, not the highest increase over the past five years, but still a very impressive improvement over last year.
On the land side of the market, we’re also seeing an increase in the number of units sold this year, but not as aggressively as in the housing segment. As of the end of the third quarter, 43 units of land have sold in Heber-Overgaard. Again, if we extrapolate this number to a full year, we should end up around 57 units sold by year-end, still an impressive increase of about 9% this year over last. In fact, since 2013 we’ve seen the number of land units selling in our market steadily increasing, not by leaps and bounds, but at least headed in the right direction. As for land values, we’ve seen a 5.7% increase in the median price this year over last, the latter of which saw a 12.5% decline. What’s also encouraging for the land segment of the market is we’ve seen more spec building and new construction this year in our local community, both of which can drive land sales.
With interest rates remaining at historic lows, an improving economy and values to still be had in our market, I would expect we’ll continue to see improvement in our market into the coming year . . . barring any unforeseen blips in economic conditions that may impact the market.
For home and land buyer or seller assistance, please contact one of our Dominion Group Properties’ Real Estate Professionals at 928.468.3232 or visit us at our Bison Ranch office in Overgaard. Learn more about us at www.dgp-az.com. We at Dominion Group Properties are Your Rim Country Real Estate Professionals!