PRESS RELEASE: December 1, 2011
Dr. Robert Carreira
Director, Center for Economic Research
Cochise College
901 N. Colombo Ave.
Sierra Vista, AZ 85635
Phone: 520-515-5486
Email: cer@cochise.edu
Home sales up in first three quarters
From January through September 2011, there were 970 homes sold in Cochise County, up 12.8 percent from 860 in the same period last year. Sales were up in each of the first three quarters of 2011, compared to the same quarters of 2010.
While home sales in Cochise County in the third quarter of 2011 were down 11.5 percent from the second quarter, they were up 23.6 percent compared to the third quarter of 2010. There were 330 homes sold countywide in the third quarter of this year, compared to 373 in the second quarter and 267 in the third quarter of 2010.
The drop in home sales from the second to third quarter was due to seasonal factors. Cochise County typically sees fewer homes sold in the third quarter than the second quarter each year. In 2010, the drop in sales volume from the second to third quarter was 21.7 percent, nearly twice the decline seen this year.
The median home price countywide in the third quarter of 2011 was $137,250, down 9.7 percent from $152,000 in the second quarter, and down 11.5 percent from $155,000 in the third quarter last year. The average home sold for 94.7 percent of the asking price in the third quarter, down slightly from 94.9 percent in the second quarter, but up marginally from 94.5 percent in the third quarter of 2010.
The average home price per square foot countywide in the third quarter was $87.11, down 3 percent from $89.83 in the second quarter and down 5 percent from $91.72 in the third quarter of last year. The disparity in the size of the drop in the median home price and average price per square foot suggests the larger decline in median price was due in part to smaller homes being sold in the third quarter this year than in both the second quarter this year and third quarter last year.
The average home that sold in Cochise County in the third quarter of this year was on the market for 152 days, virtually unchanged from 153 days in the second quarter and up from 134 days in the third quarter of 2010.
Part of the reason for the increase in home sales countywide has been an increase in foreclosed homes, which attract buyers with lower than market prices. In the first 9 months of 2011, foreclosures accounted for 31.9 percent of home sales in Cochise County, up from 22.4 percent in the same period of 2010. Foreclosures accounted for 32.1 percent of all homes sold in Cochise County in the third quarter of 2011, up from 30.6 percent in the second quarter and 26.2 percent in the third quarter of last year.
In Southwest Cochise County, which includes Sierra Vista, Huachuca City, Tombstone, Hereford, Whetstone, and surrounding areas, home sales in the third quarter were down 19.8 percent from the second quarter, but up 6.7 percent from the third quarter last year.
The median home price in Southwest Cochise County in the third quarter was $175,000, up 1.5 percent from the second quarter, but down 3.8 percent from the third quarter of 2010.
Foreclosed homes accounted for 25.6 percent of all homes sold in Southwest Cochise County in the third quarter, virtually unchanged from 25.5 percent in the second quarter, but up from 23.9 percent in the third quarter last year.
In Southeast Cochise County, which includes Bisbee, Douglas, Naco, Pirtleville, McNeal, Elfrida, and surrounding areas, home sales in the third quarter were up 13.7 percent from the second quarter, and up 34.9 percent from the third quarter last year.
The median home price in Southeast Cochise County in the third quarter was $75,000, down 22.3 percent from the second quarter and down 11.8 percent from the third quarter last year.
Foreclosed homes accounted for 46.6 percent of all homes sold in Southeast Cochise County in the third quarter, down from 49 percent in the second quarter, but up from 30.2 percent in the third quarter last year.
In Northwest Cochise County, which includes Benson, St. David, Pomerene, Dragoon, and surrounding areas, there were 32 homes sold in the third quarter, up from 26 in the second quarter and 15 in the third quarter last year.
The median home price in Northwest Cochise County in the third quarter was $102,500, down 6.2 percent from the second quarter and down 2.4 percent from the third quarter last year.
Foreclosed homes accounted for 53.1 percent of all homes sold in Northwest Cochise County in the third quarter, down slightly from 53.8 percent in the second quarter.
In Northeast Cochise County, which includes Willcox, Pearce, Cochise, Bowie, Portal, San Simon, and surrounding areas, there were 17 homes sold in the third quarter, compared to 18 in the second quarter.
Home sales data include only homes that were listed on the Southeast Arizona Multiple Listing Service or the 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. If you have any questions on the economy, please contact the CER at (520) 515-5486 or by email at cer@cochise.edu. Check out the CER's website at www.cochise.edu/cer.
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