Page Lake Powell Real Estate Market Report November 08

As we near the end of the year it’s time to start looking at our overall numbers for 2008.

Page, Arizona has always had a rather insular real estate market that has not necessarily followed the nationwide trends. This appears to be holding true this year for home sales in the Page Lake Powell area. While we are down somewhat on number of homes sold, our prices for single family homes has remained remarkably stable. The manufactured housing has seen somewhat of a decline but still less than major markets in the US.

I’ll do a more complete overview of 2008 closer to the end of the year but this is a preview.

The average price for a single family home in 2007 was $255,68o. In 2008 that price has held steady at $248,542 which is only a 2.8% drop. Considering the state of home sales across the country this is great news for the Page Lake Powell area.

Where we have seen a decline is in the number of homes sold. In 2007 we had 32 sold while in 2008 that has dropped to 24. That is about a 25% decline.

Another interesting number is how many days a home stays on the market before being sold. In 2007 it was 125 days and in 2008 it is taking a bit long to sell the home, in at 132 day or a 6% increase.

Current Homes for Sale in Page Lake Powell

Active listings of single family homes for sale is another interesting number to look at. In 2007 the average listing price was $405,627 but this year, the average listing price has jumped 4.5 % to $423,749. At the same time we have roughly 57% more homes on the market this year at 41 a opposed to 26 during the same time in 2007.

These number do tell a story. If a home is price right and a good value, it will sell. This is encouraging news for our market, both for home buyers and home sellers. Sellers have not lost a lot of value and buyers can still purchase with the knowledge our market has slowed but values have remained stable.