Fourth-quarter numbers show increase in home sales - San Pedro Valley News-Sun: News

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Fourth-quarter numbers show increase in home sales

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Posted: Wednesday, February 6, 2013 12:00 am

The number of homes sold in Cochise County in the fourth quarter of 2012 was up 17.9 percent from the third quarter. Sales were up 15.4 percent compared to the fourth quarter of 2011. There were 368 homes sold countywide in the fourth quarter, compared to 312 in the third quarter and 319 in the fourth quarter of 2011.

 The median home price countywide in the fourth quarter was $130,000, down 3.7 percent from $135,000 in the third quarter, and down 5.8 percent from $138,000 in the fourth quarter of 2011.

 The average home price per square foot countywide in the fourth quarter was $78.13, down 1.1 percent from $78.97 in the third quarter, but up 4.5 percent from $74.73 in the fourth quarter of 2011. The discrepancy between changes in median home price and average price per square foot suggests the decline in median price was influenced by smaller homes being sold in the fourth quarter than in the third quarter of 2012 and fourth quarter of 2011.

 The average home sold for 92.7 percent of the asking price in the fourth quarter of 2012, down from 94 percent in the third quarter and 94.8 percent in the fourth quarter a year prior.

 The average home that sold in Cochise County in the fourth quarter was on the market for 172 days, up from 166 in the third quarter and 161 in the fourth quarter of 2011.

 Foreclosed homes accounted for 28.3 percent of homes sold in Cochise County in the fourth quarter, up from 26.3 percent in the third quarter, but down from 31.7 percent in the fourth quarter of 2011.

 In Southwest Cochise County, which includes Sierra Vista, Huachuca City, Tombstone, Hereford, Whetstone, and surrounding areas, home sales in the fourth quarter were up 10.8 percent from the third quarter, and up 6.5 percent from the fourth quarter of 2011. There were 246 sales in Southwest Cochise County in the fourth quarter, accounting for more than two-thirds of the countywide total.

 The median home price in Southwest Cochise County in the fourth quarter was $161,755, down 0.7 percent from the third quarter of 2012, and down 2 percent from the fourth quarter of 2011. The average price per square foot in the fourth quarter was $86.08, down 1.3 percent from the third quarter, but up 4.3 percent from the fourth quarter of 2011. This suggests the median price decline from the fourth quarter of 2011 was due to smaller homes being sold in the fourth quarter of 2012 than in the same quarter the year prior.  

 Foreclosures accounted for 24.4 percent of all homes sold in Southwest Cochise County in the fourth quarter, up from 21.2 percent in the third quarter, but down from 27.7 percent in the fourth quarter of 2011.

 In Southeast Cochise County, which includes Bisbee, Douglas, Naco, Pirtleville, McNeal, Elfrida, and surrounding areas, there were 52 homes sold in the fourth quarter, up from 34 in the third quarter of 2012 and 49 in the fourth quarter of 2011.

 The median home price in Southeast Cochise County in the fourth quarter was $77,500, down 26.2 percent from the third quarter and down 12.9 percent from the fourth quarter of 2011. The average price per square foot was $59.39, down 11.8 percent from the third quarter. The average price per square foot in the fourth quarter was up 8.7 percent from the fourth quarter of 2011, suggesting the median price decline from a year prior was due to smaller homes being sold.

 Foreclosed homes accounted for 32.7 percent of sales in Southeast Cochise County in the fourth quarter, down from 35.3 percent in the third quarter and 36.7 percent in the fourth quarter of 2011.

 In Northwest Cochise County, which includes Benson, St. David, Pomerene, Dragoon, Mescal, and surrounding areas, there were 29 homes sold in the fourth quarter, down from 31 in the third quarter, but up from 22 in the fourth quarter of 2011.

 The median home price in Northwest Cochise County in the fourth quarter was $125,000, up 85.2 percent from the third quarter and up 39 percent from the fourth quarter of 2011. The average price per square foot was $71.61, up 37.1 percent from the third quarter of 2012 and up 25.9 percent from the fourth quarter of 2011. The discrepancy between changes in median price and average price per square foot indicates the jump in median price in the fourth quarter of 2012 was due in large part to bigger homes being sold.  

 The price increase in Northwest Cochise County was also due in large part to a smaller share of foreclosures in the mix of homes sold. Foreclosures accounted for 34.5 percent of all home sales in the fourth quarter, down considerably from 51.6 percent in the third quarter and 59.1 percent in the fourth quarter of 2011.

 In Northeast Cochise County, which includes Willcox, Pearce, Cochise, Bowie, Portal, San Simon, and surrounding areas, there were 41 homes sold in the fourth quarter, up from 25 in the third quarter and 17 in the fourth quarter of 2011.

 The median home price in Northeast Cochise County in the fourth quarter was $78,000, down 11.4 percent from the third quarter, and down 17 percent from the fourth quarter of 2011. The average price per square foot, however, was up 4.4 percent from the third quarter, and up 13.5 percent from the fourth quarter of 2011, indicating the median price decline resulted from smaller homes being sold.

 Foreclosures accounted for 41.5 percent of the fourth quarter sales in Northeast Cochise County, up from 28 percent in the third quarter and 35.3 in the fourth quarter of 2011.

 Home sales data include only homes that were listed on the Southeast Arizona Multiple Listing Service and/or Tucson MLS and include site-built, manufactured, and mobile homes, as well as townhouses and condominiums.

  (Dr. Robert Carreira is director of the Center for Economic Research at Cochise College. Contact the CER at (520) 515-5486 or cer@cochise.edu. Visit CER’s website at www.cochise.edu/cer.)

 

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